The Cost of Convex Products

On average, on any one average year, how much do you think? I'm guessing you've got clients with risk budget buckets and therefore budgets. What is the typical budget in terms of an annual cost for having that protection? Is that a good way of thinking about it? Yeah, again, it comes down to any client, what they're trying to do and what their risk appetite is. We'll say every time you ever hear him speak, good risk mitigation means you can take more risk.