might be in the closet that wasn't disclosed at all.

Correct.

So stuff that wasn't disclosed and it can either be intentional or unintentional because you can make an unintentional error in the frenetic pace of trying to sell a business.

So it protects the buyer for any of those sorts of things.

And it goes specifically to the clause in the contractor sale that is called the warranty and indemnity clause.

So the warranty is given by the seller and the indemnity that they're providing by saying, it's a good business and give me your money.

Mm-hmm.

So in your thinking about this product, who would be the purchaser of it? I mean, who's driving the insurance side of here? Is it a concerned buyer or a concerned seller or do they meet in the middle or how does that work?

So what then are the differences between running a balanced fund and a more traditional equities-only fund?

It all depends on the approach.

I think for a lot of the managers in the fund where I'm the principal investment officer, people manage exactly the way they would in any other fund.

They have a dividend bogey they have to hit.

They have to generate a certain amount of income.

They do that, that's their constraint, and then they just buy their very favorite ideas, period, regardless of kind of riskiness.

But for myself, personally, within the fund, I've looked around for managers who are typically much more cautious.

So, Paul, what's your response to that?