Hansi. Well done. Your points are valid and very constructive, encouraging. I read most of it, but need to go back to one of your discussions shortly. I have this note:

It is possible for the very reason that market outperformance is, rightly so, actually not a broad investment goal. People want to retire, not beat the market, and coming from a House of four P's we were warned we'd be spanked by clients, forgetting that ever. It served us well.

Back to something more threshold, that you touched on, the reason we don't all outperform the market, is because we have a malady. Its the assumption that we must remain fully invested, at all times, that differentiates this generation from previous day's and earlier scores of success. Taxes, play far too much a role, and frankly I think some CEOs would prefer the Momentum crowd out, before the inevitable hiccup, which is unfair and makes it harder for them.

So, in a Wilshire 5000 that delivers 15% cada una on the nose at New Years, yes, but once again, this is my point. I want a Securities Market that is blatantly rigged, absolutely, in every single one of our favors, and you know, well, I hope I can count on your support for my proposed Theory of Planned Markets, forthcoming.

Your point about investment philosophy I disagreed with, but it's unfair, it is my wheelhouse and I think you, yes, you know the counterargument there.

Meeting funds should be done in a way where the future recruit goes, builds a bridge between both companies, this is huge value added it is a must.

I think my leading comment is in support of your point exactly, if I'm not mistaken. I'll have to finish the article another day but it is fine work. Congratulations.