Massy Williams: "Vanguard built a reputation as a low-cost mutual fund provider, but it is no longer the only player in that space. What will distinguish Vanguard when you think about the low-cost option in the coming years?"
I think Kevin is really asking us: Why Vanguard? Why should people come here?
Tim Buckley: The most important thing is to understand what we were founded on, right—the idea of giving clients a fair shake, right, putting their interest first, and letting them keep more of their return. That's what defines us, not simply low-cost index funds.