Liquidity risk

So even within that, there was a whole bunch of differences.

But my point is, if you take that as an example, you then have, if you're in one single manager as opposed to having diversification across managers, then you're concentrating your liquidity risk to one entity as opposed to having diversification where you might actually have different places where you can get liquidity to return capital to investors.

That's just one example.

Another quick example, is if you look at some of the things that blew up on an idiosyncratic basis.