Manny Roman

very strong equity return and very strong high yield return.

If you believe this is going to continue for the next 15 years, then I think you should have the same position.

But it may not be the case.

And I think we bring that and say the data is the data.

Do you see parallels between now and those periods?

Well, I think the initial condition where we are right now is such that equity markets are expensive by any measure.

They may go higher because momentum is strong.

And credit markets are tight in some part of the spectrum.

And I think that's the reality.

And look, we've been in a period where things are expensive for a long time.

2005, 2006 were such periods where things remained expensive and became more expensive.

And then something breaks and then all of a sudden you have...

you have a lot of work to be done.

Well, I think rates are very high across the globe, right?

And I think part of the reason why I get up so early and happy to go to work is because the opportunity has never been better.

And, you know, we talk here about the US, but look at the UK.

The UK, where you're from is, you know, tenure rates are four and three quarter.

Australia looks really, really attractive.

So when we think about the opportunity in a way, yes, we do expect the Fed to cut.

How much they're gonna cut next year remains to be proven.