So active versus passive in summary. It is important to diversify your approach. You should exploit the market free ride. Equities generally do outperform and you have to exploit that. But you should also exploit market inefficiencies through human skill – that will be an emerging area of importance going forward. And you need to implement your strategy well. I think clients expect this from us – this is a fundamental understanding from clients. And active management is now proportionately more important than it was.

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