assets underime, management were growing. what was born at this time was something we have come to call alternative investments. these are hedge funds, private -- real estate funds, all kinds of new investments which have not been undertaken before on a widespread basis. time, assets under management began to grow enormously. as recently as 1980, when i said -- started my, own company, $50 billion under management was considered in or miss. today the largest money manager in new york manages almost five chilean dollars. -- $5 trillion. to 2016, the largest managers have gone from about $50 billion to $5 trillion, 100 times. this has dramatic impact. some of you may know the name of the first hedge fund manager in the 1940's, the alfred winslow jones. we talk about him. when jones developed concepts of two and 20, 2% of assets, and 20% of profits, it was good compensation, but reasonable. but now that hedge funds for example can be as large as $150 billion and you have some good years, and bad years, upside for a hedge fund ma