What is it about healthcare investing that makes it distinct from other forms of institutional asset allocation?

Well, the assets reside within the healthcare system, which is an operational entity that every month has unique cash flows.

And on top of that, they have a regulatory body and a payer base that is very dynamic.

And so there's always some component of their cash inflows and outflows that are adjusting.

And the question is, is that short-term or is that long-term? And does that mean that the structure of their portfolio should be different? You know, when I started working with healthcare systems 25 years ago, they were fairly static in what they were doing and how they were delivering care and the cash flows that were being generated.

And it's evolved to be a much more dynamic world.

I mean, John is really on the cutting edge of being thoughtful about Where do you expand? How do you grow but not excessively? All healthcare systems today are very aware that they're in a competitive environment, but also an environment where the demand for their services continues to grow and the potential technology and ways to serve the patient base is evolving.

What does that innovation in finance, investing, portfolio construction look like, and how did that shape the portfolio and ultimately the broader organization? Bridget, I'll start with you.