here

and i i got much further along than i care to admit and uh and the question came back so now just to be clear what's an etf right totally reasonable question and it just floored me because of the like i throughout my career always made a really concerted effort to avoid avoid that kind of language, make things really clear and easy to understand and meet people where they assume that people have a low knowledge base until they show otherwise.

And somewhere along the way, I just sort of lost that.

I'd gone into autopilot of just, I figure you know what this is, so let's get on with it.

I've no idea when that happened, but it must have happened at some point where I've just started explaining it as an ETF and people have nodded and agreed with me and I've just gone on with that and I've never stopped to correct myself again.

And I feel as though, yeah, you do have to make a concerted effort not just with these sorts of products but any products to avoid the assumptive jargon, you know, the jargon where I assume you know what that means so I'm going to keep moving because it can be pretty overwhelming for people.

Now, thinking about this kind of stuff and specifically around private credit, the crayon way that I like to describe this is just why does it exist? As far as I'm concerned, the simplest way that it can be explained.

Where are you typically kind of seeing these private credit funds put in your portfolio, for example? Is there one particular section or is it different amongst clients? What does that look like?

Okay.

But you had to pay for secondary school in those days.

Yeah.

And the idea of going to university just didn't enter into it, you know.

So I did go back.

I became a fellow of my professional institute and I didn't do a primary degree, but because I was a fellow, I was allowed to do a master's degree.

What were you a fellow in, by the way? Fellow in information studies.

wasn't anything holding you back.