Daniel Shrimsky

Yeah.

And again, the interesting thing for Vanguard is it's been all organic.

So we haven't grown via acquisition.

We have grown off the back of that model where we've driven down the cost of investing and put the investor at the center of everything we do.

So what

Well, potentially, obviously, we've seen a large amount of growth in that activity over the past, call it 12 to 18 months.

But I think when you look at activities that are centered around short-term outcomes, or I guess you could say binary events, they are sort of very different to time-tested events.

investment strategies.

And we sort of consider it much closer to, I would say, gambling than actually investing.

And people can do what they want with their money, James, but need to keep eyes wide open in terms of what investing is.

And it's only a productive asset, something that compounds over time.

And the concern we have is that

blurred lines between you know what we would call it gambling and investing and you know people can get very excited about and exhilarated in the moment and it can do real damage to long-term wealth creation so you know we are concerned about that okay right

Yeah, look, possibly, and again, we obviously haven't seen any particular policy detail yet, but we would be concerned about any CGT changes that, I guess, discourage everyday Australians from investing in capital markets and ultimately

building wealth.

So, you know, that is concerning for us.

I think we're seeing record number of young investors invest in capital markets.

And we think that's great.

You know, markets have delivered great returns and over time they will.

So anything that discourages that or gets in the way of that, we're concerned about that.