John Zito

And then credit, depending on where we are in the rate cycle, will make high single digit, low double digit, whether it's levered or unlevered.

But the compounding element and the income orientation in a more high rate regime is more valuable.

International assets have traded significantly.

historically at lower growth and lower multiple?

And if some of this foreign direct investment changes, could you see, with Germany really powering the printing press for the first time in a decade, could you see a normalization of multiple and a bit more higher growth regime in Europe?

Everyone has a hard time betting on that, but...

It feels like the stars are aligned, that potentially you see a higher growth regime in Europe for the first time in a decade.

I think that there's going to be secondaries marketplaces.

I think the secondaries business is going to change dramatically.

I think private asset exchanges will happen.

We've obviously started.

Who will do it?

Who will build those?

I think there's going to be... First off, I think there's going to be a need.

Two, I think that the more that wealth wants equity product and private equity type products, the more that they're going to need a liquidity lever and a need for this private marketplace.

And so...

How that's designed is a question.

You see us experimenting.

And one of the things I love about our place is we experiment with a lot of different things.

And we're experimenting with market making on private IG.