It's really interesting to talk and think about realized versus unrealized profits or losses. Cos really... it's psychological. Let's say I bought DBS when it dropped to $10, then it went up to $27, then dropped to $20. I never sold it. I feel, ok, not so bad, I didn't lose money. Cos I bought it at $10. I am sitting on lots of buffer. But in reality... AUM is AUM. When it dropped to $20, I did lose AUM. Think about it this way... Someone invests $100,000, he manages to buy something with 10x return. So end of the year, he is sitting on $1 million AUM. Is he a millionaire? Most people would say, yes. He is a millionaire. Why? Cos mark to market. Turn it around. Someone invests $1 million and it loses 90% of it's value. End of the year, he's left with $100,000 AUM. Is he a millionaire? No right? No one is going to say he's a millionaire when he's sitting...