John Stepek

But the point is, I don't know, I'm kind of grateful for the House of Lords here.

It's nice to see that someone's at least attempting to defend...

you know, our freedom to invest in what we feel we should be investing in rather than having it dictated to.

I said, well, I'm not.

I'm not.

I'm actually quite pro the House of Lords.

It's one of these things that works a lot better in practice than it does in theory.

Yes, we're not political at all.

Yeah.

Yeah.

Selling at a discount.

It's not a cost.

It's a loss.

It's almost like these people who think, well, I can't sell my house for the stated NAV.

Well, that's because it's not worth the stated NAV.

There was a really good paper actually from an asset manager that I saw in FT Alphaville the other day, Sona Asset Management, and they sort of did a very good breakdown of private credit and its history and why it's kind of running into trouble just now.

And I think the biggest takeaway from it was not so much that private credit's going to cause something like 2008, or even that it's not a valid asset class.

You know, it will still exist in the future, much like junk bonds still exist, even though they did have a big blow up at the start of their career.

But their point was they're going to go through such a long period of poor performance.

And I think this really gets to why we don't really, or at least if it is in your pension fund, you want to know about it.