00:00We showed a video of you earlier, Mark, on a run with Blackstone President John Gray.
00:04He teased that you'd be asking some tough questions at a Moody's conference on private credit,
00:09a discussion panel that you guys are both on.
00:12So what was the toughest question you posed to him?
00:14The toughest question I posed to him, John is a brilliant guy.
00:17He's very positive and a very good storyteller.
00:20And he talked about the benefits of private credit, and there are many benefits to private credit.
00:26And I had to kind of pull him back a little bit and say, listen, the profitability is coming down
00:31and we're probably going to see some massive quality deterioration.
00:34And I asked him about that, and he did acknowledge that this is part of the markets.
00:38Markets, you know, wax and wane.
00:41But over time, he believes that these are still very good investments
00:45and that, you know, the returns overall will be quite good.
00:49But we did have to pressure him a little bit on a few things.
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