In a previous f you were the head of equities over at vanguard, which makes me think youare the perfect person to ask about e t f. In particular, something that's really caught my eye this year is the fact that we haven't had a correction in the sn p 500 in 20 21. But yet, on the micro level, we have seen ten 20 % corrections and, say, apple in facebook, that just haven't showned up. On the index level, is that a reason, perhaps, for passively investing through 20 22? Look, the arguments in favor of passive investing are fairly impressive,. starting with the empirical evidence that most active managers are not able to