00:00I agree. And in addition having patient capital. At Oak Tree over 90 percent of our assets are with institutional
00:07investors. That allows us to have a longer term focus and not be forced to deploy capital constantly in the
00:14market. And it allows us to have that dry powder to step in to do rescue financings and other things
00:20where you can get really attractive returns with less risk.
00:25OK. Very quickly Gretchen before I let both of you go. This is the Bloomberg Deals show. So I'm curious
00:30about opportunities to consolidate within the private credit and alternative asset industry. Are there too many of you. Do you
00:36see opportunities to grow by acquisition.
00:39I don't think the world needs another private credit manager. I think the world needs another good private credit manager.
00:46And what we say is volatility is an opportunity to distinguish ourselves as a manager.
00:52And so this environment I think will create winners and losers. And I would not be surprised if you know
00:59when we come out of out of this period of volatility if there are fewer managers standing.
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