Robert Blabey

If you have credit like protections and equity like upside.

And so for us, we don't differentiate between, you know, a direct investment in a commodity or credit or real estate or equity or public or private.

We look at everything as what's the possibility that, you know, things don't go the way we are forecasting them to go and when or if that were to happen, you know, what's our plan of attack, if you will.

So the only way I know not to lose money in an investment is to not do the investment.

And so, you know, you can if you don't do the investment, you're not going to lose have the prospect of losing capital.

So the best way in our view on managing this risk is to minimize or for minimize duration.

So if you're going to do an investment, not only what do you see is the life cycle and process on how that plays out?

But, um, what is the, you know, a lot of people won't look at something that, for instance, matures in a year or 18 months or, or, or is it likely to exit in 18 months because it's sort of, they won't get enough moik and there'll be more, you know, they'll spend more time on it than they want, that kind of thing.

And they're looking for multiples.

For us, we kind of erase the limited duration side.

So we have done an investment that was only six months.

So we will look at things that, you know, may only may only go a few months.

But our focus is on what is the risk adjusted return.

And therefore, if you want to moderate risk in our mind.

an easy way, I think, to do that sort of at a very macro level is to minimize your duration exposure.

And we have a joke around the office.

We say there's a hundred year storm in the macro world every two years.

And so, you know, COVID or a war here or interest rate spikes, it could be anything.

You can't predict them.

They're going to happen.