00:00The other thing that I think people are overlooking is the way a lot of these funds are
00:04built. They say semi-liquid, which I think, you know, is a little bit too enticing to those
00:10who want liquidity. The way they're built for the most part is that you put your money in there
00:15and leave it in there, like maybe a CD or your 401k. And it doesn't seem like investors have
00:21been educated well enough on that point. Why don't we see more managers laying down the law,
00:28like Morgan Stanley saying, you know what, 5% is the cap. We told you that when you signed the
00:32contract and it's still the case today. I think managers are in a tricky spot right now. I think
00:37they are worried about sort of that run on effect that they think might happen. And so you've seen
00:43a mix. You've seen a couple of people let the caps go over that 5% and you've seen others
00:48completely
00:48hold the line. I think you're going to start seeing more and more hold the line. This is frankly in
00:53the
00:53investor's best interest. I think you said it. These are semi-liquid. These are not vehicles
00:58that are meant to be coming in and out of on a daily basis or a monthly basis. They are
01:03there
01:03as a long-term capital appreciation tool and trying to get the managers to sort of force liquidate
01:09assets. That's not going to be in anyone's favor. And so again, right now, I think you've got a lot
01:14of panic. You don't have enough good education on what's going on out there. And so people need to
01:19start looking at the fundamentals and looking at the data before making a decision, not simply
01:25looking at a potentially hysterical headline.
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