Benjamin Felix

There's a play on words there.

How you weight and how you wait.

That's right.

I agree, Dan.

And I do want to reiterate, this is not intended to say index funds are bad.

This is just part of the indexing lifestyle.

It's a cost.

People are worried about this right now because of these big potential IPOs, but this is a cost that index funds have been paying.

I don't know for how long.

I think Marco's data in that paper goes back to 1980, if I remember correctly.

It's there, it exists, but index funds have still outperformed pretty much everything.

How bad is it really?

In my video on this, I mentioned Dimensional as doing things in a way that intentionally avoids the costs that we're talking about with IPOs, which introduces other trade-offs, as you just mentioned, Dan.

I got a ton of questions about Avantis.

If I did not mention them in the video, frankly, I did not know how they dealt with IPOs when I recorded the video.

And I didn't have time to reach out.

But I got that question so many times that I reached out to them and just asked.

I had assumed that it was pretty similar to what Dimensional does.

Dimensional, again, they wait six to 12 months and then they incorporate the newly listed security after that.

Avantis, to my surprise, has no problem including newly listed companies and portfolios if they have enough information on their full set of financials and they trade at attractive prices relative to those financials.