Ken Griffin

So I think for M&A to really re-accelerate, you're going to have to see what is perceived as a level of stability in our policymaking in Washington.

And even the IPO calendar has some of the same challenges at play.

Washington

Even a policy change that will be ultimately good for the American business community in the long run, because in the short run it will create winners and losers, comes with a real cost in economic growth in the short run, even if it's good for the long run.

And I will tell you, furthermore, a policy change that's negative in the long run is really unsettling.

when it comes to short-term decision-making and planning.

And that's why it's so important that the President has the right advisor on economic matters.

And not just the President.

The leaders, both on the majority and minority side of the House and Senate.

Our country has too much at stake to be pursuing economic policies that don't rapidly grow the size of the pie.

Private credit is this really fascinating growth story over the last decade in the alternative space.

And it has some really important strengths.

And in particular, private credit has been incredibly helpful to the LBO firms, the private equity firms, because it gives them certainty of execution for the deals they're trying to get done.

You know, 20 years ago, 30 years, gosh, I'm really aging myself.

30 years ago, that would have been 35 years ago, the letter from Drexel.

We are highly confident we can raise the money, right?

And Michael Milken literally changed the world of finance with those letters.

He changed the entire U.S.

economy.

But jump forward 35 years to the day of Drexel, the private credit community is now able to tell people,