00:00I'm always very cautious. I'm in the risk management business, but especially cautious
00:04at this time, you can point to several reasons, but if for no other reason, just because we
00:10haven't had a problem for such a long time, undoubtedly, we've put money in places where
00:17write-offs are going to need to happen. And when you're dealing with opaque, illiquid assets like
00:23credit, that's a place that one would clearly have to look. The consequences of being wrong
00:30or having a problem in the account of retirees, i.e. real people, citizens, taxpayers, voters,
00:41is much more highly consequential. The political sector, the government sector, really cares,
00:48but not that much if institutional investors lose money. They're smart. They can afford it.
00:54Even very, very, very high net worth individuals, they must be smart because they have money. And
00:59even if they're not smart, they can afford it. But when you lose money for individuals, for
01:08consumers, i.e. taxpayers and citizens, people in government get very, very upset. Regulators get
01:15very, very upset. So my point in that, at any point in any moment, you should approach when you're
01:24dealing with that segment with a lot more trepidation.
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