Is the Federal Reserve the Only Player in the Long Term?

When the amount of money to be managed shrinks, the number of money managers that you need goes down. There are other things going on in the overall economic system that are also pushing us in the direction of less capital. I'd say the single biggest one, maybe even more significant than the Federal Reserve in the long term is what's happening with the baby boomers. Over the course of the next two to three years, we're looking at a global reduction in available capital, at least a third.