Are you at

all worried? Okay, so let's step back.

I mean, credit, where I started as a young analyst, credit goes with default in Europe, You have the banks, still highly regulated, unlike the US.

So for them, the constraints on doing business are much higher.

And the capital market, as we said, that are probably not as efficient as they are in the US.

And so you were left with these people who did not qualify for one or the other.

That's why there is this massive opportunity for private credit in Europe.

So let's say 20 years from now, 20, 25, 30 years from now, what do you want or what would you like TKO to become? What would it look like in an ideal world?

How do you see this issue? Do you think that, in general, the narrative has been overblown, or do you think that there's actually been not enough attention paid to this issue?

Yeah.

Well, I mean, if, if the underlying question is, uh, will AI effectively challenge some businesses, I guess we'll agree to say that the answer is yes, right? And, uh, I hope and I think that people did not wake up two months ago to the fact that AI, you know, was there and challenging some businesses.

You know, I've been...

Uh, because I've, I've been asked many times, you know, this question over the past, you know, few, few months, and I could only give this, uh, example that some people, you know, are too young to remember that.

But 20 years ago, 25 years ago, Sonali, what was the one asset class that all the big buyout firms, you know, were eager to pay a lot of money for because banks, at the time it was only bank and capital market, were ready to finance so much because it was such a resilient credit with such a high margin of cashflow conversion because that was one business where the customers would never stop paying until they die.

They call that the Yellow Pages.

if you s- if you believe that AI is also gonna change the investment industry also, you know, what are some of the things that you keep in the back of your mind as somebody who runs a business?