Lisa Abramowicz

What does being careful look like?

Does it mean focusing more on debt versus equities, more on equities versus debt, more on small companies versus big ones?

So you think right now, in some circumstances, the equity might actually be a better option than the debt because of that potential upside?

So you always talk about this risk-reward pendulum, the risk and fear, the sort of fear and greed pendulum right now.

And yesterday we saw Oracle come out and talk about having to borrow more money, having to spend more, and people are selling off the shares.

Does this make you feel good?

Does this make you feel like there actually is some discretion?

How concerned are you that we get a Federal Reserve that's more accommodative for a variety of reasons that leads to even more risk-taking?

This idea that not only did the Fed cut rates, indicated more rate cuts, but also is adding to its balance sheet in a way that could potentially prop up demand.

Right now, going forward, I remember back in 2015, 2016, 2017, when rates were incredibly low, you were saying people just need to lower their expectations for returns.

Because ultimately, you have to look at the risk-free rate, and you don't want to reach too much at a time where people are greedy.

Where are we right now in terms of what types of returns people ought to expect based on the current income rates?

You had a personal note, an addendum at the end.

And we led off with that idea of what artificial intelligence and machine learning will do to the labor market.

It's something clearly on the Fed's mind, clearly on investors' mind.

You're talking about concerns that there is going to be cannibalization from human jobs.

How do you see this playing out?

How are you kind of grappling with this when you look at investments, when you look at fiscal deficit, when you look at the backdrop for the financial system?

Howard Marks, you are absolutely one of the best.

My favorite to talk to, Howard Marks of Oak Tree Capital Management.