John Stepek

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.

And probably, ideally, you don't want it in your pension fund because now is probably not the time

to be getting into this stuff um and again it just comes back to what we said on the podcast the other day people need to just take responsibility for knowing what's in their pension because otherwise you know no one else is gonna do it for you no one's gonna do it for them at this point yeah okay let's end with something optimistic the sun's out

Go on, I can see through your window.

It's quite bright out there.

Hi, Merrin.

I mean, I think that's a really important point about people having to be more involved with their own investments.

And I do think one of the positives coming out of auto enrolment over time will be that people will be more engaged with investments.

I noticed our old pal Simon French from Panmure Liberum.