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The entire modern institutional asset economy, the options market, the securities market, the money manager system, the institutional mutualfunds, the institutional ETFs, they're all going to be centered around bitcoin as the digital property going forward. So, we are a publiccompany and an operating company.
At one point in time, Jack Bogle, founder of, of Vanguard was chairman of their mutualfunds. Just really a fascinating history from, from a privatecompany to a publiccompany back to a, a partnership. 00:07:33 [Speaker Changed] So when I, my first fund that I ran when I was at Montgomery was a mutualfund.
Similarly, Rand, in your work at Stagen, you have a long term focus on the development of not publiccompany stocks, but human beings. I want to say this again, in the early years in our experience, everybody in the big companies was playing the short term game. David Gardner: Wow. You just spoke to that and costs too.
Further in 1951, the typical mutualfund held stocks in its portfolio for an average of six years. The holding period for actively managed equity funds today just one year. We're a privatecompany that people can't invest in. Put those two together, way more institutional money, moving way more quickly.
ESG also aims to promote supposedly the goal of ESG is to promote the growth of companies that are supportive of beneficial practices, which is debatable and we’re going to get to that. Impact investing. Brown versus green stocks. Could we say dirty or fossil instead of brown? There is that cash flow that you get a part of. So I agree.
RITHOLTZ: So were you — in the early days, it was mutualfunds it was SMAs, what were you guys doing? That new name of the company became Franklin Templeton. So it was Franklin, along with mutualfund pioneer Sir John Templeton. You have half the number of publiccompanies that you had in 2000.
00:13:04 [Speaker Changed] So the most of what APAR focuses on our private, our public markets, stocks, bonds, mutualfunds, ETFs. But you also said, Hey, this private market thingy is gonna get big one day. And, and you know, I, I’d love to see ’em triple that over the next, over the next few years.
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