Dan Bortolotti

Yeah, and I think the interesting thing about this book is that even though it contains enormous amounts of data, it also has a lot of commentary and it has a lot of narrative in it.

And it looks at some of the reasons behind the trends and the data that's being observed.

So it's not just the numbers.

There's also a lot in there about insights into the industry.

And we talk a lot about that during the course of our conversation.

Wow.

Can you give us an idea of roughly how many funds there are in the U.S.

market?

I imagine it's an enormous number.

Wow.

Wild.

It's interesting.

That's a sort of classic 60-40 stock bond breakup.

Turns out industry-wide, it actually is similar.

And how is the share of the overall market that's allocated to index funds changed over time?

So there's no question that the share of index fund ownership is increasing.

I'm wondering what you feel the effect is of that trend on overall financial markets, both positive and negative.

What proportion of those are actually taking in new money each year?

And does that vary depending on whether they're mutual fund or ETF sponsors?

What are some of the reasons why assets are concentrating so much in those largest fund complexes?