Jonathan Ferro

Private markets haven't been tested.

Can you build that out a little bit more?

What did you mean when you said that, that private markets haven't been tested?

Manny, let's continue the conversation we were having.

Equity markets very close to all-time highs, credit spreads near multi-decade tights on investment grade, high yield spreads near the tights of the year.

And yet we've got a Fed official saying that we're excessively restrictive.

You're across a range of funds.

You look across markets all the time and the economy with the team.

Do you see any signs that we're excessively restrictive?

For a long time, Japan had to do the same thing.

They didn't have the yield.

To your point, the story's changed.

One thing we're trying to track is whether the Japanese bring the money home, whether we see this great repatriation, where it could leave markets vulnerable, where typically they deploy that capital.

I'm thinking of certain European markets, the US as well.

Are you seeing any of that flow story start to turn?

No, not so far.

Would you expect it to change?

The conversation we had back in April was maybe the decline of US exceptionalism.

The money was going to leave.

It was going to go elsewhere.