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00:15:26 [Speaker Changed] So the passive component of that, which we’ll feed into a discussion we’ll have later on, had just become so large that it relied on liquidity that was not necessarily gonna be there. What lase pointed out in his paper was that passive had to transact during periods in which there was index rebalancing.
BERNSTEIN: You know, if you go back to Jack Bogle and the whole idea, and always in my career, I have tremendous respect for Jack, both as a businessman and as an investor. And Jack’s whole thing was you want to be a passiveinvestor. Legal immigration continues to trend downwards. BERNSTEIN: It’s crazy.
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