 What should I think of hedge funds and how good they are overall again not a question about what you're doing sure I will try to separate those two. It's hard sometimes. I Think if you have to go buy one of every hedge fund that will that will take your money Which is a subset of hedge funds some of them are closed You'd probably be better off figuring out what their average exposure to the stock market is and go buying an index fund that's it's Gonna get me into I live in Greenwich, Connecticut Where in some parts of the world if you said my daddy runs a hedge fund Let's say what's a hedge fund in Greenwich, Connecticut? They the kids say what kind of hedge fund is your daddy run? So is he is he event arbitrage or trend following what is what does dad do? So I'm gonna be persona non grata but I Think hedge funds and this is a con is a lot of complexity to this answer. They're we a universe of very smart people They are doing some good strategy some I've mentioned to you already They seem to have grasped the momentum strategy not so much value oddly enough But they seem to definitely incorporate the momentum strategy the bad part is they do not as a group and keep in mind It's a self-serving, but we run things people would call hedge funds It's not a not all of our business by any means we think we're not doing this I'm we don't think we do we don't think we're the only ones giving clients a fair deal I'm talking about the industry as a whole Doesn't hedge enough. I know that sounds stupid given the name But if anyone likes geek numbers like correlation for the last seven years an index of hedge funds has been about point eight Correlated with the S&P 500. That means if you tell me what happened in the S&P 500 I got a pretty good idea. What's happening to hedge funds the word hedging Almost by definition refers to removing that risk trying to create returns that go up on average But at different times Then stocks because you can get that again for mr. Bogle for about 11 basis points, you know near a tenth of a percent They don't hedge enough and they charge a lot. I If I I will never you have a shot Tyler I don't have a shot. I will never get an economic law named after me I gave that up when I went to to try to make money, but if I got one I wanted to be there is no investment process so good that there's not a fee high enough that can make it bad