Maybe final question or second to last question back to the simplest stuff that we do.

Trend following.

What's your view, Robert, on trend following being potentially crowded

and the returns of the strategy decaying or diminishing over time. As we've heard, I mean, you've mentioned

the name, Winton. Winton has been publicly out saying that, that they expect trans following

turns to be weaker going forward than they have been in the past. Would you agree with that,

or is it impossible to tell? Too early to tell? I don't know. I mean, it's definitely too early to tell.

Because we need a lot of data to fit our strategies, because they only exist at the kind

of bare threshold of statistical significance, you know, a few years of poor performance

is certainly not enough to kind of prove one way or the other, or at least

prove with some kind of 95% confidence interval, that the performance really, you know, going

forward is going to be much lower or negative.

There's different ways of looking at this.

One way is to say, well, where do the returns come from?

I'm in sort of the kind of behavioral finance camp.

I think it's sort of a psychological bias that people just don't like the style of

trading where they're taking small losses and holding on for bigger gains.

People like taking profits.

The other thing to look at is, you know, what's the AUM in the sort of trend-falling space versus

the total AUM out there? And, you know, that number fluctuates over time, but it's, I'd say it's probably maybe

10% at most of kind of actively managed money, probably less.

Now, that doesn't mean to say that there are markets where, you know, a bit much more than 10%

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