@madamswer
I frankly don't understand the market reaction. The loss at the bottom line, relative to the pcp, is essentially all about performance fees in the prior period. Is this a surprise to the market?
Frankly, what I see is a well run business, that has shown an ability, and desire, to have its fixed costs as variable as possible. I also see a loyal, and sticky, client base - under the circumstances.
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