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First of all, I think the amount of investors that participate in the financialmarkets is much smaller than it is in the U.S. And I think that the financial advisors are used, but not as widely used as they are in the U.S. And definitely, their retail market participation is significantly lower than you can see in the U.S.
00:03:14 [Mike Greene] So that was actually an outgrowth from my experience coming out of Wharton and you mentioned the, the, you know, the transition of people who tended to be skilled at math or physics into finance. We ended up buying, this is one of the wonderful things about financialmarkets and degrees of completeness.
I didn’t think I would be necessarily doing what I’m doing today, but I knew that I was gonna be interested in financialmarkets of some kind, and I think I probably ended up in the right place. So that’s the math. And of course, once you have a winner like that, you’re, you’re kind of in.
I mean, there were some advisor pickup, but you had to be kind of on the front edge of finance, or a quant, or running your own models, which in 2003, was not that common. So as much as I’m personally still a pretty strong skeptic of active management, I mean, I understand the math, and the odds are not in your favor.
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