So, you know, how do we, what's, if let's say I'm an investor, right? What kind of costs, you know, if you can break down the costs that I will incur, what would those

be? So typically there are, I would say, three type of cost.

The first one is sometimes called access cost.

So meaning that if you want to buy certain investment, you have to pay upfront fee to buy it, or sometimes it's called subscription fee.

And if you want to sell a certain kind of investment, you have to pay a redemption fee.

So that's a subscription and redemption fee.

These days, these fees are almost zero now because there's many, many investment options.

So do you believe that by diversifying across various asset classes, we can eliminate risk or recently people are using options to try to eliminate risk? So what's your opinion of that? Can we truly get returns without you know, having to incur risk?

The tree red

line.

For many years, they tried multiple things, finally get the real estate segment price and everything become more normal.

And of course, because there's overbuilt capacity, for the time being, the real estate sector, it's already overbuilt.

There's less put it in to, from an investment perspective, continue to build.

And so that activity has dropped significantly.

By any kind of measure, probably half to 60%.

So what are your thoughts on this?

back in, I will say in April, but maybe you can just share with our listeners about what is the, you know, how did this tariff conversation start and what is the current situation right now?

Yeah, so the tariff mainly brought up by President Trump over the past 10 or so years because President Trump has been the presidential candidate in the last three U.S. presidential election.

He won twice.

In the middle, he lost once.

But nonetheless, he's been talking about this for the last three elections, almost 10 years now.

And if you look at further, he used it as one of his major campaign policy changes to really bring manufacture back to the US.

And to some degree, this is a pillar in terms of what he tried to do to make America great again.

There's no

So can you just very briefly explain how you derive the expected returns using this model?

Right.

So before I jump in to talk a little bit about the specific model that I collaborated with Roger Ibbotson, who was a Yale professor, retired now, and my mentor.

But let me talk a little bit about the importance of expect return.

Expect return is super important for individual investors because two aspects.

One is that it's a number one important input in determining the portfolio allocation.

So for example, if we expect equity return to be 9% versus 8%, then we need to allocate more to equities, right? Everything else hold equal.

However, it's not as straightforward as that, right, Dr. Peng? So, for example, in 2022, value did better, but in 2023, the market was driven by the Magnificent Seven, which was mostly growth stocks, right? So, how should we view that? I mean...