Howard Marks

Yeah.

We tend to increase our AUM in bad times.

And of course, that is the best time to put money to work.

Or when you think there's going to be a bad time.

Yes, that's right.

In advance of bad times.

Yeah.

Thank you.

That job is still open for you.

Most firms, if they have a very successful fund, will follow it up with another fund, which is larger on the back of that.

But if you think about it, if you had a success in a given area,

the good performance of that fund is synonymous with appreciation.

In other words, everything in that area is now more expensive.

So I would say you should raise less money, not more.

And that's the way we operate.

And if you look at our funds, we've been in business three or four cycles.

There were debt crises or crises in general in 1991, 01, 02, 08, 09, and then of course a brief one in 2020.

And the biggest funds we raised were the funds that invested in those years, usually because we had some foresight about what lay ahead.

And then having made a lot of money in those well-timed funds, the next fund is always smaller.

And we're very proud of that.