Index Investing

It's very, very unlikely that we will get so much indexing going on. The game is in the trading markets because index funds are very low turnover. And it's not aggressive, it's kind of go with the flow activity most of the time. So the impact on pricing is de minimis. But look at what you have to do. You got a million people active involved in active investing. How many of those people have to retire from the field and say, I'm gonna quit? It won't happen in my lifetime. I doubt it'll happen in my son's lifetime. And I doubt that it'll happening in my granddaughter's lifetime.