Sam Watkins

And we're being very careful about how we approach this in either a selection to enter the public or the private market for these different investments.

So quality, relative value, public versus private, and the consideration being liquidity when it comes to public versus private.

So it's a very selective approach that we're taking.

And we're able to be selective because there is just so much to choose from.

And what I would say is, firstly, we are definitely based in LA.

That's the only part of that that's true.

In Orange County, the OC.

But look, the number of managing directors is more like 85.

The investment committee is nowhere near that full group.

But what we do have is a very judicious investment committee process.

That is certainly the case.

So everything needs to be taken through that group.

The investment committee is comprised of the most senior people of each of the different areas of fixed income.

So it could be the head of commodities, the head of core fixed income, the head of high yield and various other sorts of categories, all represented on that committee.

And it's something like a Shark Tank process.

Where those investments get brought through.

And the idea is that conviction needs to drive the presentation.

And what you'll receive, of course, is a lot of questions and challenges.

But ultimately, what we think that leads to is the best outcome for investment decisions and PIMCO's clients.

I think what I would do is return to the base level of income is doing the work and the defensive characteristics is bond.