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Are the End Savers the Only Ones Who Take Actual Risk?
Some of the biggest guys are doing longer lockups, passing through more and more costs. Is that reasonable? You might even argue it goes somewhere in the direction of ethical. I think we have a duty of care to the people whose money we run. And if we take 20 to 35% of the alpha in fees, we can run a very successful business. We can pay everybody very well. That's good enough.