Paul Schroder

Thank you.

Well, you make a very important point about the responsibility of investing people's retirements.

And as you say, it's 3.7 million people.

Oh, it's a 3.6.

Oh, it's 3.7.

Yeah, well, there you go.

Well, there you go.

It is 3.7, but the weight of that is really significant.

But who's counting?

Well, if you think there's an Australian super member in every fourth household, that means in my street I'm bumping into them all of the time.

So just the idea of how conspicuous that is as well as the weight of it is real and very significant.

So I think there's a...

How we think about it is through the lens of how do we construct the portfolio?

So what's the right asset allocation for the circumstances?

And then inside that, what are the kind of tilts that make sense?

And then what sort of securities you buy?

So that's the basic construction of how we think about it.

And we think about it through a long-term horizon because...

the 15-year-old who's joining the fund today, they're going to be in the fund for 70 years.

So we have to think about constructing the portfolio and we have to think about it through the prism of all of the changes that have happened and all that's to come and to try and compress that and then realise that you're dealing with uncertainty and you're dealing with risk and they're different because you can price risk but uncertainty you can't price properly.