Let's talk a little bit about the uh consolidation if you will that could be happening within asset managers. There's been a ton of interest in this space especially with talk of the US opening this space in private investments to 401k investors. So will this lead to consolidation.>> Well, thanks for having me on. Yeah, I mean I think our report with Morgan Standi has sort of two main angles. The first is we think there could be a wave of consolidation rolling through as the asset management industry as the ...

One other big topic uh that's come up just this week and maybe even more broadly has been and we've discussed the idea of of making private investments more accessible to the public investor class. Robin Hood uh announced plans uh to create a fund effectively that would buy shares in private institutions that then public investors, retail investors would be able to access. And I'm curious what you think about that.It'll ultimately need your approval. >> Yeah. Well, I salute again the president issued an exe ...

Interest Rate Environment & Economic Outlook - The company believes higher interest rates are likely to persist for an extended period [3][6] - The company's portfolio companies are experiencing double-digit growth, indicating a sound and solid economy [5] - The company expresses confidence in the Fed's ability to navigate the rate environment [6] - The company views current market volatility and concerns about Fed independence as "noise," emphasizing the underlying strength of the economy [7][8][12] Private Markets & Retirement Plans - The company acknowledges a generational shift towards increased accessibility of private investments, including potential inclusion in 401(k) plans [2][13][14] - The company advocates for a cautious approach to expanding private investment access, emphasizing the importance of walking before running [14] - The company highlights the historical outperformance of private lending compared to liquid alternatives [16] - The company stresses the need for robust disclosure and regulation in private markets to mitigate risks such as fraud [17] - The company cautions against a potential flood of retail capital into private equity, which could create opportunities for existing firms to exit less desirable investments at the expense of retail investors [22][23] - The company suggests starting with lower volatility, safer private investment options like private credit and real assets, emphasizing a prudent and well-regulated approach [23][24]

Is this first of all I'm just going to ask one macro question to start. Lee is this a good thing for retail investors to be able to access private investments in their 401k plans potentially. Right.Um and so I hedge the answer only in that if we're talking about it being in target date funds or target risk funds then absolutely I think it's a good thing for investors. Uh but on a standalone basis that would give me reason for concern. Why on target date funds versus just regular type investments does it hav ...