Alan Waxman

And then constantly, as we go through economic cycles, credit cycles, secular cycles, geopolitical changes, and we think about things on a real-time basis.

And what we do is in Sixth Street, we have about 450 to 500 deals coming into Sixth Street every month.

Typically, we have about 15 to 25 themes running through our firm at any one time.

And the key is, and this is what we learned at Goldman, is that any theme that is good as a shelf life of somewhere between 12 months and 36 months, because ultimately there's a lot of smart people out there.

It comes in and it's a good theme, then it's a less good theme, then it comes to

okay theme that becomes a bad theme and then people are overcorrect and they start putting leverage on it and then you have a correction and our whole thing and this is why we had the tracker we had come out of goldman and do it six street is that we try to see through that and never get caught in that dynamic where the theme becomes less good we migrate to other things so our average theme as a shelf life is a year to three years if you take our themes from 2025 and you go back to 2022

The 15 to 25 themes might be a little bit over, but most of them are different themes.

And that's why we always think of Sixth Street, we have to be a firm of entrepreneurs.

Because if you think about what we're doing, we're constantly migrating to the best risk units and return units, obviously also trying to be a value-added partner to CEOs and management teams.

Because the world's always changing, we have to be constantly coming up with new themes.

And that's what we learned at Goldman.

First of all, back then, it was the group to get into.

It was the hardest group to get into.

Yeah, when the Wall Street Journal called the group the Navy SEALs, I think that created a little bit of halo.

So it wasn't finding people interested.

It's finding the right people.

And for us, what we were looking for back then and still today at Sixth Street is, first of all, we want really nice people.

We have a saying at Sixth Street, and it was true back then.

Something we learned from the San Antonio Spurs is we want people that are over themselves.

The enemy of a multi-strategy investing business is fiefdoms and silos.