Lewis Hart

The bigger risks are really what we touched on, price risk.

Counterparty risk is the second one.

international risk, which I'm sure we'll talk about.

Where is the good that you're financing?

Hopefully it's moving.

Sometimes it may not be.

Not at the moment.

Yeah, exactly.

In some cases it may not be.

And the biggest one I think that Brown Brothers Harriman particularly focuses on is the management, the owners of the business.

What are their motivations?

What's their reputation?

What's their character?

We have something we call the five Cs of credit.

It's kind of an old adage.

And those are character, collateral, capital conditions.

And the most important one we think is character, the character of the borrower, which really comes out when markets get volatile, how people behave.

And these are, you started saying accurately, this is a super relationship focused business.

Character is really the most important thing in the business when you boil it all down.

Historically, this market was dominated by banks.