Jim Zelter

Yes, I have some concerns.

I'm an investor in the world.

It's not about the little narrow corner of the world that you guys call private credit.

It's much broader.

No, I'm not annoyed by it.

I think it reminds me of when I was a young high-yield trader in the early 90s.

And in 1990, when Drexel went filed, and there was concerns about the high-yield asset class junk bonds.

You know, asset class won't survive.

It's a Ponzi scheme.

There's no credibility here.

And I think that if I look back at that time, it was early days of the high-yield market, which is now the high-yield market and a legitimate asset class.

I think this is just growing pains.

And as I go back to my first principles, if investors over 15 years were not actually making money and I see the demographics of the globe right now where investors need robust compounding yield, I'd be concerned.

But I see the great benefit of this product.

Well, I got to push back on being upset.

Well, again, I think that a lot, because of the proliferation of the analysis in every corner of the environment we work in right now, I think that's why I had my message about taking a step back.

You know, I do think when you look at the growth of the U.S.

economy since 2009,

The result has been we have the most robust banking system in the world.

We have the leading banks that are well-run organizations that have done an amazing job and the return on equity and their impact in the U.S.