...A. So I am happy to -- maybe could I spend a minute delineating the way we're going to get there but as an organizing principle, the idea is 2025 will be net zero on flows, and then obviously market appreciation which we still expect to be positive in this environment will mean that AUM should increase and then thereafter 2025 is a transition year. B. And then secondly, even though it may seem unpopular to say right now, we anticipate that there may well be a shift in investor sentiment that if you look at the valuation gap, the price earnings ratios in EM now are about 10-turns lower than in the US in international. C. And I would note that for us, our emerging equities, for example, have outperformed on a one-, three-, and five-year basis and we see the potential to gain substantially as that happens. D. You put that all together and as an early indicator of momentum towards net zero in 2025, we're going to be entering 2025 with the highest ever won but not funded set of mandates to the...
