Yes, I'm fine.
We looked at operating expenses. Deciding to reduce the operating expenses under a passive strategy would have required us to make assumptions as to by how much the operating expenses would need to go down.
They would not be brought down to zero because of the magnitude of funds that are managed. There would certainly need to be continuous oversight of dozens of billions of dollars, and that's why we assumed there would still be a need for operating expenses.
That said, for sure one would hope that the operating expenses, under a passive strategy, would be significantly lower, but because it was not possible to determine what quantum would be appropriate, we decided to assume that operating expenses would remain roughly the same. That said, it doesn't significantly change the outcome or conclusions of the report, because the operating expenses are still a small fraction of the overall assets and of the returns.