Tyler Crowe

It's either a commentary on the market or just Diamond trying to talk up JP Morgan's book, which that's obviously his job a little bit.

It certainly gives me something to follow up in the coming quarters as to whether or not it was, again, just Jamie Dimon talking it up or if there's actually really something here.

Let me pass this back to you.

What were the questions that you were left with on this most recent earnings call, and what do you want to follow up on?

Admittedly, discussing First Brands and Tricolor's bankruptcy in the last segment isn't really exactly the best lead-in for this next discussion, but not every transition can be perfect.

The drumbeat around private assets becoming more available to the investing public is getting louder and louder.

more and more asset managers are exploring ways to package private assets, either as private equity or private credit, into tax advantage accounts like 401ks.

Now, I myself have a lot of conflicting thoughts about this.

On the one hand, making private assets available to individuals gives us a lot more investing choices, which most of the time, more choices is better.

Conversely, I can see asset managers that own these assets and trying to get them to individuals as a way of

just charging high fees for the privilege and access to private funds that they don't have anymore because low-cost index funds and ETFs eroded a lot of fees that former mutual funds and asset managers used to enjoy.

I'm going to put it both to you because there's a lot of stories out there of companies like

Blackstone, BlackRock, all of these companies are looking to find a new way to package private investments into 401 s or other types of retirement accounts.

How do you see private assets fitting into your investment strategy?

Yeah, there's been a lot of deregulation of access to things like this.

It started with the 2012 Jobs Act.

It's something I can think of.

I think ultimately, and I give my concluding thoughts, moves like this feel like an appeal to the inattentive investor.

the ones that sign up for whatever plans your company's 401 signs up for.

To that, the good marketing of private equity isn't subject to the whims of the market or something like that for long-term investments.