Daniel Shrimsky

If you look at the last

if you look at a 10 year period, 90% of active managers have underperformed.

And that's not to say that investors shouldn't be investing in active, but we believe the core of one's portfolio should be low cost index solutions.

And if you want to surround that with some active, we think for the right risk, for the people willing to, as long as they understand their risk tolerance, that can make sense.

But there's certainly a lot more active ETF providers out there and

Again, the transparency, the liquidity, the accessibility of the ETF wrapper, I think is really appealing.

But investors need to understand what they're buying and the risks that they're taking on.

Yeah, absolutely.

We have 60 million investors around the globe, obviously predominant in the US.

And it is a mutual.

We are here to serve the investor.

We are here to give investors the best chance of investment success.

That is the model where it's actually the investors that own Vanguard.

And philosophically, that's how we run our business here in Australia as well.

And we've been here for 30 years.

James, we're celebrating our 30th year anniversary this year and really proud of what we've been able to do over the past 30 years.

Yeah, I think in Australian dollars, it's probably about $17 trillion.

$17 trillion, folks.

Just hear that part.

It's trillion, not billion.