. >> might have a wealthy beneficiary so jean ken france made a lot of money from the endo you do shares of millions of dollars do we want hedge funds will we give one hundred millions no. your the clients and consumers a totally different things it is in terms of the way it is done the endowments you can't have the on session for the enar document they're not going to get members like you hey this is any money don't do this is a dive culture for endowments i did any due diligence no one mentioned the harvard one of the 3wig9 funds has not recovered in dollars it's precrash peek so they're still in the retired versus the peak before the crash with hundreds and hundreds of employees to manage their hedge funds portfolio let me talk about culture in investing culture tremendous everyone we have a long term hypothetical to fund let me talk about the customers we didn't talk about the difference in customers within the public pension funds as well as the especially documents but the chief executive officer has given us hundreds and hundreds of pages on the recommendation and risk and everyth