Individual, sure.

And so, yeah, it's not, you're not going to slow down the growth of one lieu of the other.

They'll have probably different cycles to some degree, but right now they're all on the, on the upward trajectory with room to, to go.

But in private wealth specifically, it's, it's quite early, and there's almost no firm that we're talking to where the vast majority of advisors are regularly allocating to private investments-

Right.

Number two, make sure you're marking real time, again, so that in the event you need to sell, you're appropriately marked, and you can clear.

Uh, during COVID, I think we marked that fund down by 8% in a single month.

And, you know, it's what we thought at the moment.

What were the very first steps to create that business? How did you get buy-in from the institutions?

Yeah.

It's interesting.

First, you have to get buy-in from your own firm.

And I spent a fair amount of time with our board giving them comfort that we would not dilute the brand.

There was a concern because we were the reference institution on the institutional business, and now we were going retail, private wealth.

How do you not dilute the brand? And you don't dilute the brand by bringing the same level of excellence to both product and service that you do on the institutional side.

Aside from talent, which we have touched on, How do you think about structuring the firm and its initiatives so that they ultimately can scale?