you view, I mean, you talked about our book earlier, but in your view, what do private alternatives actually provide for a portfolio, a holistic portfolio? What is the reason someone should hold alternatives or reasons, I should say?

Well, let me just describe the trade-off a little bit.

And that's in the public markets, the biggest advantages is, I would say, liquidity.

And you get access to really big companies.

but not a huge amount of them.

So the S&P 500, it's 500 companies.

But really, 40% of it is the top 10 companies.

Not that this is going to be an interview on how to do due diligence, but what's important there? What's different to make sure that they're aware of when going that route?