The one point is that institutional investors are increasing over weighing illiquid assets in their asset allocation strategies owing to their long term horizon position. Agains fund managers peformance and skills have come under spotlight post 2008 financial crisis. Research has shown a very justifiable reason that most managers performances are more of idiosyncratic returns which in most cases has nothing to do with diversification and market timing. Nice thought Cao. Hopefully looking forward to the next two discussion.