view on the proper behaviors should change radically and we did. There's something else comes out of that question, which is that after 2008, we've seen this major shift away from active management towards passive. Right. A lot more people... In the stock market. In the stock market. More people have been moving to index funds, ETFs, et cetera. Is that a trend that you expect to continue? And the other question I have is if most investors are, as you say, on average, average, and in most cases, it may very well be a rational decision to put your money in an ETF or in an index fund as opposed to giving it to an average manager who will either do average or below average. And charge high fees. And charge high fees. The question is, well, where are the great managers and how does someone find one and then how do they give them their money? Well, this is the great dilemma and this is something that's really not easily answered. The trend toward passive investment really has... I mean, when (18/32)
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