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Is There a Trade for All This?
In the last er, we saw roughly a trillion dollars net flow into us. Equities in 20 21. That sounds like an awful lot of money but it was actually one point three trillion flowing into passive vehicles and 300 billion flowing out of active vehicles. So to bring your own back around against you, it's not enough to do the analysis. There needs to be a trade there as well. What's the trade for all this? And by the way, many people can have different conclusions about what the trade should be.