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Legal experts conversely argue that the global companies that form alliances to help them tackle climate change need clear "safe harbour" guidelines from governments to allay fears they could be tripped up by antitrust rules.(4) Where it becomes tricky is how do large global investors navigate all this and deal with competing interests?
00:20:33 And so in that period they ceased to be passive investors, they became activeinvestors, and that became an opportunity for outperformance. Entities like the s and p 500 growth fund are far more concentrated than is legally allowed by the 40 act, by which they’re governed. Everybody is an activeinvestor.
For an activeinvestor, that provides opportunities,” Graham said, referencing CPP Investments’ approach of combing the globe and often making direct investments in a wide range of assets, from airports to toll roads and energy utilities to malls. Public Equities include absolute return strategies and related investment liabilities.
Anil Gupta -- Vice President, Investor Relations Good afternoon, and welcome to the Coinbase fourth quarter and full year 2023 earnings call. Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. On to expenses.
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