us now is somebody believes in the continued need for active investment, john linehan. on the hot seat to defend all of the active investing. put us in a case of why active is important right now. john linehan: first of all, investors are not focused on fees but the overall experience. we are proud of the fact that over 80% of our domestic funds have outperformed their benchmarks. if you look at what is going on in the economy today, the significant disruption of is occurring in most sectors and you look at trump now pod tax policy -- trump's tax policy and potential winners or losers and the tweets, almost 2% today, there is a role for exceptional active managers. that know their companies extraordinarily well will selected the winners and losers in this type of economy. david: and bill mcnabb would say there's a role for active. we'll put up a chart. over the last few years, quite dramatic toward passive and away from active. what are the investors missing? what are investors missing as they move their funds from one to the other? cycle ofhan: there's a performance be