00:00What do you have answered to Bruce Karsh and Daniel Poli?
00:03I would agree. I think on the public side, the opportunity side is actually quite attractive.
00:07If I take high-quality fixed income as an example, you're being paid 5% to 6%.
00:12That's a pretty good value proposition, certainly, if I compare it to the equity market.
00:17The other ingredient that I would add, and this is like a parallel debate that I think has emerged in
00:22recent weeks,
00:23it's really the value of having a continuous price discovery signal.
00:27Part of the reason why you're seeing a lot of pressure on redemptions on the private side
00:32is that when you don't have that continuous price discovery process, you just become anxious.
00:37It generates uncertainty and it puts pressure on redemptions.
00:41You really don't have that on the public side.
00:43And I think a lot of investors are now trying to think a little bit harder about how much illiquidity
00:49risk they take
00:50and how much they have compensated for it.
00:52But certainly on the public side, if I look at high-quality, yes, there's value.
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