Ramin Nakisa

So, I mean, those were my choices.

FWRG was another one, which is a FTSE all-world tracker.

But if you plot them against each other, almost indistinguishable.

And the concentration that you get right now.

So it's a kind of fun experiment.

If you build your own little...

portfolio, a global market cap portfolio, and just build from the biggest to the smallest.

So start with one, the biggest, Nvidia, Apple, whatever, and then work down to number 10.

And you plot that portfolio's returns versus one of these MSCI global indices.

Again, it's really close.

You don't need that many to track.

I mean, obviously, it gets better the more you add.

But that's why, you know, once you get to EM, which is like 10% of the market cap of the world, it's not going to move the needle that much.

You know, maybe for you too, because you're going to live a lot longer than I am.

So if you invest now and India becomes like China or even a developed country, which it may do over your lifetimes, then, yeah, it'll move the needle.

But for me, you know, by the time I pop my clogs, I doubt that's going to happen.

But if you're young, yeah, I think there's a case to be made for EM.

Oh, yeah.

I mean, it was very much that I'd reached my number and whatever the situation was, even if we were in a blistering rally, I'd have done what I did.

Because, look, I know how equity works because...