"As long as I've been alive, there are structural imbalances. Most of the time they don't matter. Once in a while they really matter. That's what hard, that if you run a portfolio to to be fine in an upward market, if you're in the game, you will have exposures that you wish you didn't have in a worse market." - from The Graham + Dodd Luncheon Symposium Transcript from Oct. 2008