Marc Lipschultz

It's not about concern about the economy today.

So here's the really encouraging part about the wisdom of what you call retail investors, individuals taken together.

You know, I think there's a propensity to want to either sort of people say, oh, they don't understand.

I actually think there's incredible wisdom in the individual investor world.

And by the way,

They're advised by really strong people, right?

The financial advisors at the Merrill's and the Morgan Stanley's and the JP Morgan's, the Goldman Sachs, I mean, all these Wells Fargo, all these fabulous places are advising people on making these choices.

So here's what we're seeing.

Wealth flows are accelerating even now, this month over last.

We see this every day.

It's a very data-driven business for us.

We are accelerating in wealth this month over last.

So actually, I think people are seeing through this noise, and it is a lot of noise, and to your point about sort of an item here, an item there, I would suggest taking, well, we take a step back, because there's almost this, kind of this mass hysteria taking hold about

about credit in general, private credit in particular, and it's just not anchored in any facts.

It's anchored by repeating a few anecdotes and then kind of just creating the, well, hey, you never know.

And some of that is intentional.

Some of it, I'm sure, is quite sincere by people that just aren't sure.

But the truth is that our system, the private credit system, not just Blue Owl, our peers are very good at what they do.

The banks are very good at what they do.

And in total, fortunately for the economy...