The Role of Active Management in the Market

The amount of money in passive funds has got larger than the active funds for the first time ever. That's an interesting trend and I think it's creating great opportunities for active managers like regal. A lot of stocks in Australia we're kind of roughly one third owned by founders, a third owned by the growth managers and then one third are perhaps owned by index funds and quant managers. When those index funds buy that third there's really no one in left to sell so stocks can keep trending up for an extended period of time.