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Hi, and welcome to the Longview. I'm Jeff Battak, Global Director of Manager Research for Morning Star Research

Services. And I'm Christine Ben's Director of Personal Finance for Morning Star, Inc. Our guest

this week is Ben Johnson. Ben is Morningstar's Director of Global Passive Research. In that role,

Ben leads a team of analysts who conduct research on index mutual funds and ETFs and publish research on the global

passive investing industry. Before assuming his current role, Ben was director of ETF research

for Europe and Asia and served as the editor of the Morningstar ETF investor newsletter. Prior to that,

Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals

industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley.

He holds a bachelor's degree in economics from the University of Wisconsin, as well as the

chartered financial analyst designation. In 2015, fund directions and fund action, named Ben among the

2015 rising stars of mutual funds. We're pleased to have him as our guest. Ben, welcome to the

Longview. Thanks for having me. So maybe we'll start with a big picture question. Indexing used to be

viewed is it was a bit of a backwater viewed as sort of a quirky approach.

Enthusiasts maybe would engage in it, but not the wider market.

Now it's huge by some measures.

And so, you know, I think that one of the basic questions that won't have observing that trend is,

...