Can you give us a rough arc of the last 40 years of executive compensation? What are some of the notable moments?

I think probably the signature issue and one maybe most people wouldn't give a lot of attention to or call out would be the creation of venture capital and private equity as a asset class that could be invested in.

And you probably go back a little more than 40 years, probably go back to a piece of regulation, again, not one that would normally be called out, which would be ERISA in the 1970s.

Esoteric to most of us, but really consequential because it started to protect employee retirement accounts and segregate them from company assets.

And it launched the asset management industry the way we see it today.

And it launched the idea of portfolio theory.

And the really important aspect of this, and I will connect this to executive compensation, is that it established the idea that you could have risk in a portfolio.

As executive compensation evolves, what are some of the ripple effects it has on the broader population of these companies?