The media alone can't ease the tensions that come from the debate surrounding the issues we deal with every day.

However, we can create spaces where people can freely kick the tires of their preconceived notions.

I'm Tim O'Brien, and I'm the senior executive editor at

Bloomberg Opinion. On our platform we ask tough questions and solve complex

problems with the facts in mind. Because context changes how you see things and

how you change things.

Context changes everything.

Start exploring our opinion coverage and more at Bloomberg.com slash subscribe. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics, finance, investment,

and international relations.

Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course, on the Bloomberg.

We're advantaged at Queen Victoria Street to have with us

Andreas Uderman, Alian's Global Investors, Chief Executive Officer,

and David Hero managing a small pot of money at Harris Associates in Chicago as well.

And we bring forward the great debate of the last 20 years active and passive investment.

Andreas, let me go to you first.

Ms Johnson over at Fidelity and others have decided,

I guess it's a price war on ETF fees.

Does this have critical mass?

Are we going to start seeing every shop offering out vanilla management at a vanilla zero fee?

I don't know about vanilla zero fee, but certainly as you probably remember we were very early in terms of

launching in the UK and also in the US in the term in the context of fulcrum fees

...