Are We Going to Continue to Lower Our Fees?

I think that maybe there is an argument that some investors have undervalued systematic investors in terms of the marginal value they can provide. And I share your feeling that probably continuing to lower fees further from here doesn't really make sense for the investor or the allocator or the manager. So we're currently $4 billion as a firm. For us, short term is actually fairly capacity constrained, as you might expect based on the speed and the risk of slippage and so on. Equity market neutral is in some extent is capacity constrained. Some of the macro RV trades are also capacity constrained. Momentum is less so, at least based on our size.

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