Dan Bortolotti

So how does that differ from the typical ETF owning household?

Are they a little bit wealthier, younger?

What's driving the growth of ETFs in that picture?

We talked about active to passive being maybe one of the trends, but clearly not the only one.

Now, how does that risk tolerance vary over time across household characteristics like income and wealth?

So most of what we've talked about has surrounded open-ended funds, mutual funds, and ETFs.

Can you talk a little bit about interval funds and business development corporations and how they differ and what role they play in all of this in terms of capital allocation?

All right.

So we've discussed a lot of the findings and observations in the fact book and something you've been working on for a number of years.

Overall, what would you say has been the most surprising observation that has come out of your work?

pretty well-known financial planning firms, been around for a long time and pioneers in that industry, specifically fee-only planning, I think originally, submitting to have them on board.

We got into that question about whether index fund investors were missing out on private markets in a previous episode.

fairly controversial topic.

Some smart people disagree on it, but yeah, I guess now we're kind of looking at the opposite is that, is there a portion of the market that index fund investors might want to recuse themselves from?

And we'll see where that goes.

Right.

It kind of gets to the heart of the

fundamental reason why index funds were created.

And you touched on this.

The whole point of the index fund is not to be arbitrary, but to represent the market.