Tony James

So we could keep talent that would otherwise get frustrated and go do their own thing.

I mean, I always wanted to have the most talented people in the world

and train them so they were better than they would have been any other place.

But those people have tons of opportunities.

So I had to create new opportunities, not just a war of attrition with the more senior people.

So growth was important.

And so how do you mitigate the negatives that come with that?

And so we spent a lot of time thinking about that.

We tried to add businesses that made the other businesses around them better.

They brought insights, access, relationships, capital, something that made each of the other businesses better.

I also, it was, this is why we were leaning so early in our stealth effort to build retail distribution.

Yep.

Again, just distribution power.

I mean, it was a hedge against the time when maybe all the funds aren't high top quartile returns.

And so how do we still, you know, drive business and customers and AUM and so on and so forth.

Yep.

And so we're constantly thinking about ways to take our disadvantages and make them advantages.

Yep.

To drive growth.

And that's an area where these different... You take a mosaic tile from each different business, you put it together, and you have a clearer view of it.