Public markets have become so concentrated in a handful of megacap tech names that private markets are now the only real source of diversification for investors.

11:22you're an investor and you're looking for diversification, there's no place to get it other than private markets. Private markets are 80% of the action going on in the world. >> And if you think about what's going on, great companies, Enthropic, Open AI, SpaceX, Cognition, Cursor, >> and on and on and on. Every one of those companies is private, multiple trillion dollars >> of value and yet most investors have

11:53zero exposure to them. >> We we're going to see the same thing happen with industrial companies. Lots of industrial companies are just going to decide to stay private longer for all the reasons we know. And so when I think about the business today, it is serving those fundamental goods. But it is also built on trends. The trends are the world is getting older. People have not adequately saved for retirement. There's

12:18this massive retirement income gap that's driving our business forward. >> They need income. Well, at the same time, corporations are borrowing money like every dollar since the invention of fire >> to build infrastructure, to build energy, to do energy transmission, to do next-gen manufacturing, to do AI, to do defense, to do data centers, and it's all happening at once. And so mostly investment grade borrowers, large companies against modern trends matching

12:46their needs for capital with the need for income of retirees with us in the middle. Totally. >> Sometimes I feel like we're at first in Maine and the traffic runs 24/7. You asked how I was. I said tired. >> Yep. >> Retired. >> You know, I I think it's maybe worth just doubling down on on kind of like the the permanent capital base of the firm because it it's really unique kind

13:04of in the alternative, you know, asset management ecosystem. And you know, I recall you saying this once in a in a dinner that we had, which was, you know, a lot of the business sort of boils down to, you know, cost of liabilities and creating sort of excess return per marginal unit of risk and it's about sort of like widening that kind of spread over time. Is that is that how