David Friedberg

I really like it.

By the way, you know that the market was totally getting this wrong because the TikTok of the deal is super interesting.

When they were looking for the debt financing, it was about $36 billion of equity, $20 billion of debt.

They called Jamie Dimon and Jamie basically ripped the 20 billion in on the same day.

Just because I think he also could underwrite this pretty fast.

I mean, some of the biggest deals are frankly so obvious that it just takes the courage to put it together and then everybody's like, oh, this just makes so much sense.

And then Andrew Wilson, who's the CEO, is going to stay on.

He's a great guy.

Super, super compelling.

I think private equity is totally screwed.

I don't think Silver Lake or Affinity or this deal...

are screwed, but I think private equity in general is totally hosed.

All right.

Okay, look, I think the history of this is important.

There was a longstanding belief

The best way to generate the best risk-adjusted return, what does that mean?

That means to manage through periods where the stock markets go down and to manage through periods of volatility.

The best way to do that was to have what's called a 60-40 allocation, 60% to bonds and 40% to equities.

Over many years, especially when we artificially suppressed rates at zero,

through Obama, a lot of people started to move their allocations away from 60-40, and they started to make more and more investments further out on the risk curve.