Be ready for $4, page-30

My understanding (which is loose, really) is that FID's earnings are tied to the total amount of funds under management or advice. This goes up with new clients, and up with the market. Likewise, it goes down when clients withdraw funds, and down with the market.

If the market is 30% down, FID's income stream is likely to be down as well, though perhaps less than 30%, as I'm not sure that a fixed fee per $ managed or advised is the entirety of their income. Clearly I should look all this up, and perhaps someone closer to the business can confirm for us.

But yes, market down, FID earnings down. That said, as others have pointed out, it's a well-run, debt-free company with a good amount of management ownership, and looking cheap at the moment, with the obvious rider that so is everything else!