Rob Armstrong

And we're all grownups here.

Right.

But if you are any of the underwriters of this thing, you better have all 10 fingers and toes crossed that the AI bubble doesn't pop in the next 12 months.

Because if it does, they're going to be doing discovery on your emails.

It's hard to sue him.

Facebook now meta, Google now also have these structures, but I sure wish they didn't.

I think they're unfair and anti-capitalist and they are against motherhood and apple pie.

That is the issue.

We've been telling retail investors quite rightly for 30 years now, since John Bogle and Vanguard and all the rest, the right way to invest is with passive products.

And that is true.

It is the right way to invest.

You know, capture the open return of the market without taking individual company risk, diversify, etc., etc.,

And that's been the best financial innovation that we've had in hundreds of years, 100 years.

The downside of that is...

You can't discriminate.

I can't say when I buy my S&P 500 index product, I'd like the S&P 500 without that stupid meta and its dual class shareholders.

It's just complexity.

The beauty of the whole thing, the beauty of the vision of passive investing is that it was just dead simple and you didn't have to think about it and whatever.

It's a dumb product for dumb people.

It was free money.