Tim Barrett

So you've got to constantly keep looking at this and seeing if there's a signal in the noise that says this manager is taking more and more risk.

And you've got to kind of follow that on a monthly basis and really look at that to see if there's changes going on.

And that's where the dialogue with the managers comes in as well.

Be willing to go get your experience at smaller shops where you're going to get more authority and faster trained up because it's not a massive organization.

that's how i spent my career doing i went to san bernardino people didn't want to go to san bernardino they wanted to go to la or orange county or san diego right so san bernardino gave me great opportunity within three years i was cio within like five years i was ceo and cio right all sudden i was running it as a young very young person probably shouldn't have been but i got that opportunity why because i went to a place where a lot of people didn't want to go

So I think you can get a lot of opportunity in the world by thinking that way and opening up your mindset to other opportunities that are a little smaller.

My investment standpoint has been fairly stable over a long period of time in my view, and I probably wouldn't change it much.

We take a lot more credit

than most people, both in private and public credit exposure.

I would say I do that more than my peers, and I still believe in it.

I believe that that yield cushions the overall portfolio and is really important.

What you'll see with our portfolio over a long period of time is we're in second and third quartile in the Google all the time.

We're rarely in first quartile.

We're rarely in last quartile.

We're trying to get the middle of that distribution of returns and be consistent.

And it shows up in our data.

What we're doing works over a long period of time.

That's over the last 17 years it's worked.

And we think it will continue to work.

Yeah, really enjoyed it, David.