John Zito

and you're attached to the asset.

So you actually have a double claim in some ways.

So that part we think will over time go away, particularly for start with private IG.

Let's just start with credit to start, which is you have a third party saying that this is rated X. S&P is saying this is rated triple B.

S&P saying this other assets rated triple B. So you have guideposts.

If you have the guideposts, when you look at your credit allocation in a 60-40, shouldn't you just be optimizing for return with your credit allocation?

And will that then go into sub-investment grade?

And that will go into equity.

Will that go into equity pools, both private and public?

Should there be diversifiers to the S&P 500?

These are, I think, real questions.

If you look at market structure, if you look at how capital pools are growing, they're telling you that's what's happening.

When we talk to a client in the future, I don't think we're going to be talking about the 20.

We're going to be talking about, okay, what's the best risk reward?

And by the way, we're organizing our business with no walls.

So the earlier comment on risk reward, it's the same thing when you talk to an issuer.

What are you solving for?

Here are all the things you can do in credit, public, private.

We do all those things.

By the way, we do them on our own balance sheet.