Uh, c- can we describe the model, so, um, how you come up with the, uh, three asset economy and, uh, how the, um, maximization of the investor's utility became, uh, became a central point?

Uh, so basically, as you correctly pointed out, uh, the...

Marcos and I, mm, tried to come up with the most parsimonious description of the situation And of course, as such, you, you have to have, um, uh, uh, a bond, right? A kind of risk-free investment for whatever it is worth these days, right? So the, um, uh, public, um, investment, um, which you can think of as an index, and then finally private, uh, investment, um, uh, which is by definition illiquid and, um, cannot be traded continuously even though on occasion you can actually go into secondary market to trade, uh, private, uh, equity investments.

So with this trio, uh, you can formulate a dynamic model which describes the evolution, which, um, is driven by a source of randomness, uh, which are correlated naturally because obviously private investments and public investments are indeed, uh, correlated, and, um, their own volatilities of course, and, uh, things of that nature.

And because, as I already mentioned, the private equity cannot be hedged, uh, continuously, hence the traditional Black-Scholes paradigm cannot, uh, be applied.

Uh, you need to use, uh, something else.

And in this particular instance, Marcos and I used a method of utility maximization, uh, which in a sense, uh, brings us back, uh, to many years ago to the beginning of this, uh, millennium when, um, there was all the rage in the pricing, uh, illiquid options, uh, in the presence of, uh, transaction costs and things like that.

What would you say are the key pieces of information that they would need, and how realistic is it for them to obtain, to obtain them?