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Is the Market Moving Towards Passive?
John Bogle was asked this question about the move towards passive and at what point does it cause distortions? And his answer was that you're still pretty far away from those points. But I think it's getting, when we start looking at some of the larger names, the amount that is held by the different large fund houses and in ETFs or index fund and so on is pretty sizable. That's just not an area that I pay a lot of attention to.