But it takes me away from my expertise. It's not intellectual capital, which is what we're allegedly all about.

Trading expertise is something that you can purchase on the marketplace.

If it's all about distribution, like we keep hearing, then this is a huge distribution channel that Schwab dominates. To do something encouraging them to go somewhere else would be foolish, and I think Schwab recognizes that. They are not stupid.

It's been that way for years. Schwab is extraordinarily sensitive to that issue.

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

Education is a lifelong experience. Experience is a lifelong education. Education plus experience equals expertise.