Yeah.

They could've been burnt in the US market, they could've been burnt in equities, they could've been burnt anywhere.

They're now coming and saying, "Actually, we've just worked out taking the promise of a high yield and not getting that yield, and having the chance of having your capital not returned to you, is actually more risky than taking a much lower yield and having very little chance of your capital being lost." And if you adopt that approach over four or five or six years, when you look back, you'll see you've made a lot of money.

It's a good investment.

I think the mindset of investors is changing.

So come back, long answer to a good and short question, watch the manager, understand how your return is gonna stack up, and just look for the one that is best suited to your risk profile.

[laughs]

But at least you've got a lot more people looking to take you out than opposed to something else.

Yeah.

To talk about liquidity and private credit is a misnomer.

It is fundamentally, by design, illiquid.

If you can get some liquidity, well, well and good to you.

So if you're going to be investing your money, you need to understand that you're investing your money without liquidity, and that's why you get the premium.

It's the illiquidity premium that everyone is getting.

So that being said, I think that what is happening in today's market, where I say, three years ago, four years ago, five years ago, you were probably reasonably safe backing a good developer on a good project with a good property.

Let's say you're my manager, right? I'm saying, so how do you know what's the best places to invest in? What are you looking for?