The significance (of the dethroning) is a little perverse. It's occurring as investors are beginning to flee the index fund.

It is all fund liquidation, probably commodity-index related. This was a commodity flush-out.

Anyone can get an index fund — buying the benchmark — for pennies, so we don't feel we deserve much compensation for just doing as well as the index. If we don't add value, we shouldn't get paid.

The fund is fairly volatile. Investors need to have a long time horizon.

That's because the market's been dominated by entrepreneurial investors, rather than typical mutual fund investors.

This is a big PR story.