Jonathan Ferro

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.

Do you think people have done some dumb things that are going to come to the surface later this year?

Does it pose a risk to all of us?

Excuse me?

Does it pose a risk to all of us?

Is there a systemic aspect to some of this?

Kevin Hassett, thanks for the update.

We appreciate it, sir.

Thank you.

Thank you very much.