Anthony McDonald

But yeah, I mean, there's a bit of question about Mark about whether it's going to happen this year or not.

Yeah, total recipe for disaster, Nick.

And 100% of the super funds are already thinking about this.

I mean, they put this in the liquidity bucket.

So for them-

It's all about matching the contributions and redemptions, which they've not really had to do so much before because they've been flooded with contributions.

So whatever they have to pay out the other side, they're always going to have the cash sitting around to do it.

But in the past year or two, we've seen the big super funds, Australian Super is a great example.

They hire a chief liquidity officer because they know they're going to have to be more conscious of managing this liquidity problem.

As James just said, I mean, that's before AI came along with the potential to disrupt the workforce today.

So that could slow down their contributions.

At the same time, their redemptions is increasing.

How do they meet that?

I mean, they have been thinking about it, but perhaps not with that AI potential, which could exacerbate the problem over the top.

I mean, if it got to the point, though, where they're having to sell big private markets, assets, stakes in toll roads or ports or office buildings to meet redemptions, I mean, that would be a shocker.

One thing it does do though, Nick, I mean, the super funds love public markets because liquidity is always available to them.

This should bring them back towards public markets.

The fact that they happen to be more conscious of liquidity, they're going to need more assets that if they have to, that they can turn into cash pretty quickly.

And there's no way like public markets to do that.

I mean, seriously, you couldn't have scripted this, James.