Eric Balchunas

Yeah.

So there's a lot of noise out there.

A wholesaler for one of the big three index providers who shall remain nameless.

A million years ago, once told me about all the macro hedge fund masters who had index portfolios set up like very quietly.

Now, they also owned a ton of their own hedge funds.

So it's not like they weren't also eating their own cooking.

But I do agree with you.

There is some element of like, it feels too good to be true.

I'm not selling, but just in case, let me tweet some negative shit out just to like make it look like I'm not like an insane wild-eyed bull.

Reckless.

And naive.

Especially in hindsight if something bad does happen.

Can it?

It's not a trillion dollars, though.

It's the amount of money they raise.

What's the… I think there's $100 trillion for… I think there's a… I don't think they're raising that much because they've raised so much money in the private market.

Yeah.

They have so many shareholders.

They have a lot of people who think they're shareholders but aren't.

Yeah.