Alan Waxman

it can go anywhere on the duration spectrum.

So it could do a two to three year investment, but we have investments in there.

We have a strategic partnership with Real Madrid and also a strategic partnership with FC Barcelona.

We're probably the only people in the world that actually have partners with Real Madrid and FC Barcelona because they trust us, but those extend further than 10 years.

So we have maximum flexibility.

You're unconstrained because again, that's what we learned at Goldman.

The world is dynamic.

It's always changing and you need that flexibility because you never know at that particular time or this particular environment, where's the best opportunities going to be.

We always want to have that flexibility to migrate to wherever the best opportunities are.

I think the most important thing about Tal is that it's consistent with who we are as a firm and our ethos about we want to be an investor first firm.

We were one of the few firms in the world playing offense at the beginning of COVID.

And the reason we were playing offense, because we had a good defense, very similar to what we saw in 06, 07.

We started to see those same dynamics, tunnel vision of investing.

We started to see some of those same dynamics in 18 and 19.

We couldn't have called COVID, but things were getting skewed in a wrong way.

So

We protected the portfolio.

We're in a position to play offense.

Right when COVID hit, we went around and said, what are the best business models in the world that are most impacted by COVID?

Think about 60 people across Sixth Street working weekends all day, every day, trying to figure out our 15 to 25 themes before COVID.