Marc Rowan

Lots of industrial companies are just going to decide to stay private longer for all the reasons we know.

And so when I think about the business today, it is serving those fundamental goods, but it is also built on trends.

The trends are the world is getting older.

People have not adequately saved for retirement.

There's this massive retirement income gap that's driving our business forward.

They need income.

Well, at the same time, corporations are borrowing money like every dollar since the invention of fire to build infrastructure, to build energy, to do energy transmission, to do next-gen manufacturing, to do AI, to do defense, to do data centers.

And it's all happening at once.

And so mostly investment-grade borrowers, large companies against modern trends, matching their needs for capital with the need for income of retirees with us in the middle.

Sometimes I feel like we're at first in Maine and the traffic runs 24-7.

You asked how I was.

I said tired.

Retired.

It's exactly.

I mean, there are a couple of different ways of coming at this.

And it starts with a misconception of what success looks like in our industry.

For a traditional asset manager, assets under management is a really good measure of success.

Because if you give a traditional asset manager any amount of money, they will invest it.

Because they have the ability to simply go to the public markets and buy what exists.

If you give us any amount of money, we will not invest it.