00:00Let's talk about data centers.
00:02Colleen, what's your current view of data center funding?
00:05There's a lot more questions being asked now than just a few months ago.
00:10Yeah, and we're doing the work to try to figure out where the best opportunities are.
00:15One of the benefits that we have, you know, having active research, active fixed income research,
00:20and not only that, but a breadth of teams to work with,
00:22is that we can step up and look at the relative value across these markets
00:25where issuers are bringing data center deals.
00:28So we don't just have to look, is it cheap to the issuer,
00:32but how does it look across the structured products versus investment grade?
00:36And so the key questions that we're trying to answer there is who's owning the residual risk?
00:41What does that residual risk look like?
00:43And making sure that the opportunities were select account for that risk.
00:49Latfi, what about you?
00:50Look, this is one of the best environments for active management that I have seen in my entire career,
00:55just to be clear.
00:55And so I would very much concur with what Colleen said,
00:58which is doing the credit work, looking at the structures,
01:01making sure you have, you know,
01:03a certain level of downside protection for bondholders or skis,
01:06but certainly not all deals are created equal.
01:09And again, I'll go back to what I said earlier,
01:11which is this is bringing a lot of pockets of excess carry into the market,
01:15and eventually it will lead to more dispersion,
01:18and hence more, you know, a greater sort of opportunity set for alpha generation
01:22at the single name level.
