Paul Schroder

So there's some equity issues for us to keep working through.

But the competition part of it is pretty strong.

And I think we're already seeing a consolidation to larger, better, smarter funds.

I think that's naturally occurring.

The flow of money is already occurring that way.

What's going on?

Yeah, well, that's a really important – it's an important question, Alan.

So I prefer to describe us as profit to members, right?

I'm ruthlessly in the pursuit of profit.

Like this is not just not for profit.

This is ruthlessly in the pursuit of profit.

It's just that every one of the profits goes into Percy's account or Tatiana's account.

Yeah.

They definitely take something off.

They do definitely take something off the top.

Well, it's my job to make sure that we make people the most money risk-adjusted over their lifetime and provide them with the service help and guidance that they want with a reputation and a brand that they love.

And then I'm going to try and persuade as many people to join.

But one of the great things about this system is it has private sector enterprise.

It has profit to member funds.

It has large funds.