Manny Roman

Is it something we want to do?

We shouldn't be originating for the sake of originating.

And there's a lot of money coming to this market.

Some sectors will be very attractive and some will be less so.

And I think you want to be very much on top of this and say, I want to do this and I want to do less of this.

So my friend Richard Thaler, who is an economic Nobel Prize and consult for us, has this say.

He says, you know, when you make long-term prediction, the degree of humidity and the standard deviation around the estimate should be very, very big.

So when I hear an estimate like $6.7 trillion, I don't know what to make of it.

David may very well be right, but we'll take it one step at a time.

I think six months horizon is about all we can do in terms of the demand.

And then, you know, the environment may change dramatically.

You know, there are business cycles.

Sometimes things are cheap.

Sometimes they're expensive.

If there's a recession, all of a sudden spreads will widen.

Company may revisit what they're trying to do and so on and so forth.

So in terms of committing capital and in terms of finding the right opportunity with the right length of time, we're totally fine to have a very long-term horizon.

What I'm saying is I'm saying making long-term prediction in terms of how big the market will be is very hard.

I think you have

some visibility over the next six months in terms of what the demand is, what the real demand is, and whether that slows down or whether that accelerate, you just don't know.