Chad Miller: We're lucky at Thrivent to have the mandate that we should look out at the next 3 to 5 years and beyond for our clients to create value. That gets us out of the day to day, the week to week, the quarterly results, and we can focus on the things that are actually financially material over the long term.
As I think about active management, the biggest advantage is creating those structures to let the market give you opportunities. When it's down, you try and capitalize on those. And when it's up, it's perhaps the time to get more defensive, then you lean back on that structure and process you have in place as a company.