The Future of the Investment Industry

I'm actually fairly enthusiastic for passive investment against most active funds because of price. If as we believe real returns are going to be relatively modest over the next few years, then the cost of operating your investments becomes very critical when you're making 15% a year. It doesn't matter if you're charging half a cent or 1% or one half. So I think positive become more critical at that stage. But in any case, this follows low cost because we view ourselves very much rather ill fashioned way of being in partnership with our clients. Almost every year we lower the funds, the fees on one fund or another. And capricating trust actually has a tier that will suit it automatically