Active to Passive

The move from active to passive is being driven by a similar fee pressure. People have thought for some reason rather in a mental accounting mistake that some other hedge funds were magical and they deserve these higher higher fees. I think the problem inactive to passive is two-fold. Number one fees, Jack Bogel has said, and that's that's money directly that doesn't belong to the customer anymore. And but second and more importantly, I think it's closet indexing.