Glenn Freeman: I’m here at Morningstar Investment Conference 2018 with Kate Howitt from Fidelity. Now, you were talking today about the role of active managers, and you’ve got some interesting examples that you were referring to.

Kate Howitt: Thanks. Yeah. One of the great examples of the last few years for active management was a2 Milk. When it listed on the ASX, it had EPS of 0. And so, it’s really hard to construct metrics and to understand what sort of a stock it is when it says EPS of 0. So, it really takes an active manager to do the analysis to look into the business model and understand why this stock has no earnings today and what’s the outlook for earnings in the future. It turns out that earnings for that business have really…