Joe Weisenthal

But what was the moment in which the credit guys suddenly realized that essentially here is this business that we used to never think of, high tech.

It used to be when I was a kid, tech and debt didn't go together.

What was the moment that the credit guys sort of realized that these are financeable assets, so to speak, that could come into the debt world?

Yeah.

So much.

Nice being with you.

That was great.

Thank you so much.

Sure.

Totally.

And you can see like how there's like this path dependency.

And again, that doesn't mean it has to be like systemic, but you can see how there's this path dependency where you mentioned you get the headlines about withdrawals.

There are more withdrawals.

These sponsors have to sell good assets.

They might have to take on credit borrowing of their own in order to meet those redemptions and so forth.

You can see how that really spirals.

I just really like their situation, how well they situated the whole conversation.

Their situation, the way they could situate in the history of credit.

Yeah.

Like, look, like if we're talking about GE credit, financing, jet engine deals, et cetera, that's private credit.