Dan Ivascyn

people may have thought.

We provided a lot of ammo there for the media.

If you're looking back, then we would have tried to do things a little bit differently, a little smoother.

But other than the pressure to perform any time you have a change with someone of Bill's caliber exiting the firm, a lot of pressure on us.

But from a process perspective,

Not a lot has changed other than the fact that markets have become more global.

The tech stuff matters.

The numbers matter a little bit more.

There are more numbers out there to crunch.

So things have become a bit more technical, maybe more precise at least in terms of the way you make decisions.

But philosophically, the emphasis on the team, the structures we use to make decisions haven't changed as much as people would maybe have expected.

And again, it's a tribute to Bill.

I think that's right.

And I think you also have to take what the market gives you.

So, you know, years leading up to the financial crisis, there was a big trade to do.

Coming out of the financial crisis, there was a big trade to do.

Lots of cheap paper.

You could make a bold call, go out there and find anything housing-related you could buy and produce great outcomes.

As you progressed further away from the global financial crisis, yields were low, volatility was low, lots of support from monetary policy agents, the fiscal side.

So in some sense, you almost needed a lot of small things to go well.