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hi, thanks for the article. Company is on my radar for some time now, but one of the biggest fears I have here is active vs passive management. This year passively managed index funds have overtaken actively managed funds’ ownership of the US stock market for the first time. There was a nice Financial Times article about it (cant find it now, sorry), generally actively managed funds are crushed by passive managed index funds. Money goes to cheaper alternatives, where 0.5 % fees are considered huge and avoided. The trend is clear. What in 10 years? Won't all the passive investing, technology, AI, cheaper brokers mean further deterioration of fees and AUM? And AUM and fees from management is THE life of this business. Don't we see an equivalent of fax-machine business of late 90s, where everyone was happy to have fax-machine in the office, and 10-15 years later it became obsolete? Not sure, really. ALl great, stellar balance sheet, margines etc, but this trend...

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