Marc Rowan

In addition to, once we originate an asset, it feeds our third-party credit business.

Because if we, as a large retirement services insurance company, need the asset, other insurance companies need the asset, pension funds need the asset, endowments need the asset, and individuals likely will want this asset as well.

And that's what we've seen.

Our underwriting risk as principal

shows people the alignment that they need to get comfortable with these investment-grade underwriting.

Immense.

It's only about time in the day right now.

But I'm going to first delve into this notion of intersections because this intersection notion is actually what creates value in our business.

So if you think about how institutions allocate capital, they allocate it into buckets.

Some of those buckets they advise themselves if they have good investment teams.

Some of those buckets they outsource to consultants or advisors.

But they're still in buckets.

And so the traditional buckets are equity.

What's in the equity bucket?

Public equities.

Fixed income.

What's there?

Public fixed income.

Then there's sometimes a liquidity bucket, a real assets bucket, and then there's this thing called alternatives.

That's been most of the world for 40 years.