He is very stubborn. He only knows one thing, 30 yr. fixed agency MBS. He loaded up on 100% 3% fixed stuff with all of last year SPO and we were at the tail end of the 30 year interest rate cycle, rates had no where to go but up. Some of the better managed went into 15 yr ARMS and hybrid ARM's, much safer at the tail end of the "K" interest rate cycle. So sad, yet it happens all the time, when you are an expert and accomplished in a specialty, a "Jack of all Trades" will come out shining when time get rough. VERY BAD MOVE FINANCIALLY, BUT IT MAY HAVE BEEN DONE TO DISTRUPT THE INVESTORS THINKING OF SELLING.