So why do you think the industry has accepted this much friction for so long? Is it because private markets grew faster than maybe anyone anticipated or have investors simply become more accustomed to working around maybe broken infrastructure?

Yeah, there's just an insane amount of information asymmetry and lack of focus on client experience.

It's like, OK, think of other high priced consumer experiences.

If you're like shopping at a Bergdorf's or you're going on Delta Airlines website, the experience is optimized for you to purchase.

But for decades, no one has really actually thought about the client experience because oftentimes it's an allocator making a decision.

But then someone in the back office has to actually fulfill the purchase and do the work.

That dynamic changing a little bit with the move for private equity firms selling into the wealth channel.

So in your opinion, what would your utopia look like? What does a genuinely modern private investment experience need to look like beneath the surface?

What needs to change for that to become a real institutional instrument in the market?

It's a really interesting one.

Um, when we were talking to the Bitwise folks about this, um, a couple of months ago, and they made me aware that if you own, uh, like, Bitcoin, very hard for you if you own Bitcoin, you custody it yourself or you custody with one of the large custodians to get a loan against that Bitcoin.

But you can trade that Bitcoin for a Bitcoin ETF, and then the banks will give you a loan against, uh, that Bitcoin, and it's actually, like, more efficient and allows you to create liquidity, uh, off of those holdings.

I think you'll see similar things happen in private markets where it's really hard to lend against something that you can't custody or you can't really understand.

Um, but several large banks and a lot of different funds are now trying to figure out, how do we provide liquidity, uh, via a credit type of product to private markets? And so it's something people are looking to solve.

Historically, I've seen that the LTVs and the interest rates on loans against private market assets are, are not competitive with loans against public market assets.

like.Having this treasure chest of data at your disposal, what's surprised you the most?