The Importance of Unbundled Asset Management

I'm not entirely sure when you say that they should be unbundled. And I've got to go through sort of the mental model as to how people think about that. So let's say we conclude that a reasonable person looks at replication with 10 positions and says, "We think that the broader managed future space on average does a hotter position" What percentage of the returns do we think will be picked up by those 10 positions over the next 10 years? 50%, 70%. Right? It's got to, it's not, it'snot 20%. Right? But if, if positions 11 through 100, you know, think about the difference, let's say there's a 400

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