Orlando Bravo

Would it be a good thing for the industry and institutional investors or not?

Once again, on those things, since they haven't happened, we don't know.

Now, look at what I just said about institutions, that 15%.

One of the reasons it's going to grow so much is because allocation by retail and private wealth is close to 0%.

So it's going to go up.

I mean, that's a huge market that is completely untapped that will be tapped into this alternative asset class.

For us, the way we see it is we are going to look at it, but very carefully and very strategically.

And the reason we're going to go slowly and strategically into it is that investors, retail investors and high net worth investors really need to understand what the manager does.

how the manager invest.

I go back to the point of our business is not linear.

We buy a billion dollar revenue company that has no earnings.

We cut 20% of the cost.

We do this, we do that.

Those projects, even when we get the best outcomes at the end, they weren't a straight line.

So with these investors that have liquidity, if they don't understand really well what you're doing,

They may make bad choices with their investment over time.

Just like we go, I mentioned 30% of my time is with institutions.

I really need our partners to know exactly what we're doing, why we're doing it.

When we make a mistake, they understand.

When we do well, there's a reason why we got lucky or did well.