Tony James

So, yeah, so we could see what was happening in e-commerce, but we could also see what was happening in warehouses, and we could see... And so...

that ability to develop, to see themes, because the early signals, if you're going to catch the signals early, they're never obvious.

Right.

because by the time they're obvious, it's priced in, right?

So you've got to catch them early, especially if you're Blackstone and you want to move a lot of money into it, right?

So how do you see things early?

You get reinforcement from independent.

No one signal is dominant.

This is so clear, of course, but you get reinforcement.

from multiple different businesses and insights and so on and so forth.

Totally.

And that was one of our competitive advantages that we tried to maximize.

Totally.

Yes, definitely.

I mean, the insurance industry

like both were big untapped asset classes.

So the institutions have generally 25% of their assets in alternatives, let's say.

The more sophisticated ones like endowments are 50.

Retail was at 2%.

So it kind of screamed, and insurance was very low too.