00:00Interestingly, I think this is a period where it's very good to be an index fund
00:04because what's happening with AI and technology and so on
00:07is deflationary and it's positive for the markets
00:09but it's difficult to know exactly how you're going to navigate the market
00:12so in a way I'd rather be invested in the whole market at this stage
00:15rather than trying to pick individual stocks
00:17We are an index near fund
00:19and that means that you participate in the upturns
00:23and you participate in the downturns
00:24and that's the way you have to be positioned as a long-term investor
00:29Now we invest with a very, very long time horizon
00:32We are broadly diversified across the whole world
00:36We own 7,000 companies
00:38and so for sure if markets go down, we'll go down too
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