gary whitfield manages the money of the super rich for the whitfield group part of morgan stanley. >> you went to oxford? >> yes. >> you have an mba? >> i do. >> you're the expert here along with him and we'll try to put this in lemonade language. my understanding of carried interest and it can be controversial, is the person the money manager, the private equity that brings money in that helps a business, is able to benefit in a way that is he's paying a lower tax rate than he would be if the fees he charged were considered regular income. is that a fairly good understanding of what carried interest is? >> i think that's pretty close. pretty accurate. the thing to remember is that in private equity or venture capital investments, the general partner or the gp is managing the investments by and large and contributing up to 5% of the investment capital. >> they have some skin. >> they have some skin in the game. >> the rest of the investment capital is contributed by the limited partner. >> the money people? >> the money people not managing investments but making and contributing capit