Howard Marks

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.

We don't always say, oh, no, this is the time for our strategy.

What's the perfect time for our strategy?

Oh, now.

Sometimes it is and sometimes it's not.

And we take great pride in telling people which is which.

My wife and I both quit Instagram this summer.

And we seem to be doing okay without it.

Thank you.

Thank you, guys.

It was a lot of fun.

And it's been a pleasure.

And David and I've been looking forward to this and glad we did it.

Likewise.

It is in a way very strange that it is.

And I'll tell you why.

If anybody who's listening understands cryptocurrency, blockchain, and all of this technology, it all existed in the game industry before cryptocurrency became popular.