Marc Rowan

is the envy of the world, and we want to stay that way.

Totally.

Look, for our industry, from 1990, our founding until 2008, the firm was slightly larger, but it kind of did the same thing.

Almost all the firms in our industry that you know were $40 billion in 2008.

And now we're a trillion dollars.

Others are slightly larger, slightly smaller.

And this is not good management.

I'd like to think there was some of that, but that is not the primary driver.

The answer is we're shaped by outside forces.

And those outside forces coming out of the great financial crisis to moving into COVID, moving into the change in rates, moving into the product proliferation.

Okay, what are the outside forces now shaping our industry?

Well, they're primarily coming from the shift in the economy.

We operate under the assumption that every job is going to be replaced or enhanced, every single job.

And I think that's what is going to happen.

I mean, a world where GDP grows, where profit margins grow, where wages grow, but where employment does not, maybe it's okay.

Maybe that's the consequence of having an older workforce or not having as many workers per retiree or not having as much immigration.

How we balance this as a country, how we balance this as a world, how we balance this as a city, I think is going to be the interesting challenge.

Early and partner-like.

I mean, this is who we are.

The ability and willingness to focus on any one transaction for an entrepreneur is...