Manny Roman

No one knows what's gonna happen to the labor market.

But the reality is the opportunity in terms of global fixed income is very, very big.

And the opportunity to add alpha

is quite high.

I'll tell you a funny story.

We have a partner in Tokyo called Tomoya Masano.

And for the longest time, there's not much happening in Tokyo.

So you sort of call him and you have match out with him and not much is happening.

And then all of a sudden, the Japanese fixed income market becomes super exciting.

And then there's a lot to do.

And there's a whole generation of people who have disappeared because they don't do it anymore.

And so you have a labor market which hasn't supplied fixed income investor because there was nothing to do for the longest time.

And so what I think is interesting is the difference of view, the difference of opinion is also a source of incredible alpha.

And if you want to think about why performance has been quite good, it's partially because the alpha that has been given by the market is quite good.

No, I think they're very big investors in U.S.

asset.

And remember, one of the opportunity everyone has is to buy foreign assets and swap them back into dollars or swap them back into yen and so on and so forth.

And so you can actually buy synthetic credit, you can buy synthetic dollar exposure

for U.S.

investors buying, for example, JGB and selling forward the yen into dollar and having a different credit risk with JGB than you have with U.S.