Because we have money in our own funds, we're more attentive to the work that we do. Well, that's a virtue that any manager can claim, but no manager has to prove. The portfolio managers do not have to disclose what they hold in their funds. So we don't even know in the aggregate if it is a virtue. It sounds virtuous, but you can't test it.
Some people say the mutual fund industry is so out of touch that it's headed for extinction.
I don't see that happening. We have been one of the most vocal critics of the fund industry, but we've done so because we care about the fund industry. Obviously we've got a vested interest in it, but it's hard to see where the alternatives are better. And the alternatives you're seeing out there tend to be less costly and less visible. The mutual fund industry is still the cleanest, best-lit playing field in all of finance.