Jonathan Ferro

This is something that will go on for weeks?

Kevin, the president's also said there'll be naval escorts as well to help tankers get through the Strait of Hormuz.

As we understand, tracking the traffic here at Bloomberg, that's grinded to an effective halt as of this morning.

What can we do to help those tankers get through that strait, and how quickly can we do it?

There were two dimensions to the president's suggestion, one with the naval escorts and the second piece was insurance.

How long do you think it would take to put together something more comprehensive to give people the certainty that these things are insurable?

Kevin, there's another aspect to the price action that's making some people nervous.

I'd love your thoughts on it.

It's not just the disruption that we're seeing in the Middle East and the disruption to energy supply.

There's also issues in private credit.

Every day there is a headline about redemptions and certain firms trying to meet redemptions in different ways.

We've talked a lot about financial conditions, but are financial conditions tightening in a way that we can't see in private markets?

And how are you tracking things?

Kevin, how do you track those things?

Are you in touch with the big firms right now about what they're doing?

Are there certain blow-ups that are making you more concerned than other things?

How do you track these things?

Kevin, Lloyd Blank finds someone we both respect, so he sees echoes of what happened in the financial crisis.

Jamie Dimon of JP Morgan has said some people have done some dumb things.

Mark Ryan of Apollo has said something similar.