What gap did you see there in traditional wealth management that led you to build this platform to build Alpha Strategies?

Like I said, from my early career on, Wall Street is great at creating products to solve their perceived problems in the marketplace.

But I see the same gaps in the marketplace, but I've kind of evolved in my thinking to now be more on the passive side, meaning that even though I worked for an active money manager and have worked with some great managers over time, I think we've seen consistently that it's very difficult to to perform against the benchmarks.

And for most families, it's more tax efficient and easier to structure portfolio starting with very passive instruments.

So using indexes as your investment, because I can buy the S&P 500 index for six basis points versus to get an active manager, I have to pay 75 basis points or 1%.

get exposure to the same thing well there's automatically a cash drag there on the portfolio that you have to really try to make up and so i start with kind of a level we call cheap beta which is basically just using the in getting the broad exposure through the indexes at very very cheap cost and then really focus on the alpha with the alternative investments that are less liquid the private equity, the private credit, the real estate, the venture capital, other things like that.

So the less time I worry about picking managers on the passive side of things, the more time we have to really find good managers and good strategies to do in private equity and private credit.

You know, I