Why, why do you think, uh, so many investors kind of lose, lose sight of the compensation part of it? [chuckles]

Yeah.

Well, the, the, the challenge with factor investing, in some sense, is that all factors can and do go through cycles.

So over periods of time, they're compensated, meaning they earn a higher return per unit of risk than the underlying benchmark, whether that's equity or fixed income or whatever the case might be.

So, um, you have to be in it for, you know, the full cycle to earn that premium.

But the whole persistent and consistent idea is that these anomalies aren't going away.

I get, you know, get questioned on this a lot, especially kind of in the early days of factor investing.

But, uh, what, what do you think?