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RITHOLTZ: So, I don’t want to suggest the top decile of firms are immune to this sort of succession issues or immune to a tough year in the market like 2022 or 2023, but it certainly sounds like the firms that have become more professional, more institutionalized, are better positioned to withstand these sort of transitions.
And they also have a unique approach to feeds when they’re generating alpha, when they’re outperforming their benchmark, they take a performancefee. And when they’re not generating alpha, when they’re underperforming, they actually return fees. 00:24:31 [Speaker Changed] We refund the fee.
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