What's Next for Mutual Funds?

I think we're about halfway through the secular change in the industry away from active management and away from, I said, traditional mutual fund industry. We're just at the beginning of a massive hedge fund shakeout to where the fee structure in hedge funds is it just makes no sense whatsoever. And if you're going to make 5% a year in stocks, which we think is a reasonable number, then taking 20% of any profits takes almost all the profit.