Speaking in the journal that via cowper's put out some fascinating data about gross and net returns. And sure enough, the returns, both gross ind net, too, let's say, private equity by out funds, have been really, really good. A number of people i've had on the podcast have talked about how private equity is in its heyday, that is, its its experience in a massive growth in a u m because of all these things we're talking about. But what i found amazing is, in the world of, you know, ten basis point vanguard e t f, the a total piece of the pie, that is fees taken by the private equities from cowper's returns was almost forty cent meaning, yes, they got an 11 % net return, which was better than pretty much everything else in their portfolio. So great. But the the g ps were keeping, you know, seven %, or whatever the exact number was. So there's, i wonder if there is, we're going to circle back to the asset management industry later to use it as an example of how to evaluate a mote or lack thereof. But i i find it interesting to think about a way in which main stream investors might get access, sort of like a vanguard of private equity, or a vanguard of venture capital, which may be oxi maronic, but, but i do think that we might see attempts to dig into those earlier parts of the market and

do it at cheaper prices in the future. What doyou think? Right? I not agree with that. I think that the there are some important things about private equity to bear in mind. And we first fallow that tat to some degree, the private equity firms have some latitude over the what they're doing, right? So they're going to buy, obvsy, when they think it's somewhat advantageous. They're going to sell when they think it's somewhat advantageous. And so that that ability to have at least a few years between that point an the buy and te sell, may be to some advantage to them. By the way, i have to mention theres an article is awesome. Like a month ago, there was an article in the wall street journal about a european buyout fund that was creating a fund to buy companies from itself. That is nice work if you can get it. And a the actuallyo the premise, you know, whichs which is probably not unreasonable. As they said, youknow, the typical time horizon for private equity firms is calld, you know, so three to seven years. And actually, we can, we can build value for much longer than that. So if we buy it from ourselves, we can extend our time horizon beyond seven years, and it's really great for investors. So that's first thing. And the second thing is, though, and this goes back to our discussion a bit on liquidity, is that it's important for investors always to understandthaa, i learned this from peter bernstein many years ago, is that there tends to be a trade off between control and liquidity. Which is to say, if you want lots of liquidity, you should realize you're not goig to hve a lot of control. And if you want a lot of control, you should realize you're not going to get liquidity. And so, you know, on the one extreme, you know, tha one extreme might be a private company where there is no liquidity, but you might be a unit, might be your company, right? So you have all the control, no liquidity, or very limited liquidity. You might think the complete opposites. Public markets, where you buy and sell day trade, or whatever it is, right? No control, lots of liquidity. Private equitis, obviousy somewhere between those two extremes. And so that's the thing to think about is, and it goes even back to our endowments. The endowments, i see, are now moving, i think, have been moving steadily into less liquid assets recognition, or at least belief, that there's some sort of liquidity premium. But that requires that you don't demand liquidity when you snap your fingers. And that's the straight off that people have to be careful about. So so the component for private equity is that control component. And nda they are in control of these assets. And if something goes wrong, there's something typically do, whether it's changing managements or changing strategies, or whatever it is. So this is this sort of fundamental tension right as the is, you and i, as individual investors, really would love to have liquidity. We see those private equity uys like you say, doing really, really well. We'd like to have we like to participate in that.