Jonathan Gray

Great to be here.

It does feel a bit of that, Danny.

It's great to be here to be talking about it.

We had a heck of a quarter.

What we saw here was we delivered for our customers.

That's the most important thing in terms of returns.

We really leaned into digital and energy infrastructure.

We also saw big inflows as well, $50-plus billion, and all of that produced big earnings, distributable earnings up 50%.

But you've really hit on the key here.

We've got a couple things going on, a cyclical uplift in deal activity, and that's very helpful for our business and our investors.

And then we also have some of these big markets that continue to grow in wealth, insurance.

very attractive investment areas in places like India and life sciences.

So a lot of good things are starting to happen.

Well, if you look over time, you always see new highs, but it takes time after the downturn.

Certainly happened after the financial crisis.

I think it'll happen after this inflation and rate rise period.

It will not happen overnight.

We're still at low absolute levels of M&A and IPO activity relative to historic levels as a percentage of market cap.

But there were very encouraging signs in the third quarter.

IPOs were up 100%.