WEBVTT

00:26:47.600 --> 00:26:52.533
So I'm a big fan of the idea of, you know,
don't tell people what you think.

00:26:52.533 --> 00:26:53.800
Tell them what's in your portfolio.

00:26:53.800 --> 00:26:56.933
So I'll answer that, by saying,

00:26:56.966 --> 00:27:00.033
you know, in a lot of our multi-sector
portfolios, which have fairly liberal

00:27:00.033 --> 00:27:03.566
guidelines, we're running about 30 or 40%
of our risk budgets.

00:27:04.033 --> 00:27:08.166
And so at the end of the day,
I think the market continues to be priced

00:27:08.166 --> 00:27:11.766
closer to perfection and,
and seems to be looking through

00:27:11.766 --> 00:27:15.000
a lot of the geopolitical risks,
that are out there.

00:27:15.000 --> 00:27:18.900
And so I guess I would say
kind of voting with our capital,

00:27:18.900 --> 00:27:22.700
I think we're we're skewed towards
being more conservative right now.

00:27:22.700 --> 00:27:25.366
And I think it's actually
a relatively comfortable place to be.

00:27:25.366 --> 00:27:28.833
Because I think spreads are tight and
I think it's important to have dry powder,

00:27:29.733 --> 00:27:32.433
so that when you do see a dislocation,
you're in a position

00:27:32.433 --> 00:27:33.866
to take advantage of it.

00:27:33.866 --> 00:27:36.866
And so I think the short answer would be,

00:27:37.133 --> 00:27:39.933
a lot of the geopolitical risk,
I think is not yet priced in.

00:27:39.933 --> 00:27:42.866
And then I think to your
to your previous question about,

00:27:42.866 --> 00:27:44.233
you know, the role of private capital,

00:27:44.233 --> 00:27:48.633
I think the main feature of private
capital used to be its durability.

00:27:48.633 --> 00:27:51.500
It's, its, long dated patient nature.

00:27:51.500 --> 00:27:53.033
And I think that's where it really offers,

00:27:53.033 --> 00:27:57.566
I think something, quite compelling,
whether it's in the US or outside the US.

00:27:57.566 --> 00:28:00.566
And, I think for, for us,

00:28:00.733 --> 00:28:03.800
you know, this is an exciting time,
I think, to have patient capital.

00:28:03.800 --> 00:28:07.466
There are, I think opportunities
we're seeing good opportunities in Europe.

00:28:07.466 --> 00:28:08.300
I think we'll see more.

00:28:08.300 --> 00:28:11.266
We're quite excited about securitization
reform in Europe.

00:28:11.266 --> 00:28:14.000
I think this is, a really interesting time

00:28:14.000 --> 00:28:17.000
for Europe, as that kind of awakens to,

00:28:17.033 --> 00:28:20.600
the challenges of its own,
security apparatus.

00:28:20.600 --> 00:28:24.266
And I think there's a, there's a growing
realization, although it's not uniform,

00:28:24.266 --> 00:28:28.166
that, securitization
is an important part of the,

00:28:28.533 --> 00:28:32.800
the financing of of Europe's
needs, around infrastructure and security

00:28:32.800 --> 00:28:37.200
and energy and, I think private capital
has a really important role to play there.

00:28:37.200 --> 00:28:39.166
And it's not, philanthropy.

00:28:39.166 --> 00:28:42.166
I think the risk premium that we're able
to get in Europe are really good.

00:28:42.300 --> 00:28:45.600
But I think, the patience
and durability of private capital,

00:28:45.600 --> 00:28:48.600
I think is, is a really important feature
of what it offers,

00:28:48.733 --> 00:28:51.466
to, to policymakers
and to and to borrowers.