just kind of letting stuff

happen.

You're being a bit irresponsible.

So at some point, A government, the leader of a government has to stand up and say, this is worth doing in the long run.

And I don't know whether you need someone who's a bit more of a politician and can sell a message, or you need a technocrat who everyone believes in is an expert.

We've kind of tried all of them.

No one seemed to be able to handle the pain.

Yes, and then

With the consultation now open on potentially capping crypto exposure within retail funds, I wonder in your view then, how much harder does all of this make an advisor's job?

I think it makes it really hard to do the thing that I think is important, which is it's not just about having written down a set of rules about how you manage your clients' investments.

It's saying as an advisor to your clients, as a planner to your clients with confidence, this is what we are going to do and we're not going to chop and change it over the course of the next five years or 10 years.

Because you know what sucks is going to a client and saying, oh, we put this in, but unfortunately the rules have changed and now we can't hold it anymore.

Because that makes you, you know, as a planner, makes you look really silly.

It makes you look like you don't know what's going on either in the investment world or within the regulation world.

So I think it makes it really hard.

So I'm wondering, what would you say then that a genuinely balanced and suitability led answer to that particular question might look like? Yeah.

But how are global markets taking this news?

Honestly, I think they were possibly prepared for this ahead of time.

I think each announcement of a peace deal or some sort of truce has been taken with an ever increasing pinch of salt.

And I've been talking to a few people across Europe and the Middle East as well.

Just saying, OK, there's now going to be a peace deal is one thing.

Getting things like mines out of the Strait of Hormuz takes a really long time.

How long do you think it might take to actually get back to business as usual?

Well, I think business as usual, you're actually going to need a little bit more business than normal in order to restock inventories.

But how are global markets taking this news?

Honestly, I think they were possibly prepared for this ahead of time.

I think each announcement of a peace deal or some sort of truce has been taken with an ever increasing pinch of salt.

And I've been talking to a few people across Europe and the Middle East as well.

Just saying, OK, there's now going to be a peace deal is one thing.

Getting things like mines out of the Strait of Hormuz takes a really long time.

How long do you think it might take to actually get back to business as usual?

Well, I think business as usual, you're actually going to need a little bit more business than normal in order to restock inventories.

Maybe their experience in the markets is very different from a professional portfolio manager who's actually weathered true downturns in the past.

So every institutional manager [laughs] I speak to, and including ourselves, you know, everyone's reaction to this has been wait and see, right? We've got no edge.

I think it was one- either Buffett or Munger said, "You can have an informational edge, an analytical edge, or a behavioral edge." We don't have an informational edge.

No one knows what Trump or Iran is gonna do.

We don't have an analytical edge, 'cause there's not much information to analyze and we haven't got better models.

And our behavioral edge is just sitting here and doing nothing and waiting.

So I think most institutional investors are doing nothing.

Are, are people necessarily wrong to think that?

Maybe their experience in the markets is very different from a professional portfolio manager who's actually weathered true downturns in the past.

So every institutional manager [laughs] I speak to, and including ourselves, you know, everyone's reaction to this has been wait and see, right? We've got no edge.

I think it was one... either Buffett or Munger said, "You can have an informational edge, an analytical edge, or a behavioral edge." We don't have an informational edge.

No one knows what Trump or Iran is gonna do.

We don't have an analytical edge, 'cause there's not much information to analyze and we haven't got better models.

And our behavioral edge is just sitting here and doing nothing and waiting.

So I think most institutional investors are doing nothing.

Are, are people necessarily wrong to think that?