tag:blogger.com,1999:blog-73749102253166526252018-05-28T20:22:14.547-07:00Jay's Asset Allocation BlogBlog about my off-hours work on the problem of Asset Allocation including but not limited to Portfolio Optimization algorithms, algorithms and approaches for improved estimation of Asset Allocation inputs and other potentially related items.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.comBlogger59125tag:blogger.com,1999:blog-7374910225316652625.post-56689017125160991512012-11-26T18:21:00.000-08:002012-11-26T18:21:07.739-08:00Particle Swarm OptimizationJust been reading a few papers on this topic. I got interested from the book Practical Applications of Evolutionary Computation to Financial Engineering. Turns out there is an open source Java project JSwarm-PSO which is quite easy to fit into a portfolio optimization process. The tricky part is nudging the solution back into the valid solution space when it crosses a constraint. I should be pushing some software up into the akutan project shortly which using JSwarm and then I'll be able to provide some more details.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com4tag:blogger.com,1999:blog-7374910225316652625.post-86466742465757495312012-06-25T19:21:00.001-07:002012-06-25T19:21:54.078-07:00Update on blacklitterman.org<p>I am just in the process of working through all the examples posted on the site. I now have <a href="http://www.blacklitterman.org/code/hl_py.html">python</a>, <a href="http://www.blacklitterman.org/code/bl.xls">Excel</a>, <a href="http://www.blacklitterman.org/code/hlbl.m">Matlab</a>, <a href="http://www.blacklitterman.org/code/bl.sci">Scilab</a> and <a href="http://www.akutan.org">java</a>). They all tie out to 6 digits for the simple He and Litterman example. I will be adding the example from Idzorek's paper next.</p> <p>I've also been reading some papers, and should be updating the RSS feed in a few days. I like the latest work from Mark Kritzman, et al on turbulence.</p> <p>In the meantime I am also working on a paper illustrating the use of the Black-Litterman model with a multi-factor model to generate the views. I was a little distracted with a side project to learn python and the pandas library for quantitative work, but in the end decided Matlab or java is the way to go forward.</p>Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com2tag:blogger.com,1999:blog-7374910225316652625.post-41206282783462632012011-01-15T20:05:00.001-08:002011-01-15T20:26:14.874-08:00Portfolio Optimization with Tracking Error ConstraintsAn article in May 2010 Financial Analysts Journal revisits Portfolio Optimization with Tracking Error Constraints. The author provides a good discussion of some geometric concepts for visualizing constant tracking error efficient frontiers and constant information ratio frontiers. New ideas for visualizing financial data are something I'm interested in right now, either in the charting or the mathematics.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com31tag:blogger.com,1999:blog-7374910225316652625.post-30227600384330718032011-01-03T18:59:00.001-08:002011-01-03T19:05:34.743-08:00Visualization and Other IdeasI am on a bit of kick on visualization of data now. It ranges from clipping interesting art work on asset allocation, performance or risk data; as well as geometric approaches to working with this type of data. I am thinking I'll try and put together a bit of a gallery at some point. I am hoping to include a lecture on this topic for the Financial Informatics class at BU, it seems a pretty natural fit.<br /><br />Speaking about the class, this semester I think we'll be more hands on with some excel plugins, I'm putting one together from my java analytics using ikvmc and excel-dna, both excellent open source projects, together they make it a piece of cake to put together a really easy to use Excel add-in. When I get it packaged I'll put it up on sourceforge with the rest of my code.<br /><br />Max Golts has a paper at ssrn, and he's done a few presentations on the topic for the Boston and New York QWAFAFEW groups which have been interesting. One of his thrusts is that if you look at the eigenvectors of the covariance matrix you want to align your asset weights with the more significant ones, rather than the least significant ones. If you're asset allocation lines up with the least significant eigenvectors you are working with the noise. It has taken me far longer than I hoped to understand what he's doing, but I am on track to eventually have some code to implement his approach.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-30009132736864831492010-09-30T18:27:00.000-07:002010-09-30T18:34:13.177-07:00More insight on Diversification or Lack There ofI recently came across this <a href="http://www.pimco.com/Pages/TheMythofDiversificationRiskFactorsvsAssetClasses.aspx">paper</a> from the folks at PIMCO on diversification and how market regimes. Their thrust is that most assets have significant exposures to global equity factors. During low volatility regimes the returns due to this factor exposure get chalked up to manager expertise, but in fact it's just the unexpected equity factor. During stress regimes the exposure to this global equity factor causes correlations between assets to rise and diversification to fall just when it's needed most. I need some more time to parse it out a bit more, but it seems an interesting approach to the problem of increasing correlations between assets during stress regimes.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-400364876805045932010-08-26T03:33:00.000-07:002010-08-26T03:39:08.880-07:00Custom BenchmarksWent to an interesting talk at the Boston QWAFAFEW meeting by David Kane. It was based on <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1135361">this paper</a>.<br />The basic thrust was that if you construct random benchmark portfolios with all aspects of the portfolio save for those where the manager claims skill the same, and those aspects where the manager claims skill are randomized across the universe you can see what the manager is really doing.<br />Of course this requires position level transparency to carry out as just described, but it seems like a powerful technique. If you are going to work with a portfolio where you don't have position level transparency, you could apply a factor model and potentially get similar results.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-9420797667992447732010-07-06T19:19:00.000-07:002010-07-06T19:20:51.914-07:00Updated the paper on tauOk, my focus is much clearer in the updated version of the document. Definitely quantified the impact of the various reference models and tried to make the concept of tau more clearly defined.<br /><br />Will publish this to ssrn in the next few days.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-9679070556474351682010-06-12T22:08:00.000-07:002010-06-12T22:12:49.194-07:00New paper on Black-Litterman tau parameterFinally got this <a href="http://www.blacklitterman.org/bl-tau.pdf">paper</a> put together enough to post for some feedback.<br /><br />The crux of the paper is either to use tau properly or just drop it altogether, but no sense messing around with tau when you don't even need to. Most authors would do better to drop tau from their model and use what I call the Alternative Reference Model. I think Atillio Meucci uses the same name for it, we have some agreement that it is a different animal and can be clearly defined.<br /><br />I expect to make a small set of edits/updates to this paper over the next week and then get it posted up on ssrn with my other paper on Black-Litterman. Mean while the big paper will also be shortly getting some edits. I've had many people tell me over the past year or areas which are not clear, mistakes or ways to simplify the paper and I am going to start making those edits. Also came upon some interesting new metrics during the research for the tau paper. I'll leave that for another time when I get the edits made to the paper.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-88525912924996634052010-06-04T19:33:00.000-07:002010-06-04T19:48:07.561-07:00William Sharpe's Adaptive Asset AllocationJust read William Sharpe's<a href="http://www.cfapubs.org/doi/abs/10.2469/faj.v66.n3.3"> article </a>in the latest FAJ and it seems like an interesting idea, Adaptive Asset Allocation or the concept of adapting a static asset allocation to the current market conditions based on the conditions in place when the allocation policy was determined. It frees the investor from having to rebalance as the market moves, though it seems like the literature has a lot to say about the value of rebalancing. Sharpe calls that a contrarian strategy, buying losers and selling winners and that certainly seems correct. He makes some good arguments that it cannot be an equilibrium strategy, if everybody tried to sell the latest winners or buy the loser it the market wouldn't clear. There needs to be a mix of momentum investors in order to keep the market liquid. Being an equilibrium type this argument is appealing to me on some level.<br /><br />Didn't see any historical results in the paper, so I guess that has been left up to somebody else to run the analysis and see how the Adaptive Asset Allocation process works over time in order to really judge it.<br /><br />I am still digesting MarkKritzman's <a href="http://www.cfapubs.org/doi/abs/10.2469/faj.v66.n2.6">article</a> in the March/April FAJ which told us about the 1/N fallacy. He did lots of historical analysis and showed several portfolios beating the market portfolio and I expect that they made use of rebalancing, but he didn't spend a lot of time on simple 60/40 type portfolios.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-62907882717092743312010-05-22T19:11:00.001-07:002010-05-22T19:16:29.165-07:00Administrative, Moved the blog<p>Ok, haven't blogged in forever and needed to move the url because of changes at blogger. I expect to get rocking again over the next few weeks. It was a very busy Spring with my teaching at BU, but that is done for the time being.<br /></p><p>I recently read Mark Kritzman, et al's paper in the FAJ about the fallacy of the 1/N portfolio. I find it very interesting that a portfolio built using "reasonable" estimates for the returns outperforms the market portfolio and the 1/N portfolio. I am trying to figure out how this relates to my work on the Black-Litterman model.</p><p>I am starting a big update of the paper, lots of feedback over the last year. Still hearing from people who can't quite get a handle on tau so I'll be breaking out that section from the paper and making it separate.</p>Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-76185561341659231962010-01-06T18:58:00.000-08:002010-01-06T19:05:34.626-08:00A few new papers<p>I've not been too busy with this project lately, but I'm back.</p><p>I read an interesting paper recently, <a href="http://ssrn.com/abstract=1483412">A Sharper Angle on Optimization</a>, by Max Golts and Gregory Jones. I'm always looking out for new takes on improving correlation matrices, and ones which have a geometric point of view seem like they should have some intuitive feel. I've only read through this once, and not yet tried to implement it, but I like there ideas. I'm sure I'll be blogging a bit more on this after I've had time to read and digest the paper.</p><br /><p>On the Black-Litterman front, I've had several folks send me helpful information, the most recent is Allaj Erwindi giving me the pointer that I could save some trees in my paper by referring to the Sherman-Morrison formula (which I work through in an appendix of the paper without knowing the name). Thanks, the next version of the paper will be shorter and will include references to this formula.</p>Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-32555465549693228642009-09-15T18:33:00.000-07:002009-09-15T18:37:00.222-07:00Diversification and EntropyHaven't posted in a while.<br /><br />Just read an interesting paper by Attilio Meucci <a href="http://www.symmys.com/AttilioMeucci/Research/PublFinance/Meucci_ManagingDiversification.pdf">Managing Diversification</a>. He goes through some interesting workings to come up with a utility function which allows the investor to trade off diversification versus return. I did some work a while back on entropy and diversification, getting to the point of a paper 2/3 of the way done, but lost momentum. Anyways, this gets me stoked back up to look at the problem of diversification as it's one important to an individual investor as well as an institutional investor.<br /><br />Dr Meucci is doing a bit of a roadshow with this new work under the auspices of Bloomber University, though the Boston even which I was hoping to attend was canceled at the last minute. Hopefully, it'll be rescheduled soon.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-7518958896585758282009-07-13T18:49:00.000-07:002009-07-13T18:56:06.022-07:00Interesting papersI've been reading two papers lately related to Black-Litterman and one that isn't. Mark Kritzman's paper on asset allocation in turbulent regimes is pretty interesting, I'm working on some code to try it out. On the Black-Litterman front, I've been checking out <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1347648">The Augmented Black-Litterman Model</a> which covers a new way to integrate factor models with Black-Litterman. I've plans to write a paper comparing some results from a factor model for tactical asset allocation using Wing Cheung's methods and also the more straight forward two-step approach.<br /><br />Finally I also came across <a href="http://www.optimization-online.org/DB_HTML/2009/06/2305.html">A VaR Black-Litterman Model</a> which is an interesting paper as well. The author goes into some depth of the implementation of their optimization algorithms which intrigues me as they cover a pretty complex problem with integer and linear constraints.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-32516631057732748272009-06-12T20:42:00.000-07:002009-06-12T20:45:23.667-07:00Updated AppletSo I've updated the Applet, took me longer than I thought. It's still a little under development, but the new one is posted and it should be easier to use. Right now it doesn't allow a whole bunch of changes to the problem yet, that will come later.<br /><br />It has some tooltips and hopefully it will be more intuitive to use than the previous one. It has the same set of charts, but they aren't in the same place anymore.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-75843938701856447762009-06-08T19:41:00.001-07:002009-06-08T19:43:55.963-07:00Updating the AppletI moved the paper to SSRN and now the BLApplet comes up top on Google so I'm trying to clean it up. The old one is quite idiosyncratic with odd keystrokes and now I'm trying to move to a more intuitive design. It is a fun challenge and I haven't been doing much Swing lately at work so it's a fun distraction as well. I will post again when I get it done, though I'm hoping it's not more than a few more days before I can get the alpha release of the new version up there!Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-56197282891074975502009-05-28T19:34:00.000-07:002009-05-28T19:38:37.381-07:00Robustification of Black-LittermanI'm reading a paper, <a href="http://www.optimization-online.org/DB_HTML/2008/10/2116.html">"Comparison and robustification of Bayes and<br />Black-Litterman models", by Schottle, Werner and Zagst</a>. It is interesting in how they build up a Bayesian framework to get uncertainty in the variance of the distribution. Usually in Black-Litterman, the only uncertainty in the variance comes from the uncertainty in the estimate of the mean, so this is a way to add another degree of freedom to the problem. I'd like to build up the MATLAB code to work on this and see how it goes.<br /><br />Of course, I've also come across some interesting papers on factor models with Black-Litterman and need to digest those. So many things to do. I'm adding links and quick descriptions of all the papers to my RSS feed, so you can pick the papers up from there if you are interested.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com2tag:blogger.com,1999:blog-7374910225316652625.post-81709819038575716122009-05-23T06:28:00.001-07:002009-05-28T19:33:59.298-07:00Qian and GormanI've been working on understanding paper for oh so long, and finally figured it out. Not sure if it's a testament to other than my follow through on the task, but it feels nice.<br /><br />It seems they came up with a posterior variance formula different from the Black-Litterman model's posterior variance, and with some less than optimal characteristics. It doesn't include mixing, and it doesn't generally decrease because of the mixing, it can increase. They describe it as allowing the investor to specify views on covariance, but I am stuck on the math. It is not so obvious how the investors view mixes (at least to me), for example any non-zero investors view on variance will increase the posterior variance.<br /><br />I need to read a bit more on how it should be used in order to really understand what they've done.<br /><br />I've added a new section to the paper covering this analysis, but in the end it's just tying up a loose end and not really adding anything new to the puzzle.<br /><br />I've also come across some more new papers, including a few out of Lehman in 2007 which cover some intriguing ways of handling factor models. Factor models and Black-Litterman is definitely an area that I am interested in.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-21847894242828098422009-04-26T19:53:00.000-07:002009-04-26T19:55:42.051-07:00Paper has moved to SSRNI've been tracking downloads of the paper from my own site, but I submitted it to <a href="http://www.ssrn.com">SSRN</a> some time ago and it went out in an electronic journal last week, so I'm pushing all downloads through their site to see how many are real and how many are spiders. Should be interesting to see.<br /><br />I've been quite busy with some night school the last few months, but once it finishes in 3 weeks I'll be able to spend some more time on the asset allocation topics again. Looking forward to running an example through and documenting it.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-3781360216774218292009-03-23T03:29:00.001-07:002009-03-23T16:03:54.118-07:00Shrinkage MethodsThe akutan open source project includes code that implements a few shrinkage methods. Spherical shrinkage is the latest one. It comes from Attilio Meucci's book. I've also revisited and finally found and fixed the bugs in the Ledoit-Wolf shrinkage code. I haven't updated the applet, but CVS has been updated.<br /><br />It is interesting to compare the efficient frontier drawn for these two methods, the Ledoit-Wolf shrinkage frontier is very close and just to the right of the "standard" efficient frontier. When you look at the portfolios you see they are more diversified than those on the "standard" efficient frontier. When you consider spherical shrinkage, the efficient frontier can be far to the right in parts and then for the example I was considering, was actually to the left of the "standard" efficient frontier. This is because the spherical shrinkage also shrinks the means, so the efficient frontier can move both in the risk direction and the return direction.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-89871608292180915502009-03-12T20:47:00.000-07:002009-03-12T20:53:53.452-07:00Do we need to use constrained optimization with Idzorek's methodAnother reader has asked me whether they need to use constraints during the process of backing the uncertainty in a view out of a confidence when using Idzorek's method.<br /><br />The thrust of their argument was that their view at 100% certainty was too extreme, and thus they would not consider holding the portfolio generated at 100% certainty.<br /><br />Idzorek's method provides a simple and clean way to determine the variance of the view by backing it out from a confidence and the change in the weights based on an individual view. You don't need to use a constrained reverse optimization process, and in fact that would change the problem from a simple linear one to a much more complex one. If your views are too extreme, you can shrink the size of the return (Q vector) for that view, however what is important is the impact of the views at the confidence level you hold in them (what you do with the variance backed out from Idzorek's method) rather than the 100% confidence portfolio.<br /><br />So even if you will use a constrained optimization with the final posterior returns, you do not need to use any type of constraints when computing the 100% confidence posterior as part of Idzorek's method. In fact if you use the formulas included in my paper, you don't really even see the 100% confidence portfolio.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-64616498825937850852009-03-11T03:20:00.000-07:002009-03-12T20:47:00.127-07:00Currency as an Asset Class and Black-LittermanI was recently asked a question regarding how to integrate currency as an Asset Class into the Black-Litterman model. This raises several interesting questions. I am hoping this post answers a few, rather than making it more murky.<br /><br />I am of the opinion that currency is not an asset class. Here are some ideas in that direction.<br /><br />I do not believe that institutional investors consider currency as a separate asset class. They do often seem to segregate hedge fund investments as if they are a separate asset class, and may place currency managers there. Check out the asset allocations of major endowments for example, I don't recall seeing one with currency called out as a separate asset class.<br /><br />Within the initial Black-Litterman papers, they considered a global equilibrium that was partially hedged and thus considered currency in this light. It was not considered a separately investable asset class. You essentially hold currency along with the assets denominated in them.<br /><br />When using a model like Black-Litterman and the CAPM market model, an asset class market capitalization does not include derivatives, only what we might call the cash market. In F/X, as an asset class this might mean holding a basket of currencies as an asset, but you would want to at least earn a deposit rate on the currency which means rather than a currency investment, we could look at it as a basket of short term bonds.<br /><br />Finally, the criteria for identifying something as an asset class is that they should be homogenous, mutually exclusive, diversifying, contribute to a the market cap and capable of absorbing liquidity. Currency meets most of those criteria, except for being mutually exclusive. If we desire foreign equities to be an asset class, and currency as well then we need to use the hedged foreign equities as our asset class, but that is really just a long position in foreign equity and a short position in the currency. The CAPM equilibrium model in the original Black-Litterman paper deals with this type of model where currency hedging is included in the model, but currency is not an asset class.<br /><br />For further information, there are some papers linked to from the site which consider issues of whether commodities are an asset class and how to compute their market cap, and also a similar paper dealing with real estate.<br /><br />I have not found any similar papers discussing currency as an asset class on the internet as of this time, but I haven't searched exhaustively.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-24870334063430225772009-02-17T03:26:00.000-08:002009-02-17T03:33:00.452-08:00More Consistent FormulasAnother update to the paper is out, this time I really went through and tried to clean up all the formulas to make them more consistent. This is a general problem in the literature, where different authors use the same symbol for different things sometimes and other times they use different symbols for the same thing.<br /><br />There are probably still a few holdouts in the paper, but the general rule is I use E(r) for the scalar expected return on a portfolio, and π as the vector of returns from something. I've tried to keep σ and ω straight as well.<br /><br />Also updated the cookbook to match the paper. This should address the most obvious questions I have been receiving lately regarding my inconsistent formulas.<br /><br />As always, comments, questions and suggestions are welcome either via the blog comments or via email.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com2tag:blogger.com,1999:blog-7374910225316652625.post-55810197373531702592009-02-14T19:15:00.000-08:002009-02-14T19:26:09.460-08:00More updates and downside risk measuresAnother update the the paper is coming out. Michele Costola caught me playing a little fast and loose with π and E(r) in the paper. Somebody else had already noticed this in the cookbook webpage, but now I'm also fixing up the paper. Probably most people won't notice much, but the symbols will now be more consistent throughout the paper.<br /><br />I read an interesting paper, <a href="http://www.iijournals.com/JPM/DEFAULT.ASP?Page=2&ISS=25275&SID=716648">"The Black-Litterman Model for Active Portfolio Management"</a> by Da Silva, Lee and Pornrojnangkool. The thrust of their argument is that it isn't always right to consider the prior portfolio as being the mean-variance efficient portfolio from CAPM. If one is using Black-Litterman for active management then one should be considering information ratio. I'd like to add this paper to the literature survey paper in some upcoming round.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-44765902566309355062009-02-04T03:27:00.000-08:002009-02-04T03:31:20.164-08:00MATLAB Black-LittermanFinally have access to MATLAB so I was able to port the He and Litterman paper example from SciLab to MATLAB and put it up on the <a href="http://www.blacklitterman.org/impl.html">website</a>. Next step will be to move the Idzorek example over as well.<br /><br />My next project will be to work an example from the literature which generates the views from a multi-factor model. There are a few of these, and Anisa Salomans thesis provides her SciLab source code and I have been able to find all the data freely on the internet.Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0tag:blogger.com,1999:blog-7374910225316652625.post-10819480582005811992009-02-02T03:25:00.000-08:002009-02-02T03:36:32.383-08:00Updated Paper (reprise)<p>I updated the paper with a few more tweaks and it's up on the site. I've also posted it to ssrn. The next area I plan on working on here is a multi-factor model to generate the views. Anisa Salomons wrote a thesis on Black-Litterman which I've mentioned before in the blog, and it is her example I'm trying to make a bit more transparent and document so others can easily reproduce it. I've finally tracked down all the data I need (and that I think she used), now I just need to get the scripts in place to do the work. One area I look forward to trying out, is whether using a posterior variance improves the results or does not. She states that she tested this and it was worse, but didn't include any evidence in her thesis and it wasn't on topic.</p><br /><br /><p>In project news my move to cleanup the javadocs and get everything squared away for a 1.0 release is coming along. Still have a ways to go, but it's feeling a little closer each day. Hoping to have it done in the next 2 weeks.</p>Jayhttp://www.blogger.com/profile/05236778658890300156noreply@blogger.com0