John Stepek

But we only have so many, you know, million listeners.

I'll put a wee asterisk by that.

And, you know, so how do you get the message across?

Is this something that you have to drop on employers to kind of like, you know,

educate their employees and say, look, this is, by the way, what this invests in.

But then you're going down a whole other rabbit hole of... I don't think this is the employer's responsibility.

Well, I don't think so either, but who does it become?

I mean, to be fair, that's a good point.

I also think that if they had to do that, they might think things through a bit more clearly because I think a lot of this stuff is quite knee-jerk.

I mean, going back to private credit for a moment, in fact, and the ESG stuff too, I mean, both of those things

things are fads whose time has arguably passed or which you could turn around and say that okay there was a period for which those apparently worked but the conditions under which they worked have changed and also you know that's not a contrarian thing even to say now and a lot of the time I think with these big pension organisations the problem is that they've started a process rolling

There's maybe like five years behind the times or something like that.

And it's kind of like, oh, well, we must get more assets in private.

So we must get more money into private assets.

But actually, the time for doing that was 10 years ago.

And it's only just now that you're kind of catching up with it.

Because, you know, I mean, there's the mansion house is one thing.

And the mansion house stuff is you've got to put 10%.

of your assets under management into unlisted stuff.

And at least 5% of that has to be, or sorry, half of the 10% has to be in UK related assets.