00:00Let's start with some news out of you this morning that Vanguard unleashing another round of fee cuts.
00:05It'll take your average asset weighted fee down to six basis points from seven basis points.
00:11I'm going to ask you the question that I always do, and that is what the decision tree looks like between continuing to lower fees versus investing some of that money back into the business.
00:23Well, first of all, it's great to be here. And so thank you all for having me.
00:26Yeah, it was a it was a very unoriginal act from Vanguard because it's the by our count.
00:33It was the two thousand two hundredth time in which we've announced fee cuts since our founding.
00:39And because of our client ownership structure, Katie, as you know, we don't have any outside stockholders or any internal owners.
00:47And so whenever we generate a surplus like we did last year, we're able to do a couple of things.
00:53First, we're able to invest back into important technologies and important things for the long term health of the company.
01:00And I could talk a little bit more about how we did that, as well as we're able to give clients back a better deal through reduced fees.
01:09And that's exactly what we announced this morning. But last year's extraordinary growth in the markets allowed us to do both.
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