Andy Rachleff

The amount of.

uh slight of hand and inappropriate fees that are charged by this industry is just abhorrent and we're trying to be uh just like vanguard in that we want to do right by our clients first so you notice that when i answered the previous question i first and foremost said we want to build services that benefit our clients

So the test, the litmus test for every new services, first and foremost, does it improve the net of fee after tax return of our clients?

Because that's what they should care about.

And if we can do that and earn more revenue, that'd be great.

But first and foremost, we have to benefit our clients.

And unfortunately, too few people in our world care about that.

We launched our service in December of 2011.

Okay.

Team size, we have about 140 people.

I don't remember the letters.

I tried not to pay attention to it.

All I know is that we still have $60 million in the bank.

So-

We've been a heck of a lot more efficient with our capital than any other player in our space.

And that's something that we've been paying a lot of attention to.

Some people are acting like it's the late 90s.

And I lived through that.

And we want to build a sustainable business.

And I'm willing to sacrifice growth to make a sustainable business.