Okay.

Eight to 9%, using data from, uh, Apollo and, and some of the other private credit firms.

So you're locking your capital over a five-year period without the ability to, you know, to get out with a, with a beta of one in something that's, you know, at least as risky as high yield bonds, even though, you know, managers say you will have better confidence.

But let's say, you know, similar to high yield for a 7 to 8% net return, which is pretty much not very different from, you know, what investment grade or high yield in the public market give you now.

But the difference is you can get out at any point in time.

So if government bonds y- you know, go above five, then all these investors will not, you know, will, will realize that they've invested in something too risky and too illiquid, and that's not, uh, holding up to the promise of, you know, of high yields.

What happened over the last few years was that there was a lot of demand for credit because interest rates were low, and at the same time, there was one sector that needed a lot of capital.

And, uh, where do you see stress emerge first, uh, in the AI story? Is it disappointing monetization of frontier models, maybe hardware advances that make current infrastructure obsolete? Uh, or is it simply too much capacity being built in your view?

So, you know, it's either like, is technology causing the concentration, which is bad? And why hasn't technology improved productivity? How do you think about technology?

So for sure, there is a winner-take-all effect, which has come with globalization and technology.

But there's also a lot of pockets of hidden wealth that that have not been tapped by governments.

And, you know, the work of Gabriel Zucman and, you know, the hidden wealth of nations.

And equally, there has been a lack of antitrust efforts, especially in the US.

There is a very interesting book called The Myth of Capitalism, which talks about why capitalism today is a great idea, but we should actually try it.

Because there's clusters of low rates of encouraged consolidation and clustering of sectors and industries.

I would say there is a