00:00Are you seeing a lot more inflows? Are you getting a lot more, you know, phone calls and questions since the AI bubble talk started?
00:08We are seeing inflows. And I think it started even before that. And it's absolutely increased because people are seeing price action.
00:16I mean, you might have a view, but when the market confirms that view, it makes you feel better.
00:20And so we are absolutely seeing inflows. A lot of inflows from passive to active.
00:24And I think that makes sense because dispersion is picking up. I think this is not the time to be in passive anything, because, you know, this is not a case of the Fed's easing to dovish territory.
00:36All assets will go up. I think you're seeing that dispersion with company earnings. So whether it's equities or fixed income, but we're seeing passive to active.
00:43We're also seeing people saying, well, the Fed's going to keep cutting cash, which felt really safe at 5 percent Fed funds.
00:50And now, you know, you think, oh, well, maybe it's going to go to 3 percent. So we're also seeing money from money that was on the sidelines saying, you know what, let's extend out the curve because duration is less risky now because inflation is less of a concern.
01:04I mean, we did get that CPI report and all of the data suggests that inflation is slowly but surely getting to 2 percent. And inflation is a problem for bonds.
01:12But I think we are seeing the inflows from all sides.
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