We hate the, we hate the term semi-liquid because I think in many respects we're actually fueling a problem because advisors think of them as being liquid like a mutual fund because that's what they're called.

5% liquidity per quarter is sort of a meaningless number to the average person in that fund because it's all dependent on how many other people want how much more money out at that same time as you.

So 5% a quarter could be more than enough to refund your entire investment.

It could also be enough to get you not very much because the other investors in that fund want out at the same time.

And of course, it's in a dislocated market when you're gonna want out.

So if you are thinking in terms of, "I'm gonna hold these investments and then when it's time for me to sell, I can slowly draw it down," great.

If you're thinking in terms of, "Well, if something goes badly, I can remove my dollars," not so great.

I'm curious if your views of the private markets have changed based on what has happened, and maybe for this audience, it would be worth sharing a little bit about where you see the most attractive opportunity, not for the next six months, but maybe for the next couple years.

So Dana, going forward, what's gonna get people to reverse that skepticism, to actually come in and buy again even though valuations, yes, they've come off, still are pretty elevated?

elevated?Well, certainly you've got the Fed rate cut.

I mean, I think everybody, you know, what you're seeing even in the markets now, a little bit of, you know, tepid kind of, uh, uh, recovery a little is, is based on that, right? It's based on the bad news is good news kind of storyline where we're still gonna see some softness in employment.

That softness in employment will be enough that the Fed will actually cut rates in December as expected.

I, my, my view ha- is and has been that they will cut, uh, regardless of kind of some of the rhetoric and ups and downs that we've seen in the futures market.

I think a cut is coming.

I think there's enough concern about the soft patch in the economy that they, they will do that.

Does it unnerve you that we're going into the end of the year with really a fog, uh, out of the data story?