Rob Goldstein

There's no question that that's the case.

I think the edge, you could break up into three categories.

First, I think the edge is going to be helping clients with their whole portfolio as opposed to just pieces.

And I think if you look at the asset management industry,

A very significant, I would say, evolution aspect of the asset management industry is that the industry organized itself inconsistent with how clients build portfolios.

You had fixed income shops, you had equity shops, you had index managers, you had active managers, you had systematic managers, you had public markets, you had private markets, and then you forced the client to put all this stuff together.

So the industry is going to pivot more towards helping with the whole thing, which is a different type of edge.

I think that the ability to use these tools is going to be an edge in and of itself.

So notwithstanding, coding is going to be easier and there will be multiples more.

Like the ability to build technology is going to become more, not less important, even if the frictions to build technology go down.

I would argue, I was at a conference and someone asked me like, who would you like to hire coming out of university?

And I said, English majors.

And that was a big mistake because then like thousands of people emailed me that their child's an English major while I speak to them.

But the reason I said English majors, and I believe this, like we're living through a time where those who could have imagination and articulate it, the ability to implement that has never been as fast.

And literally, if it used to be like years, now it's like days.

So the ability to have those ideas, the implementability of those ideas, is going to be different than any point.

So that creativity and imagination.

And then lastly, obviously, the world is becoming very complicated.

You basically have this collision between national security, technology, and capital.

You have this fragmentation of geopolitics.