Salim Ramji

And that's how our teams are able to put up kind of numbers like 88% outperforming over a 10-year period.

And so we think the underlying piece is really that costs matter.

There are a lot of people that come on this show that talk about performance, but if you look at one of the biggest predictors of long-term performance in active management, as well as in index management, it really is about the cost you charge.

And Bogle had a great line, which I'll repeat, which is that in investing, you get what you don't pay for.

And that's been true in active, and that's been true in index, and it's something that we believe really quite firmly here at Vanguard.

Yeah, I think the good thing about last year's positive result for clients is that we've been able to invest behind both.

So alongside the fee reductions, we're also increasing our investments back in our client and our client service by more than half.

Last year, J.D.

Powers rated us number one in DIY client satisfaction.

This year, we have a new website and digital design plan that we're going to be launching later this year.

And we have a whole series of initiatives underway in terms of the applications of artificial intelligence to help make our client experience even better, even more personalized.

So, Scarlett, in answer to your question, we're able to do both.

We're able to make significant investments back in our client experience, back in our technology.

And we're able to make sure that from a fee perspective, clients are also getting a really fair deal, whether it's an active management or an index management.

Well, I'm not going to get into the details of our discussions with the federal government.

I will say the concept behind the Trump accounts, I think, is a fabulous concept because what it does is that it helps people invest early, in this case, right from when they're born.

It does it in a low-cost way because the fees are capped to a low-cost level.

And the underlying ethos is a diversified, broad-based set of indices.

And as we look at the best ways in which to create long-term wealth for Americans—

This has really been something that Vanguard's been talking about for a very long time.