James Kirby

Yes, well, I mean, to be fair to the wealth boutiques out there, and we all know who the

felt they must provide this.

People would have been sitting opposite saying, hey, the Future Fund is making, you know, moths out on private credit.

I want in.

And so they went off and made arrangements with what they thought were the best players.

And it now turns out their best players are in trouble.

And I want to say one thing, folks, about this thing about being gated.

You will find, and perhaps after this show, let me tell you, I'll get calls and they will say, listen, James, you know, it's gated.

We're doing the right thing.

This is good.

This is good for the industry that we can do this.

But I don't know.

I don't think it's good that you can't get your money out of something.

Clean and simple.

Doesn't convince me.

Yeah, because as you say, they're asset backed, right?

So they didn't sign up these loans.

They're not paying, mostly, generally, they're not paying this guy.

They're asset backed.

I noticed on the ASX, of course, anything linked with this area of private credit, it's down against a broader market that's metrics, et cetera, they're down.