lot of people will accept average performance if the alternative is below average performance. As the world has gotten smarter through the process that I described before, as people look at things more objectively, I mean that argument, who would settle for average? That's a great argument until you look deeply into what's really going on. When you do, a lot of people would say, I will. The average is pretty good. If I can get the average certainly and with low fees, I'm in. Now the trend towards passive has strengthened. Now something like 38% of all the mutual fund equity money is managed passively. Our next question is when will it stop? I think it makes sense to think that the trend will continue as long as the passives do better than the actives. We've been going through a long period here when the passives have been doing better than the actives. This year started off weak, which means that the actives who might have had less than full representation in the leading stocks (20/32)
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