Robert Armstrong

And you kind of know that going in.

And so you have to ride it out with them.

But where the story gets interesting is when you try to sell this institutional product

with the kind of low liquidity that institutions are designed to handle.

They have an infinite life.

They have a diversified portfolio.

And you say, wouldn't it be great to sell this wonderful product to retail investors?

Because after all, where the real money is, is selling a product to retirees.

That's the biggest pile of money there is.

And so you take this product with low liquidity and you sell it to retail investors.

They actually have higher demands for liquidity.

And now you're trying to kind of square the circle.

You've got investors who are retail investors, not institutional investors, who want and need liquidity.

And you have a product whose very identity is in not providing liquidity.

And then you mix in the AI stuff you're talking about, and it can be quite a combustible mixture.

I know that was a lot, but I think the liquidity issue becomes live as soon as there's even questions about the credit quality issue.

Yeah, I think we do.

And the important point I'd like to make to you and to your listeners is,

is that you can get in trouble, a product, you know, a fund can get in trouble at times like this, even if the underlying loan quality is good.

And I think there's good reason to think maybe the loans in this Blue Owl product that, you know, they were going to merge and they didn't and they stopped redemption and so forth, maybe the loans are fine.