00:00Can you comment on the recent AI tech sell-off?
00:04Let's see. I think this is, it was mentioned, there's an IPO, there is a listing that's going to happen
00:12on Friday.
00:13There's been a lot of, you know, talk about how are you going to fund these big mega IPOs.
00:20Some of the sell-off is to raise cash, right, to invest.
00:24Another sell-off is simply what's happening in the Middle East.
00:29So we do have some macro forces that are creating some events that has caused the Friday sell-off, the
00:38Monday sell-off.
00:39But then yesterday, the markets did rebound.
00:41And this, to me, is showing that clients are willing to put money to work.
00:47Every sell-off, we don't see a rush to de-risk.
00:51If anything, we do see selective position risk on again, and we're seeing that yesterday.
00:59So I think, you know, this is an opportunity for us to look at where there are pockets to generate
01:07that alpha return.
01:08And our investment teams are doing that.
01:11Our clients are expecting us to do that.
01:13Sure, the markets are volatile.
01:15But when markets are volatile, that is the opportunity for us to generate excess return.
01:21So I think it's fine for now.
01:24It doesn't mean that the markets won't correct 20% or 30%, right?
01:28But I think all markets globally has proven to be incredibly resilient.
01:33Thank you, Jens.
01:33Thank you, Jens.
01:33Thank you, Jens.
01:33Thank you, Jens.
01:34Thank you, Jens.
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