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Ben“is indexing was not actually that interesting when Bogle started it. I know we gave the stats around its outperformance net of fees, but in '75, the market still had a lot of fools in it. Yeah, people that were acting individually, that were not institutions or advised by financial advisors. They were clients of stockbrokers, and the stockbroker would make a commission on a trade, and so they would trade a lot, and they would buy stuff that were bad decisions. So if you were an active manager, it was just not actually that hard to beat all the fools in the market. Yes. By the '80s and '90s, that started to go away. So much of the activity in the market was real professional management. That you could often assume, "Oh, my counterparty is smarter than I am." I always assume this when I'm buying individual stocks. I'm like, "Why am I buying a stock that a really smart hedge fund is selling?" That is the thing that causes me mostly to buy index funds or to transact in private markets where I'm buying shares directly from a company rather than in public markets where I'm the least informed person on the trade, but that was not at all the case back then. There was this interesting trend where as more money became professionally managed, indexing's advantage increased. Hmm. DavidI bet it actually worked both ways too, that as indexing became more popular, a lot of the unsophisticated, shall we say, participants in the market moved into indexing and stopped being easy prey available for the active managers. BenRight, right. Yeah, it's a great point. It's kind of like online poker. When it first started, there was a lot of fish at the tables and then eventually the fish go away and you're just playing other poker pros. Which is no fun. It's sort of the same thing in the stock market. I didn't make the leap to realize that indexing is a much better product when it's a sophisticated market of traders versus an unsophisticated market, because its relative advantage is higher. Yup. Yup. Absolutely. Or I'd say its relative disadvantage is lower, is the right way”