Ed

So like w whether it's good or bad for the shareholders, you do an acquisition, maybe you overpay, it destroys value, whatever you double the assets you're managing as a banker, you didn't double your income.

So you have the, the, there was a conflict of interest between the CEO and the investor and you, and like, you don't want to, you just don't want to be that involved in an industry.

where management and investors have different interests.

Same thing is true in fund management.

And that's why all funds tend to look the same.

The important, the thing that's going to make you retire rich is retaining, you know, hopefully growing, but like retaining assets and earning that 2%.

Yeah.

You don't even need to invest well.

Yeah, yeah, you just so you have a strong incentive, like not to screw it up, then you have to like really, you know, go for it.

You know, it's, it's a huge issue.

Can I just say something by way of process?

I don't think my predictive powers are particularly strong.

There's this guy, Dan Davies, who's a writer, and he says, the reason to make predictions is that otherwise you don't know what to be surprised about.

Do you know what I mean?

When events happen, the natural tendency is always to be like, oh yeah, I saw that coming.

You know what I mean?

And once you go on Ed's podcast and you say it out loud in front of everybody, at least people will call you up and tell you what an idiot you are when it turns out to be wrong.

You know what I mean?

That's literally the main reason to do predictions is to discipline.

Yes, exactly.