Latest / Views from 6,230 / Are Investors Compensated Enough for the Illiquidity of Interval Funds?

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Are Investors Compensated Enough for the Illiquidity of Interval Funds? · Views from 6,230

• 0:12
  Go
• 0:18
  video1889773136: Hello,
• 0:18
  video1889773136: everyone,
• 0:19
  video1889773136: and
• 0:19
  video1889773136: welcome
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• 1:45
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• 1:45
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• 3:17
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• 3:18
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• 3:19
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• 4:48
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• 4:49
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• 4:49
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• 4:50
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• 4:50
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• 4:50
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• 4:51
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• 4:57
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• 4:57
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• 4:58
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• 4:58
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• 5:00
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• 5:54
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• 5:57
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• 9:10
  video1889773136: records,
• 9:11
  video1889773136: great
• 9:11
  video1889773136: pedigree,
• 9:11
  video1889773136: great
• 9:12
  video1889773136: experience,
• 9:13
  video1889773136: you
• 9:13
  video1889773136: know,
• 9:13
  video1889773136: have
• 9:13
  video1889773136: seen
• 9:13
  video1889773136: capital
• 9:14
  video1889773136: flow
• 9:14
  video1889773136: shut
• 9:14
  video1889773136: off,
• 9:15
  video1889773136: and
• 9:15
  video1889773136: so
• 9:15
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• 9:16
  video1889773136: naturally
• 9:16
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• 9:16
  video1889773136: for
• 9:16
  video1889773136: other
• 9:17
  video1889773136: sources
• 9:17
  video1889773136: of
• 9:17
  video1889773136: capital.
• 9:18
  video1889773136: From
• 9:18
  video1889773136: the,
• 9:19
  video1889773136: um...
• 9:19
  video1889773136: So
• 9:19
  video1889773136: that's
• 9:20
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• 9:20
  video1889773136: supply
• 9:20
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• 9:21
  video1889773136: From
• 9:21
  video1889773136: the
• 9:21
  video1889773136: demand
• 9:22
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• 9:23
  video1889773136: you
• 9:23
  video1889773136: know,
• 9:23
  video1889773136: a
• 9:23
  video1889773136: few
• 9:23
  video1889773136: drivers.
• 9:24
  video1889773136: First
• 9:24
  video1889773136: of
• 9:24
  video1889773136: all,
• 9:24
  video1889773136: people
• 9:25
  video1889773136: are
• 9:25
  video1889773136: living
• 9:25
  video1889773136: longer,
• 9:26
  video1889773136: and
• 9:26
  video1889773136: the
• 9:27
  video1889773136: average
• 9:27
  video1889773136: person
• 9:27
  video1889773136: today,
• 9:28
  video1889773136: good
• 9:28
  video1889773136: news,
• 9:28
  video1889773136: is
• 9:28
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• 9:29
  video1889773136: live,
• 9:29
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• 9:30
  video1889773136: know,
• 9:30
  video1889773136: three
• 9:30
  video1889773136: to
• 9:30
  video1889773136: four
• 9:31
  video1889773136: years
• 9:31
  video1889773136: longer
• 9:31
  video1889773136: than
• 9:32
  video1889773136: a
• 9:33
  video1889773136: person
• 9:33
  video1889773136: at
• 9:34
  video1889773136: a
• 9:34
  video1889773136: comparable
• 9:34
  video1889773136: age
• 9:35
  video1889773136: 30
• 9:35
  video1889773136: years
• 9:35
  video1889773136: ago.
• 9:36
  video1889773136: That
• 9:36
  video1889773136: number's
• 9:36
  video1889773136: only
• 9:37
  video1889773136: going
• 9:37
  video1889773136: to,
• 9:38
  video1889773136: uh,
• 9:38
  video1889773136: expand.
• 9:38
  video1889773136: So
• 9:38
  video1889773136: great
• 9:39
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• 9:39
  video1889773136: we're
• 9:39
  video1889773136: all
• 9:39
  video1889773136: gonna
• 9:39
  video1889773136: live
• 9:40
  video1889773136: longer.
• 9:40
  video1889773136: Bad
• 9:41
  video1889773136: n-
• 9:41
  video1889773136: and
• 9:41
  video1889773136: that's
• 9:41
  video1889773136: fantastic
• 9:42
  video1889773136: news
• 9:42
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• 9:42
  video1889773136: you're
• 9:43
  video1889773136: a
• 9:43
  video1889773136: qualified
• 9:43
  video1889773136: purchaser,
• 9:44
  video1889773136: five
• 9:44
  video1889773136: million
• 9:44
  video1889773136: or
• 9:44
  video1889773136: more.
• 9:45
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• 9:45
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• 9:45
  video1889773136: you're
• 9:45
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• 9:46
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• 9:46
  video1889773136: a
• 9:46
  video1889773136: million
• 9:47
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• 9:47
  video1889773136: two
• 9:47
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• 9:47
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• 9:48
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• 9:48
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• 9:48
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• 9:49
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• 9:49
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• 9:49
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• 9:49
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• 9:50
  video1889773136: 82,
• 9:50
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• 9:50
  video1889773136: gonna
• 9:50
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• 9:51
  video1889773136: hitting
• 9:51
  video1889773136: close
• 9:52
  video1889773136: to
• 9:52
  video1889773136: 90,
• 9:53
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• 9:53
  video1889773136: have
• 9:53
  video1889773136: to
• 9:53
  video1889773136: think
• 9:53
  video1889773136: long
• 9:53
  video1889773136: and
• 9:53
  video1889773136: hard
• 9:54
  video1889773136: about
• 9:54
  video1889773136: whether
• 9:54
  video1889773136: you're
• 9:54
  video1889773136: gonna
• 9:55
  video1889773136: outlive
• 9:55
  video1889773136: your
• 9:55
  video1889773136: capital.
• 9:56
  video1889773136: And
• 9:56
  video1889773136: so
• 9:56
  video1889773136: there's
• 9:56
  video1889773136: a
• 9:57
  video1889773136: natural
• 9:57
  video1889773136: willingness
• 9:58
  video1889773136: now
• 9:58
  video1889773136: to
• 9:59
  video1889773136: think
• 9:59
  video1889773136: about
• 9:59
  video1889773136: that
• 10:00
  video1889773136: natural
• 10:00
  video1889773136: trade-off
• 10:01
  video1889773136: with
• 10:02
  video1889773136: private
• 10:02
  video1889773136: investments,
• 10:03
  video1889773136: uh,
• 10:03
  video1889773136: to
• 10:03
  video1889773136: deliver
• 10:04
  video1889773136: better
• 10:04
  video1889773136: returns.
• 10:05
  video1889773136: The
• 10:05
  video1889773136: trade-off
• 10:06
  video1889773136: is
• 10:06
  video1889773136: illiquidity.
• 10:06
  video1889773136: We
• 10:07
  video1889773136: understand
• 10:07
  video1889773136: that.
• 10:07
  video1889773136: But
• 10:07
  video1889773136: if
• 10:07
  video1889773136: you're
• 10:08
  video1889773136: thinking
• 10:08
  video1889773136: long
• 10:08
  video1889773136: term,
• 10:09
  video1889773136: you
• 10:09
  video1889773136: know,
• 10:09
  video1889773136: illiquidity
• 10:10
  video1889773136: isn't
• 10:10
  video1889773136: the
• 10:10
  video1889773136: issue.
• 10:11
  video1889773136: It's,
• 10:11
  video1889773136: it's
• 10:11
  video1889773136: the
• 10:11
  video1889773136: desire
• 10:12
  video1889773136: to
• 10:12
  video1889773136: get
• 10:12
  video1889773136: better
• 10:12
  video1889773136: returns.
• 10:13
  video1889773136: And
• 10:13
  video1889773136: so
• 10:13
  video1889773136: I
• 10:14
  video1889773136: think
• 10:14
  video1889773136: there's
• 10:14
  video1889773136: a,
• 10:15
  video1889773136: an
• 10:15
  video1889773136: understanding
• 10:15
  video1889773136: on
• 10:16
  video1889773136: the
• 10:16
  video1889773136: part
• 10:16
  video1889773136: of
• 10:16
  video1889773136: financial
• 10:16
  video1889773136: advisors
• 10:17
  video1889773136: that
• 10:17
  video1889773136: their,
• 10:17
  video1889773136: their
• 10:18
  video1889773136: clients
• 10:18
  video1889773136: need
• 10:18
  video1889773136: these
• 10:18
  video1889773136: products
• 10:20
  video1889773136: Yeah,
• 10:21
  video1889773136: I
• 10:21
  video1889773136: think
• 10:21
  video1889773136: that's,
• 10:22
  video1889773136: that's
• 10:22
  video1889773136: perfect,
• 10:23
  video1889773136: uh,
• 10:23
  video1889773136: Joe.
• 10:24
  video1889773136: I
• 10:24
  video1889773136: think
• 10:24
  video1889773136: that's
• 10:24
  video1889773136: a
• 10:24
  video1889773136: great
• 10:25
  video1889773136: way
• 10:25
  video1889773136: of
• 10:25
  video1889773136: putting
• 10:25
  video1889773136: it
• 10:25
  video1889773136: because,
• 10:27
  video1889773136: and
• 10:27
  video1889773136: we're
• 10:27
  video1889773136: gonna
• 10:27
  video1889773136: talk
• 10:27
  video1889773136: about
• 10:28
  video1889773136: it
• 10:28
  video1889773136: more
• 10:28
  video1889773136: about
• 10:28
  video1889773136: illiquidity.
• 10:30
  video1889773136: But
• 10:30
  video1889773136: it
• 10:30
  video1889773136: feels
• 10:30
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• 10:31
  video1889773136: one
• 10:31
  video1889773136: thing
• 10:31
  video1889773136: over
• 10:31
  video1889773136: the
• 10:32
  video1889773136: past
• 10:32
  video1889773136: six
• 10:32
  video1889773136: months
• 10:32
  video1889773136: that
• 10:33
  video1889773136: it's
• 10:33
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• 10:33
  video1889773136: us
• 10:33
  video1889773136: about
• 10:34
  video1889773136: this
• 10:35
  video1889773136: so-called
• 10:35
  video1889773136: issue
• 10:36
  video1889773136: with
• 10:36
  video1889773136: private
• 10:36
  video1889773136: credit
• 10:37
  video1889773136: and
• 10:37
  video1889773136: all
• 10:37
  video1889773136: the
• 10:38
  video1889773136: headlines
• 10:38
  video1889773136: on
• 10:38
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• 10:39
  video1889773136: credit
• 10:39
  video1889773136: isn't
• 10:39
  video1889773136: so
• 10:40
  video1889773136: much
• 10:41
  video1889773136: the
• 10:41
  video1889773136: investment
• 10:41
  video1889773136: itself,
• 10:42
  video1889773136: it's
• 10:42
  video1889773136: the
• 10:43
  video1889773136: fact
• 10:43
  video1889773136: that
• 10:43
  video1889773136: the
• 10:44
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• 10:44
  video1889773136: investors
• 10:45
  video1889773136: are
• 10:45
  video1889773136: demanding
• 10:46
  video1889773136: liquidity.
• 10:46
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• 10:47
  video1889773136: And
• 10:47
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• 10:47
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• 10:47
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• 10:48
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• 10:48
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• 10:49
  video1889773136: like,
• 10:49
  video1889773136: a
• 10:49
  video1889773136: miscommunication
• 10:50
  video1889773136: between
• 10:51
  video1889773136: the
• 10:51
  video1889773136: asset
• 10:51
  video1889773136: managers
• 10:52
  video1889773136: and
• 10:52
  video1889773136: the
• 10:52
  video1889773136: end
• 10:52
  video1889773136: investor,
• 10:53
  video1889773136: but
• 10:53
  video1889773136: is
• 10:53
  video1889773136: there,
• 10:54
  video1889773136: is
• 10:54
  video1889773136: there
• 10:54
  video1889773136: something
• 10:54
  video1889773136: else
• 10:55
  video1889773136: people
• 10:55
  video1889773136: are
• 10:55
  video1889773136: not
• 10:55
  video1889773136: considering
• 10:57
  video1889773136: with
• 10:57
  video1889773136: the
• 10:57
  video1889773136: merging
• 10:57
  video1889773136: of
• 10:58
  video1889773136: retail
• 10:58
  video1889773136: investors
• 10:59
  video1889773136: in
• 10:59
  video1889773136: private
• 11:00
  video1889773136: markets?,
• 11:01
  video1889773136: Obviously
• 11:02
  video1889773136: illiquidity
• 11:02
  video1889773136: is
• 11:02
  video1889773136: one,
• 11:03
  video1889773136: but
• 11:03
  video1889773136: is
• 11:03
  video1889773136: there
• 11:03
  video1889773136: something
• 11:03
  video1889773136: else?
• 11:05
  video1889773136: Well,
• 11:05
  video1889773136: I
• 11:05
  video1889773136: think
• 11:06
  video1889773136: illiquidity
• 11:06
  video1889773136: is,
• 11:06
  video1889773136: is
• 11:07
  video1889773136: probably
• 11:07
  video1889773136: the
• 11:08
  video1889773136: number
• 11:08
  video1889773136: one
• 11:08
  video1889773136: issue,
• 11:09
  video1889773136: and
• 11:09
  video1889773136: it's
• 11:09
  video1889773136: incumbent
• 11:09
  video1889773136: upon
• 11:10
  video1889773136: financial
• 11:10
  video1889773136: advisors
• 11:11
  video1889773136: to
• 11:11
  video1889773136: educate
• 11:11
  video1889773136: their
• 11:12
  video1889773136: clients.
• 11:12
  video1889773136: And,
• 11:13
  video1889773136: you
• 11:13
  video1889773136: know,
• 11:13
  video1889773136: I
• 11:13
  video1889773136: remember
• 11:13
  video1889773136: when
• 11:13
  video1889773136: I
• 11:14
  video1889773136: was
• 11:14
  video1889773136: managing
• 11:14
  video1889773136: people's
• 11:14
  video1889773136: money,
• 11:15
  video1889773136: uh,
• 11:16
  video1889773136: you
• 11:16
  video1889773136: know,
• 11:16
  video1889773136: for
• 11:16
  video1889773136: any
• 11:17
  video1889773136: given
• 11:17
  video1889773136: investor,
• 11:17
  video1889773136: there
• 11:18
  video1889773136: was
• 11:18
  video1889773136: the
• 11:18
  video1889773136: money
• 11:18
  video1889773136: they
• 11:18
  video1889773136: needed,
• 11:19
  video1889773136: you
• 11:19
  video1889773136: know,
• 11:20
  video1889773136: immediately
• 11:20
  video1889773136: or
• 11:20
  video1889773136: in
• 11:20
  video1889773136: the
• 11:21
  video1889773136: next
• 11:21
  video1889773136: six
• 11:21
  video1889773136: months
• 11:21
  video1889773136: in
• 11:22
  video1889773136: case
• 11:22
  video1889773136: they
• 11:22
  video1889773136: lost
• 11:22
  video1889773136: their
• 11:22
  video1889773136: job
• 11:23
  video1889773136: or
• 11:23
  video1889773136: something.
• 11:24
  video1889773136: Then
• 11:24
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• 11:24
  video1889773136: you
• 11:24
  video1889773136: know,
• 11:24
  video1889773136: medium-term
• 11:25
  video1889773136: money.
• 11:26
  video1889773136: You
• 11:26
  video1889773136: know,
• 11:26
  video1889773136: call
• 11:26
  video1889773136: it
• 11:26
  video1889773136: money
• 11:27
  video1889773136: for,
• 11:27
  video1889773136: you
• 11:27
  video1889773136: know,
• 11:28
  video1889773136: three
• 11:28
  video1889773136: to
• 11:29
  video1889773136: five,
• 11:30
  video1889773136: seven
• 11:30
  video1889773136: years
• 11:30
  video1889773136: out.
• 11:30
  video1889773136: And
• 11:31
  video1889773136: then
• 11:31
  video1889773136: there's
• 11:31
  video1889773136: really
• 11:31
  video1889773136: the
• 11:31
  video1889773136: long-term
• 11:32
  video1889773136: money
• 11:32
  video1889773136: for
• 11:32
  video1889773136: kids'
• 11:32
  video1889773136: education,
• 11:33
  video1889773136: for
• 11:33
  video1889773136: retirement.
• 11:34
  video1889773136: That's
• 11:35
  video1889773136: the
• 11:35
  video1889773136: pool
• 11:35
  video1889773136: of
• 11:35
  video1889773136: money
• 11:36
  video1889773136: that
• 11:36
  video1889773136: should
• 11:36
  video1889773136: be
• 11:37
  video1889773136: deployed
• 11:37
  video1889773136: into
• 11:37
  video1889773136: private
• 11:38
  video1889773136: investments.
• 11:39
  video1889773136: And
• 11:39
  video1889773136: there's
• 11:39
  video1889773136: another,
• 11:39
  video1889773136: you
• 11:40
  video1889773136: know,
• 11:40
  video1889773136: very
• 11:40
  video1889773136: simple
• 11:40
  video1889773136: strategy
• 11:41
  video1889773136: that,
• 11:41
  video1889773136: uh,
• 11:42
  video1889773136: one
• 11:42
  video1889773136: can
• 11:42
  video1889773136: do
• 11:43
  video1889773136: with
• 11:43
  video1889773136: these
• 11:43
  video1889773136: registered
• 11:43
  video1889773136: vehicles
• 11:44
  video1889773136: that
• 11:44
  video1889773136: you
• 11:44
  video1889773136: can't
• 11:45
  video1889773136: do
• 11:45
  video1889773136: with
• 11:45
  video1889773136: the
• 11:45
  video1889773136: classic
• 11:46
  video1889773136: drawdown
• 11:46
  video1889773136: vehicles,
• 11:47
  video1889773136: and
• 11:47
  video1889773136: that
• 11:47
  video1889773136: is
• 11:48
  video1889773136: dollar-cost
• 11:48
  video1889773136: average
• 11:49
  video1889773136: your
• 11:49
  video1889773136: investments.
• 11:50
  video1889773136: And
• 11:50
  video1889773136: I
• 11:50
  video1889773136: think
• 11:50
  video1889773136: that's,
• 11:50
  video1889773136: uh,
• 11:51
  video1889773136: another
• 11:51
  video1889773136: thing
• 11:51
  video1889773136: that
• 11:52
  video1889773136: more
• 11:52
  video1889773136: advisors
• 11:53
  video1889773136: should
• 11:53
  video1889773136: be
• 11:53
  video1889773136: talking
• 11:53
  video1889773136: about.
• 11:54
  video1889773136: When
• 11:54
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• 11:54
  video1889773136: is
• 11:54
  video1889773136: a
• 11:55
  video1889773136: pullback
• 11:55
  video1889773136: in
• 11:55
  video1889773136: the
• 11:55
  video1889773136: market,
• 11:55
  video1889773136: that's
• 11:56
  video1889773136: typically
• 11:56
  video1889773136: a
• 11:56
  video1889773136: great
• 11:56
  video1889773136: time
• 11:57
  video1889773136: to
• 11:57
  video1889773136: deploy
• 11:58
  video1889773136: more
• 11:58
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• 11:59
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• 11:59
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• 11:59
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• 11:59
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• 11:59
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• 12:00
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• 12:00
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• 12:01
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• 12:01
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• 12:02
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• 12:02
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• 12:02
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• 12:03
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• 12:04
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• 12:05
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• 12:06
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• 12:06
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• 12:06
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• 12:07
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• 12:07
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• 12:07
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• 12:07
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• 12:08
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• 12:08
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• 12:08
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• 12:08
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• 12:09
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• 12:09
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• 12:09
  video1889773136: the
• 12:10
  video1889773136: dozens
• 12:10
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• 12:11
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• 12:11
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• 12:12
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• 12:12
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• 12:13
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• 12:14
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• 12:14
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• 12:14
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• 12:14
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• 12:15
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• 12:15
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• 12:15
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• 12:16
  video1889773136: for
• 12:16
  video1889773136: the
• 12:16
  video1889773136: latest
• 12:17
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• 12:17
  video1889773136: and
• 12:17
  video1889773136: this
• 12:18
  video1889773136: will
• 12:18
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• 12:18
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• 12:18
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• 12:19
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• 12:19
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• 12:20
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• 12:20
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• 12:20
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• 12:20
  video1889773136: be
• 12:20
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• 12:20
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• 12:21
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• 12:21
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• 12:21
  video1889773136: think
• 12:21
  video1889773136: a
• 12:21
  video1889773136: lot
• 12:21
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• 12:21
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• 12:22
  video1889773136: will
• 12:22
  video1889773136: look
• 12:22
  video1889773136: back
• 12:22
  video1889773136: in
• 12:22
  video1889773136: five
• 12:23
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• 12:23
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• 12:23
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• 12:24
  video1889773136: themselves
• 12:24
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• 12:24
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• 12:25
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• 12:25
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• 12:25
  video1889773136: of
• 12:25
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• 12:26
  video1889773136: to
• 12:26
  video1889773136: private
• 12:27
  video1889773136: markets
• 12:28
  video1889773136: Yeah,
• 12:28
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• 12:28
  video1889773136: think
• 12:29
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• 12:29
  video1889773136: exactly
• 12:29
  video1889773136: right,
• 12:30
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• 12:30
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• 12:30
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• 12:30
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• 12:30
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• 12:31
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• 12:31
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• 12:31
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• 12:31
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• 12:31
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• 12:32
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• 12:32
  video1889773136: know
• 12:32
  video1889773136: what?
• 12:32
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• 12:32
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• 12:32
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• 12:32
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• 12:33
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• 12:34
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• 12:35
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• 12:35
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• 12:35
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• 12:35
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• 12:36
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• 12:36
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• 12:36
  video1889773136: to
• 12:37
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• 12:38
  video1889773136: I
• 12:38
  video1889773136: believe
• 12:39
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• 12:39
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• 12:40
  video1889773136: they're
• 12:40
  video1889773136: a
• 12:40
  video1889773136: fantastic
• 12:41
  video1889773136: investment
• 12:42
  video1889773136: for
• 12:42
  video1889773136: the
• 12:42
  video1889773136: right
• 12:43
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• 12:44
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• 12:44
  video1889773136: the
• 12:44
  video1889773136: same
• 12:45
  video1889773136: time,
• 12:45
  video1889773136: that
• 12:45
  video1889773136: same
• 12:46
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• 12:46
  video1889773136: could
• 12:47
  video1889773136: be
• 12:47
  video1889773136: a
• 12:47
  video1889773136: terrible
• 12:47
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• 12:48
  video1889773136: for
• 12:49
  video1889773136: the
• 12:49
  video1889773136: wrong
• 12:49
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• 12:50
  video1889773136: right?
• 12:50
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• 12:50
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• 12:51
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• 12:51
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• 12:51
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• 12:52
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• 12:52
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• 12:53
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• 12:53
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• 12:53
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• 12:53
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• 12:54
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• 12:54
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• 12:55
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• 12:55
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• 12:56
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• 12:56
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• 12:56
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• 12:57
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• 12:57
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• 12:57
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• 12:58
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• 12:58
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• 12:58
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• 12:59
  video1889773136: objectives,
• 13:00
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• 13:00
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• 13:01
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• 13:01
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• 13:02
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• 13:02
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• 13:02
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• 13:03
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• 13:03
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• 13:04
  video1889773136: No
• 13:04
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• 13:06
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• 13:06
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• 13:06
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• 13:07
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• 13:07
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• 13:08
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• 13:09
  video1889773136: to,
• 13:09
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• 13:10
  video1889773136: private
• 13:10
  video1889773136: markets.
• 13:11
  video1889773136: What
• 13:11
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• 13:11
  video1889773136: the
• 13:12
  video1889773136: different
• 13:12
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• 13:12
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• 13:13
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• 13:13
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• 13:14
  video1889773136: you
• 13:14
  video1889773136: think
• 13:14
  video1889773136: financial
• 13:14
  video1889773136: advisors
• 13:15
  video1889773136: can
• 13:16
  video1889773136: gain
• 13:16
  video1889773136: exposure
• 13:17
  video1889773136: to
• 13:17
  video1889773136: private
• 13:17
  video1889773136: markets?
• 13:18
  video1889773136: There's
• 13:18
  video1889773136: a
• 13:18
  video1889773136: lot
• 13:18
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• 13:18
  video1889773136: different
• 13:19
  video1889773136: ways.
• 13:20
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• 13:20
  video1889773136: it
• 13:20
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• 13:21
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• 13:21
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• 13:21
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• 13:22
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• 13:22
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• 13:22
  video1889773136: to
• 13:22
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• 13:23
  video1889773136: accredited
• 13:23
  video1889773136: investor.
• 13:24
  video1889773136: Now
• 13:25
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• 13:25
  video1889773136: more
• 13:25
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• 13:26
  video1889773136: products
• 13:27
  video1889773136: out
• 13:27
  video1889773136: there.
• 13:27
  video1889773136: What
• 13:27
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• 13:27
  video1889773136: some
• 13:27
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• 13:27
  video1889773136: the
• 13:27
  video1889773136: ways
• 13:28
  video1889773136: that
• 13:28
  video1889773136: you're
• 13:28
  video1889773136: keeping
• 13:29
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• 13:29
  video1889773136: close
• 13:29
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• 13:29
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• 13:30
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• 13:31
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• 13:31
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• 13:31
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• 13:31
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• 13:31
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• 13:32
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• 13:32
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• 13:32
  video1889773136: a
• 13:32
  video1889773136: bias
• 13:32
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• 13:32
  video1889773136: the
• 13:33
  video1889773136: discussion
• 13:33
  video1889773136: because
• 13:33
  video1889773136: I've
• 13:34
  video1889773136: done
• 13:34
  video1889773136: a
• 13:34
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• 13:34
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• 13:34
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• 13:34
  video1889773136: on
• 13:35
  video1889773136: this
• 13:35
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• 13:35
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• 13:35
  video1889773136: concluded
• 13:36
  video1889773136: that
• 13:36
  video1889773136: interval
• 13:36
  video1889773136: funds
• 13:37
  video1889773136: are
• 13:37
  video1889773136: the
• 13:37
  video1889773136: best
• 13:37
  video1889773136: way
• 13:37
  video1889773136: to
• 13:37
  video1889773136: go.
• 13:38
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• 13:38
  video1889773136: uh,
• 13:39
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• 13:39
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• 13:39
  video1889773136: working
• 13:40
  video1889773136: with
• 13:40
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• 13:40
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• 13:41
  video1889773136: as
• 13:41
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• 13:41
  video1889773136: sponsor
• 13:42
  video1889773136: for
• 13:42
  video1889773136: many
• 13:42
  video1889773136: years.
• 13:43
  video1889773136: And
• 13:43
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• 13:43
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• 13:43
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• 13:44
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• 13:44
  video1889773136: the
• 13:44
  video1889773136: drawbacks,
• 13:45
  video1889773136: uh,
• 13:45
  video1889773136: in
• 13:45
  video1889773136: fact,
• 13:45
  video1889773136: there's
• 13:46
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• 13:46
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• 13:47
  video1889773136: to,
• 13:48
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• 13:48
  video1889773136: you
• 13:48
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• 13:48
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• 13:48
  video1889773136: classic
• 13:49
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• 13:50
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• 13:50
  video1889773136: which
• 13:50
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• 13:51
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• 13:51
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• 13:52
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• 13:52
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• 13:52
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• 13:53
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• 13:53
  video1889773136: undeployed
• 13:53
  video1889773136: capital
• 13:54
  video1889773136: typically.
• 13:55
  video1889773136: Uh,
• 13:55
  video1889773136: you
• 13:55
  video1889773136: have
• 13:56
  video1889773136: no
• 13:56
  video1889773136: visibility
• 13:56
  video1889773136: into
• 13:56
  video1889773136: the
• 13:57
  video1889773136: portfolio.
• 13:57
  video1889773136: It's
• 13:57
  video1889773136: a
• 13:57
  video1889773136: blind
• 13:58
  video1889773136: pool
• 13:58
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• 13:58
  video1889773136: on
• 13:58
  video1889773136: day
• 13:59
  video1889773136: one.
• 13:59
  video1889773136: Most
• 14:00
  video1889773136: importantly,
• 14:00
  video1889773136: the,
• 14:01
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• 14:01
  video1889773136: liquidity
• 14:01
  video1889773136: profile
• 14:02
  video1889773136: is
• 14:02
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• 14:02
  video1889773136: and
• 14:02
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• 14:03
  video1889773136: sure
• 14:03
  video1889773136: a
• 14:03
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• 14:03
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• 14:03
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• 14:04
  video1889773136: out
• 14:04
  video1889773136: there
• 14:04
  video1889773136: are
• 14:05
  video1889773136: reading
• 14:05
  video1889773136: about
• 14:05
  video1889773136: secondary
• 14:06
  video1889773136: funds,
• 14:07
  video1889773136: and
• 14:07
  video1889773136: those
• 14:07
  video1889773136: secondary
• 14:07
  video1889773136: funds
• 14:08
  video1889773136: have
• 14:08
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• 14:08
  video1889773136: set
• 14:08
  video1889773136: up
• 14:08
  video1889773136: to
• 14:08
  video1889773136: take
• 14:09
  video1889773136: advantage
• 14:09
  video1889773136: of
• 14:10
  video1889773136: precisely
• 14:10
  video1889773136: the
• 14:10
  video1889773136: problem
• 14:11
  video1889773136: I'm
• 14:11
  video1889773136: describing,
• 14:11
  video1889773136: that
• 14:11
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• 14:12
  video1889773136: in
• 14:12
  video1889773136: classic
• 14:13
  video1889773136: drawdown
• 14:13
  video1889773136: vehicles
• 14:14
  video1889773136: periodically
• 14:15
  video1889773136: need
• 14:15
  video1889773136: liquidity,
• 14:16
  video1889773136: and
• 14:16
  video1889773136: it
• 14:16
  video1889773136: doesn't
• 14:16
  video1889773136: exist
• 14:17
  video1889773136: but
• 14:17
  video1889773136: for
• 14:17
  video1889773136: these
• 14:17
  video1889773136: secondary
• 14:18
  video1889773136: vehicles.
• 14:19
  video1889773136: Interval
• 14:19
  video1889773136: funds
• 14:20
  video1889773136: eliminate
• 14:20
  video1889773136: essentially
• 14:21
  video1889773136: all
• 14:21
  video1889773136: three
• 14:22
  video1889773136: of
• 14:22
  video1889773136: those
• 14:22
  video1889773136: issues.
• 14:22
  video1889773136: You're
• 14:22
  video1889773136: not
• 14:23
  video1889773136: paying
• 14:23
  video1889773136: management
• 14:23
  video1889773136: fees
• 14:23
  video1889773136: on
• 14:24
  video1889773136: undeployed
• 14:24
  video1889773136: capital.
• 14:25
  video1889773136: Uh,
• 14:25
  video1889773136: you've
• 14:26
  video1889773136: got
• 14:26
  video1889773136: visibility
• 14:27
  video1889773136: into
• 14:27
  video1889773136: an
• 14:27
  video1889773136: existing
• 14:27
  video1889773136: portfolio,
• 14:28
  video1889773136: but
• 14:28
  video1889773136: in
• 14:28
  video1889773136: fairness,
• 14:29
  video1889773136: it's
• 14:29
  video1889773136: a
• 14:29
  video1889773136: dynamic,
• 14:30
  video1889773136: not
• 14:30
  video1889773136: a
• 14:30
  video1889773136: static
• 14:31
  video1889773136: portfolio.
• 14:31
  video1889773136: It's
• 14:31
  video1889773136: gonna
• 14:32
  video1889773136: change
• 14:32
  video1889773136: over
• 14:32
  video1889773136: time.
• 14:33
  video1889773136: But
• 14:33
  video1889773136: at
• 14:33
  video1889773136: least
• 14:34
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• 14:34
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• 14:34
  video1889773136: one
• 14:34
  video1889773136: you
• 14:34
  video1889773136: know
• 14:35
  video1889773136: what
• 14:35
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• 14:35
  video1889773136: investing
• 14:35
  video1889773136: in.
• 14:36
  video1889773136: But
• 14:36
  video1889773136: most
• 14:37
  video1889773136: importantly,
• 14:37
  video1889773136: while
• 14:38
  video1889773136: there's
• 14:38
  video1889773136: limited
• 14:39
  video1889773136: liquidity,
• 14:40
  video1889773136: limited
• 14:40
  video1889773136: liquidity
• 14:41
  video1889773136: is
• 14:41
  video1889773136: far
• 14:41
  video1889773136: better
• 14:41
  video1889773136: than
• 14:42
  video1889773136: no
• 14:42
  video1889773136: liquidity,
• 14:43
  video1889773136: where
• 14:43
  video1889773136: if
• 14:44
  video1889773136: you
• 14:44
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• 14:44
  video1889773136: to
• 14:44
  video1889773136: somehow,
• 14:45
  video1889773136: uh,
• 14:45
  video1889773136: generate
• 14:46
  video1889773136: liquidity,
• 14:46
  video1889773136: you're,
• 14:47
  video1889773136: you're
• 14:47
  video1889773136: facing
• 14:48
  video1889773136: a
• 14:48
  video1889773136: 10,
• 14:48
  video1889773136: 15,
• 14:49
  video1889773136: and
• 14:49
  video1889773136: sometimes
• 14:50
  video1889773136: even
• 14:50
  video1889773136: higher
• 14:50
  video1889773136: percentage
• 14:51
  video1889773136: discount.
• 14:52
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• 14:52
  video1889773136: I
• 14:52
  video1889773136: think
• 14:53
  video1889773136: these
• 14:53
  video1889773136: new
• 14:53
  video1889773136: interval
• 14:53
  video1889773136: funds
• 14:54
  video1889773136: are
• 14:54
  video1889773136: the
• 14:54
  video1889773136: future,
• 14:55
  video1889773136: not
• 14:55
  video1889773136: just
• 14:55
  video1889773136: for
• 14:55
  video1889773136: retail
• 14:55
  video1889773136: investors,
• 14:56
  video1889773136: by
• 14:56
  video1889773136: the
• 14:56
  video1889773136: way,
• 14:57
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• 14:57
  video1889773136: really
• 14:57
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• 14:58
  video1889773136: institutions
• 14:59
  video1889773136: that
• 15:00
  video1889773136: can't
• 15:00
  video1889773136: negotiate
• 15:01
  video1889773136: better
• 15:01
  video1889773136: fees
• 15:02
  video1889773136: with,
• 15:02
  video1889773136: uh,
• 15:03
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• 15:03
  video1889773136: sponsors.
• 15:03
  video1889773136: Mm-hmm.
• 15:04
  video1889773136: And,
• 15:04
  video1889773136: uh,
• 15:04
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• 15:05
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• 15:05
  video1889773136: you're
• 15:05
  video1889773136: not
• 15:05
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• 15:05
  video1889773136: a
• 15:05
  video1889773136: position
• 15:06
  video1889773136: to
• 15:06
  video1889773136: beat
• 15:06
  video1889773136: up
• 15:06
  video1889773136: sponsors,
• 15:07
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• 15:07
  video1889773136: you
• 15:07
  video1889773136: don't
• 15:07
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• 15:07
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• 15:08
  video1889773136: $250
• 15:08
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• 15:08
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• 15:09
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• 15:09
  video1889773136: write,
• 15:09
  video1889773136: I
• 15:10
  video1889773136: believe
• 15:10
  video1889773136: you're
• 15:10
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• 15:10
  video1889773136: off
• 15:10
  video1889773136: with
• 15:10
  video1889773136: these
• 15:11
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• 15:11
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• 15:12
  video1889773136: Yeah,
• 15:13
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• 15:13
  video1889773136: good
• 15:13
  video1889773136: point.
• 15:13
  video1889773136: Do
• 15:14
  video1889773136: you
• 15:14
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• 15:14
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• 15:15
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• 15:16
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• 15:16
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• 15:16
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• 15:16
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• 15:17
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• 15:18
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• 15:18
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• 15:19
  video1889773136: they're
• 15:19
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• 15:19
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• 15:20
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• 15:21
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• 15:21
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• 15:21
  video1889773136: think
• 15:22
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• 15:22
  video1889773136: getting
• 15:22
  video1889773136: kind
• 15:22
  video1889773136: of
• 15:23
  video1889773136: a
• 15:23
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• 15:23
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• 15:24
  video1889773136: here,
• 15:25
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• 15:25
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• 15:25
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• 15:25
  video1889773136: many
• 15:26
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• 15:27
  video1889773136: about
• 15:27
  video1889773136: interval
• 15:27
  video1889773136: funds?
• 15:28
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• 15:28
  video1889773136: now
• 15:28
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• 15:29
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• 15:29
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• 15:29
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• 15:30
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• 15:30
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• 15:30
  video1889773136: change
• 15:30
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• 15:30
  video1889773136: name.
• 15:30
  video1889773136: They
• 15:31
  video1889773136: shouldn't
• 15:31
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• 15:31
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• 15:31
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• 15:32
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• 15:33
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• 15:33
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• 15:33
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• 15:33
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• 15:34
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• 15:34
  video1889773136: you
• 15:35
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• 15:35
  video1889773136: that's
• 15:35
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• 15:35
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• 15:36
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• 15:36
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• 15:36
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• 15:37
  video1889773136: out
• 15:37
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• 15:37
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• 15:37
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• 15:38
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• 15:38
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• 15:38
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• 15:38
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• 15:39
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• 15:40
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• 15:40
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• 15:40
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• 15:41
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• 15:42
  video1889773136: really
• 15:42
  video1889773136: they
• 15:43
  video1889773136: are
• 15:43
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• 15:44
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• 15:44
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• 15:44
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• 15:45
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• 15:45
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• 15:45
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• 15:46
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• 15:46
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• 15:47
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• 15:47
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• 15:47
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• 15:47
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• 15:47
  video1889773136: the
• 15:48
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• 15:48
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• 15:49
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• 15:49
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• 15:50
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• 15:51
  video1889773136: Yeah.
• 15:51
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• 15:52
  video1889773136: think
• 15:52
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• 15:52
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• 15:52
  video1889773136: very
• 15:52
  video1889773136: good
• 15:52
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• 15:53
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• 15:53
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• 15:53
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• 15:54
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• 15:55
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• 15:55
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• 15:56
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• 15:56
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• 15:56
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• 15:57
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• 15:57
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• 15:58
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• 15:58
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• 15:59
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• 15:59
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• 15:59
  video1889773136: a
• 15:59
  video1889773136: misnomer,
• 16:00
  video1889773136: right?
• 16:00
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• 16:01
  video1889773136: implies
• 16:01
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• 16:02
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• 16:02
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• 16:03
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• 16:03
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• 16:04
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• 16:04
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• 16:04
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• 16:05
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• 16:06
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• 16:06
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• 16:07
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• 16:07
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• 16:07
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• 16:08
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• 16:09
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• 16:10
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• 16:10
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• 16:10
  video1889773136: investors
• 16:11
  video1889773136: need
• 16:11
  video1889773136: to
• 16:11
  video1889773136: understand
• 16:11
  video1889773136: that.
• 16:12
  video1889773136: And
• 16:12
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• 16:13
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• 16:13
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• 16:13
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• 16:13
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• 16:14
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• 16:14
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• 16:14
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• 16:14
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• 16:15
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• 16:15
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• 16:15
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• 16:16
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• 16:16
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• 16:17
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• 16:17
  video1889773136: the
• 16:18
  video1889773136: assets
• 16:18
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• 16:19
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• 16:19
  video1889773136: it's
• 16:19
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• 16:20
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• 16:20
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• 16:21
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• 16:22
  video1889773136: to
• 16:22
  video1889773136: clearly
• 16:22
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• 16:23
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• 16:23
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• 16:23
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• 16:23
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• 16:24
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• 16:24
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• 16:24
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• 16:25
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• 16:25
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• 16:26
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• 16:26
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• 16:26
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• 16:26
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• 16:26
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• 16:26
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• 16:27
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• 16:27
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• 16:27
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• 16:28
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• 16:28
  video1889773136: time,
• 16:29
  video1889773136: their
• 16:29
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• 16:30
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• 16:30
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• 16:30
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• 16:31
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• 16:31
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• 16:31
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• 16:31
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• 16:32
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• 16:32
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• 16:32
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• 16:33
  video1889773136: clients
• 16:33
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• 16:33
  video1889773136: them,
• 16:34
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• 16:34
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• 16:34
  video1889773136: are
• 16:35
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• 16:35
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• 16:35
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• 16:35
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• 16:36
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• 16:36
  video1889773136: right
• 16:36
  video1889773136: by,
• 16:38
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• 16:38
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• 16:38
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• 16:38
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• 16:38
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• 16:39
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• 16:39
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• 16:39
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• 16:39
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• 16:40
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• 16:40
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• 16:40
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• 16:41
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• 16:42
  video1889773136: to
• 16:42
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• 16:42
  video1889773136: what's
• 16:43
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• 16:43
  video1889773136: and
• 16:43
  video1889773136: I
• 16:43
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• 16:44
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• 16:44
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• 16:44
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• 16:44
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• 16:45
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• 16:45
  video1889773136: some
• 16:45
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• 16:46
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• 16:46
  video1889773136: terms
• 16:47
  video1889773136: of
• 16:47
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• 16:48
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• 16:48
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• 16:48
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• 16:49
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• 16:49
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• 16:49
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• 16:49
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• 16:50
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• 16:50
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• 16:50
  video1889773136: their
• 16:50
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• 16:50
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• 16:51
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• 16:51
  video1889773136: their
• 16:51
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• 16:51
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• 16:51
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• 16:52
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• 16:52
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• 16:53
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• 16:53
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• 16:53
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• 16:53
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• 16:54
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• 16:54
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• 16:54
  video1889773136: the
• 16:54
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• 16:55
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• 16:55
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• 16:55
  video1889773136: to
• 16:55
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• 16:56
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• 16:56
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• 16:56
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• 16:56
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• 16:56
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• 16:56
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• 16:57
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• 16:57
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• 16:57
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• 16:57
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• 16:58
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• 16:58
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• 16:58
  video1889773136: when
• 16:59
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• 16:59
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• 16:59
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• 17:00
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• 17:00
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• 17:00
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• 17:00
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• 17:00
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• 17:01
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• 17:01
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• 17:02
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• 17:02
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• 17:02
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• 17:03
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• 17:03
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• 17:03
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• 17:04
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• 17:04
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• 17:04
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• 17:04
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• 17:04
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• 17:04
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• 17:05
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• 17:05
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• 17:05
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• 17:05
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• 17:05
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• 17:06
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• 17:06
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• 17:06
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• 17:07
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• 17:07
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• 17:07
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• 17:07
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• 17:07
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• 17:07
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• 17:08
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• 17:08
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• 17:08
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• 17:08
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• 17:08
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• 17:08
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• 17:09
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• 17:09
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• 17:10
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• 17:10
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• 17:11
  video1889773136: me
• 17:11
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• 17:11
  video1889773136: well
• 17:12
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• 17:12
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• 17:12
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• 17:12
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• 17:13
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• 17:13
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• 17:13
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• 17:14
  video1889773136: some
• 17:14
  video1889773136: time
• 17:14
  video1889773136: ago.
• 17:15
  video1889773136: Yeah.
• 17:16
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• 17:17
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• 17:17
  video1889773136: very...
• 17:18
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• 17:18
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• 17:18
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• 17:19
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• 17:19
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• 17:19
  video1889773136: up
• 17:19
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• 17:20
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• 17:20
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• 17:21
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• 17:21
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• 17:21
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• 17:21
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• 17:21
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• 17:22
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• 17:22
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• 17:22
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• 17:22
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• 17:23
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• 17:23
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• 17:23
  video1889773136: especially
• 17:24
  video1889773136: when
• 17:24
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• 17:24
  video1889773136: are
• 17:25
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• 17:25
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• 17:26
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• 17:26
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• 17:26
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• 17:26
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• 17:27
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• 17:27
  video1889773136: a
• 17:27
  video1889773136: little
• 17:27
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• 17:28
  video1889773136: here
• 17:28
  video1889773136: and
• 17:28
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• 17:29
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• 17:29
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• 17:30
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• 17:30
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• 17:30
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• 17:31
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• 17:31
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• 17:32
  video1889773136: enough
• 17:32
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• 17:32
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• 17:33
  video1889773136: you
• 17:33
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• 17:33
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• 17:33
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• 17:33
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• 17:34
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• 17:35
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• 17:35
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• 17:35
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• 17:35
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• 17:36
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• 17:36
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• 17:36
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• 17:37
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• 17:37
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• 17:37
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• 17:37
  video1889773136: classic
• 17:38
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• 17:38
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• 17:39
  video1889773136: those
• 17:39
  video1889773136: classic
• 17:39
  video1889773136: private
• 17:40
  video1889773136: equity
• 17:40
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• 17:40
  video1889773136: or
• 17:41
  video1889773136: credit
• 17:41
  video1889773136: funds,
• 17:42
  video1889773136: you
• 17:42
  video1889773136: don't
• 17:42
  video1889773136: really
• 17:42
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• 17:43
  video1889773136: the
• 17:43
  video1889773136: ability
• 17:43
  video1889773136: to
• 17:43
  video1889773136: dollar
• 17:43
  video1889773136: cost
• 17:44
  video1889773136: average.
• 17:44
  video1889773136: Uh,
• 17:45
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• 17:45
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• 17:45
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• 17:46
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• 17:46
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• 17:46
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• 17:46
  video1889773136: firm
• 17:47
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• 17:47
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• 17:47
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• 17:47
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• 17:48
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• 17:48
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• 17:48
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• 17:48
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• 17:48
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• 17:48
  video1889773136: particular
• 17:49
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• 17:49
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• 17:49
  video1889773136: their
• 17:50
  video1889773136: strategy,
• 17:51
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• 17:51
  video1889773136: know,
• 17:51
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• 17:51
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• 17:52
  video1889773136: to
• 17:52
  video1889773136: their
• 17:52
  video1889773136: fund
• 17:53
  video1889773136: and,
• 17:53
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• 17:54
  video1889773136: know,
• 17:54
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• 17:54
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• 17:54
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• 17:55
  video1889773136: down
• 17:55
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• 17:55
  video1889773136: over
• 17:55
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• 17:55
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• 17:56
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• 17:56
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• 17:56
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• 17:56
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• 17:56
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• 17:57
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• 17:57
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• 17:58
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• 17:58
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• 17:58
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• 17:59
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• 17:59
  video1889773136: timing
• 17:59
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• 17:59
  video1889773136: that
• 17:59
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• 18:00
  video1889773136: deployment.
• 18:01
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• 18:01
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• 18:01
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• 18:01
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• 18:01
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• 18:01
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• 18:02
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• 18:02
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• 18:02
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• 18:02
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• 18:03
  video1889773136: can
• 18:03
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• 18:03
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• 18:03
  video1889773136: commitment.
• 18:04
  video1889773136: So
• 18:04
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• 18:05
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• 18:05
  video1889773136: a
• 18:05
  video1889773136: lot
• 18:05
  video1889773136: more
• 18:05
  video1889773136: flexibility,
• 18:06
  video1889773136: and
• 18:06
  video1889773136: I've
• 18:06
  video1889773136: always
• 18:07
  video1889773136: been
• 18:07
  video1889773136: a
• 18:07
  video1889773136: big
• 18:07
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• 18:07
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• 18:07
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• 18:08
  video1889773136: dollar
• 18:08
  video1889773136: cost
• 18:08
  video1889773136: averaging.
• 18:09
  video1889773136: Yeah.
• 18:10
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• 18:10
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• 18:10
  video1889773136: too.
• 18:11
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• 18:11
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• 18:11
  video1889773136: too.
• 18:11
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• 18:11
  video1889773136: we've
• 18:12
  video1889773136: talked
• 18:12
  video1889773136: a
• 18:12
  video1889773136: little,
• 18:12
  video1889773136: you
• 18:12
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• 18:13
  video1889773136: limitations
• 18:13
  video1889773136: of
• 18:14
  video1889773136: interval
• 18:14
  video1889773136: funds
• 18:14
  video1889773136: basically
• 18:15
  video1889773136: being
• 18:16
  video1889773136: illiquid.
• 18:17
  video1889773136: Mm-hmm.
• 18:17
  video1889773136: What
• 18:17
  video1889773136: are
• 18:17
  video1889773136: the
• 18:18
  video1889773136: benefits
• 18:18
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• 18:18
  video1889773136: interval
• 18:19
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• 18:19
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• 18:20
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• 18:20
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• 18:20
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• 18:20
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• 18:20
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• 18:21
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• 18:21
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• 18:22
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• 18:22
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• 18:22
  video1889773136: being
• 18:23
  video1889773136: illiquid,
• 18:23
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• 18:24
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• 18:24
  video1889773136: I
• 18:24
  video1889773136: say
• 18:25
  video1889773136: somewhat
• 18:25
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• 18:27
  video1889773136: Well,
• 18:28
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• 18:28
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• 18:29
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• 18:29
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• 18:29
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• 18:29
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• 18:30
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• 18:30
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• 18:31
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• 18:31
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• 18:31
  video1889773136: investments
• 18:32
  video1889773136: themselves
• 18:33
  video1889773136: are
• 18:34
  video1889773136: illiquid,
• 18:34
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• 18:34
  video1889773136: it
• 18:34
  video1889773136: varies
• 18:35
  video1889773136: by
• 18:35
  video1889773136: strategy,
• 18:35
  video1889773136: right?
• 18:36
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• 18:36
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• 18:37
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• 18:37
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• 18:37
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• 18:37
  video1889773136: might
• 18:38
  video1889773136: have
• 18:38
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• 18:38
  video1889773136: capital,
• 18:39
  video1889773136: which
• 18:39
  video1889773136: is
• 18:40
  video1889773136: very
• 18:40
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• 18:41
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• 18:41
  video1889773136: then
• 18:41
  video1889773136: the
• 18:41
  video1889773136: other
• 18:41
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• 18:42
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• 18:42
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• 18:42
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• 18:43
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• 18:43
  video1889773136: probably
• 18:43
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• 18:43
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• 18:44
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• 18:44
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• 18:45
  video1889773136: where
• 18:45
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• 18:45
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• 18:45
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• 18:46
  video1889773136: fair
• 18:46
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• 18:46
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• 18:47
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• 18:47
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• 18:48
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• 18:48
  video1889773136: the
• 18:48
  video1889773136: underlying
• 18:48
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• 18:49
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• 18:49
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• 18:49
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• 18:50
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• 18:50
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• 18:50
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• 18:50
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• 18:50
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• 18:51
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• 18:51
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• 18:51
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• 18:51
  video1889773136: average,
• 18:52
  video1889773136: uh,
• 18:53
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• 18:53
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• 18:54
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• 18:54
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• 18:54
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• 18:54
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• 18:55
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• 18:55
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• 18:56
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• 18:56
  video1889773136: interval
• 18:56
  video1889773136: funds
• 18:57
  video1889773136: being
• 18:57
  video1889773136: my,
• 18:58
  video1889773136: my
• 18:58
  video1889773136: registered
• 18:58
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• 18:59
  video1889773136: of
• 18:59
  video1889773136: choice,
• 19:00
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• 19:00
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• 19:00
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• 19:00
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• 19:01
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• 19:01
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• 19:02
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• 19:02
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• 19:02
  video1889773136: negative
• 19:03
  video1889773136: points.
• 19:03
  video1889773136: I
• 19:03
  video1889773136: think
• 19:03
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• 19:04
  video1889773136: got,
• 19:04
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• 19:05
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• 19:05
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• 19:05
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• 19:05
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• 19:06
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• 19:06
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• 19:07
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• 19:07
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• 19:08
  video1889773136: It's
• 19:08
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• 19:08
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• 19:08
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• 19:09
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• 19:10
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• 19:10
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• 19:10
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• 19:10
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• 19:10
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• 19:11
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• 19:11
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• 19:11
  video1889773136: back
• 19:11
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• 19:11
  video1889773136: something
• 19:12
  video1889773136: we
• 19:12
  video1889773136: talked
• 19:12
  video1889773136: about
• 19:12
  video1889773136: earlier,
• 19:13
  video1889773136: another
• 19:14
  video1889773136: big
• 19:14
  video1889773136: driver
• 19:15
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• 19:15
  video1889773136: the
• 19:15
  video1889773136: market
• 19:15
  video1889773136: is
• 19:15
  video1889773136: the
• 19:16
  video1889773136: fact
• 19:16
  video1889773136: that,
• 19:17
  video1889773136: uh,
• 19:17
  video1889773136: when
• 19:18
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• 19:18
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• 19:18
  video1889773136: about
• 19:18
  video1889773136: the
• 19:18
  video1889773136: average,
• 19:19
  video1889773136: uh,
• 19:20
  video1889773136: market
• 19:20
  video1889773136: value
• 19:21
  video1889773136: of
• 19:21
  video1889773136: a
• 19:21
  video1889773136: publicly
• 19:22
  video1889773136: traded
• 19:22
  video1889773136: company
• 19:23
  video1889773136: today,
• 19:24
  video1889773136: I
• 19:24
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• 19:24
  video1889773136: it's,
• 19:24
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• 19:25
  video1889773136: an
• 19:25
  video1889773136: order
• 19:25
  video1889773136: of
• 19:25
  video1889773136: magnitude
• 19:26
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• 19:26
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• 19:27
  video1889773136: where
• 19:27
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• 19:27
  video1889773136: was
• 19:27
  video1889773136: 20
• 19:27
  video1889773136: years
• 19:28
  video1889773136: ago.
• 19:28
  video1889773136: There's...
• 19:29
  video1889773136: The
• 19:29
  video1889773136: number
• 19:29
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• 19:29
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• 19:30
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• 19:30
  video1889773136: is,
• 19:31
  video1889773136: is
• 19:31
  video1889773136: almost
• 19:31
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• 19:32
  video1889773136: in
• 19:32
  video1889773136: half,
• 19:33
  video1889773136: and
• 19:33
  video1889773136: the
• 19:34
  video1889773136: big
• 19:34
  video1889773136: keep
• 19:34
  video1889773136: getting
• 19:34
  video1889773136: bigger.
• 19:35
  video1889773136: I
• 19:35
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• 19:35
  video1889773136: we've,
• 19:35
  video1889773136: we've
• 19:35
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• 19:35
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• 19:36
  video1889773136: uh,
• 19:37
  video1889773136: you
• 19:37
  video1889773136: know,
• 19:37
  video1889773136: $2
• 19:37
  video1889773136: trillion
• 19:38
  video1889773136: market
• 19:38
  video1889773136: cap
• 19:39
  video1889773136: and,
• 19:39
  video1889773136: and
• 19:40
  video1889773136: growing,
• 19:40
  video1889773136: I
• 19:40
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• 19:41
  video1889773136: Uh,
• 19:41
  video1889773136: NVIDIA,
• 19:42
  video1889773136: you
• 19:42
  video1889773136: know,
• 19:43
  video1889773136: $4
• 19:43
  video1889773136: trillion.
• 19:44
  video1889773136: I
• 19:44
  video1889773136: mean,
• 19:44
  video1889773136: it-
• 19:44
  video1889773136: these
• 19:45
  video1889773136: numbers
• 19:45
  video1889773136: are
• 19:45
  video1889773136: absolutely
• 19:45
  video1889773136: staggering.
• 19:46
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• 19:46
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• 19:47
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• 19:47
  video1889773136: smaller
• 19:47
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• 19:48
  video1889773136: market
• 19:48
  video1889773136: companies,
• 19:49
  video1889773136: they're,
• 19:49
  video1889773136: they're
• 19:50
  video1889773136: just
• 19:50
  video1889773136: not
• 19:50
  video1889773136: available
• 19:50
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• 19:50
  video1889773136: the
• 19:50
  video1889773136: marketplace.
• 19:51
  video1889773136: There's
• 19:51
  video1889773136: no
• 19:51
  video1889773136: research
• 19:52
  video1889773136: coverage
• 19:52
  video1889773136: for
• 19:52
  video1889773136: them.
• 19:53
  video1889773136: So
• 19:53
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• 19:53
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• 19:53
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• 19:53
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• 19:54
  video1889773136: which
• 19:55
  video1889773136: means
• 19:55
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• 19:55
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• 19:56
  video1889773136: in
• 19:56
  video1889773136: your
• 19:56
  video1889773136: portfolio,
• 19:58
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• 19:58
  video1889773136: have
• 19:58
  video1889773136: to
• 19:58
  video1889773136: think
• 19:58
  video1889773136: about
• 19:59
  video1889773136: private
• 19:59
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• 20:00
  video1889773136: because
• 20:00
  video1889773136: otherwise
• 20:01
  video1889773136: you're
• 20:01
  video1889773136: only
• 20:01
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• 20:01
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• 20:02
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• 20:02
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• 20:02
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• 20:02
  video1889773136: large
• 20:03
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• 20:03
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• 20:04
  video1889773136: Yeah.
• 20:05
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• 20:06
  video1889773136: a
• 20:06
  video1889773136: very
• 20:06
  video1889773136: good
• 20:06
  video1889773136: point.
• 20:07
  video1889773136: Uh,
• 20:07
  video1889773136: I
• 20:07
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• 20:08
  video1889773136: it's
• 20:08
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• 20:08
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• 20:08
  video1889773136: that
• 20:09
  video1889773136: we
• 20:09
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• 20:09
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• 20:09
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• 20:10
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• 20:10
  video1889773136: the
• 20:10
  video1889773136: space
• 20:11
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• 20:11
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• 20:11
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• 20:11
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• 20:12
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• 20:13
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• 20:13
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• 20:13
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• 20:13
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• 20:13
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• 20:14
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• 20:14
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• 20:14
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• 20:14
  video1889773136: we
• 20:15
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• 20:15
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• 20:15
  video1889773136: f-
• 20:15
  video1889773136: around
• 20:15
  video1889773136: 4,000
• 20:16
  video1889773136: publicly
• 20:17
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• 20:17
  video1889773136: companies.
• 20:18
  video1889773136: Right.
• 20:18
  video1889773136: It,
• 20:19
  video1889773136: it-
• 20:19
  video1889773136: It's
• 20:19
  video1889773136: unbelievable.
• 20:20
  video1889773136: It's...
• 20:20
  video1889773136: And
• 20:20
  video1889773136: it
• 20:20
  video1889773136: continues
• 20:21
  video1889773136: to
• 20:21
  video1889773136: shrink.
• 20:22
  video1889773136: Yeah.
• 20:22
  video1889773136: And,
• 20:23
  video1889773136: uh,
• 20:23
  video1889773136: it
• 20:23
  video1889773136: makes
• 20:23
  video1889773136: it
• 20:23
  video1889773136: harder,
• 20:24
  video1889773136: like
• 20:24
  video1889773136: you
• 20:24
  video1889773136: said.
• 20:24
  video1889773136: You're
• 20:25
  video1889773136: s-
• 20:25
  video1889773136: spot
• 20:26
  video1889773136: on
• 20:26
  video1889773136: about
• 20:26
  video1889773136: diversification.
• 20:27
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• 23:22
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• 23:22
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• 23:23
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• 23:24
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• 23:26
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• 23:27
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• 23:27
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• 23:27
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• 23:27
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• 23:27
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• 23:28
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• 23:29
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• 23:29
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• 23:30
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• 23:30
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• 23:31
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• 23:32
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• 23:32
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• 23:32
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• 23:32
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• 23:32
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• 23:33
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• 23:33
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• 23:34
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• 23:34
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• 23:35
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• 23:40
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• 23:42
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• 23:42
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• 23:43
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• 23:47
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• 23:47
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• 23:51
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• 24:01
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• 24:03
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• 24:03
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• 24:04
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• 24:04
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• 24:05
  video1889773136: five
• 24:05
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• 24:05
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• 24:06
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• 24:07
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• 24:09
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• 24:11
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• 24:17
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• 24:18
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• 24:19
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• 24:24
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• 24:25
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• 24:25
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• 24:25
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• 24:25
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• 24:35
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• 24:36
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• 24:37
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• 24:38
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• 24:39
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• 24:40
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• 24:40
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• 24:41
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• 24:43
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• 24:44
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• 24:44
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• 24:45
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• 24:46
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• 24:46
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• 24:47
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• 24:47
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• 24:47
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• 24:48
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• 24:49
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• 24:49
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• 24:49
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• 24:49
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• 24:50
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• 24:50
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• 24:51
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• 24:51
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• 24:51
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• 24:52
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• 24:52
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• 24:53
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• 24:54
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• 24:55
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• 24:55
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• 24:56
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• 24:56
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• 24:57
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• 24:57
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• 24:57
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• 24:57
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• 24:58
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• 24:58
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• 24:59
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• 24:59
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• 24:59
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• 25:01
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• 25:02
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• 25:02
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• 25:02
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• 25:04
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• 25:05
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• 25:05
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• 25:06
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• 25:06
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• 25:06
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• 25:06
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• 25:06
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• 25:07
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• 25:07
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• 25:08
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• 25:08
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• 25:09
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• 25:09
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• 25:11
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• 25:11
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• 25:12
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• 25:12
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• 25:12
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• 25:13
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• 25:13
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• 25:14
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• 25:14
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• 25:15
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• 25:15
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• 25:16
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• 25:17
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• 25:19
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• 25:20
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• 25:20
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• 25:21
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• 25:21
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• 25:21
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• 25:22
  video1889773136: 10%
• 25:23
  video1889773136: compounded
• 25:23
  video1889773136: annually
• 25:24
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• 25:24
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• 25:24
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• 25:24
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• 25:25
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• 25:26
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• 25:26
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• 25:26
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• 25:26
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• 25:27
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• 25:27
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• 25:27
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• 25:27
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• 25:27
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• 25:27
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• 25:28
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• 25:29
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• 25:29
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• 25:30
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• 25:30
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• 25:30
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• 25:31
  video1889773136: year
• 25:31
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• 25:31
  video1889773136: about
• 25:32
  video1889773136: 3%
• 25:32
  video1889773136: returns
• 25:33
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• 25:34
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• 25:34
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• 25:34
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• 25:34
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• 25:34
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• 25:35
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• 25:35
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• 25:35
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• 25:36
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• 25:36
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• 25:36
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• 25:36
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• 25:36
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• 25:37
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• 25:37
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• 25:37
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• 25:37
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• 25:38
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• 25:38
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• 25:38
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• 25:39
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• 25:39
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• 25:39
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• 25:39
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• 25:40
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• 25:40
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• 25:40
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• 25:40
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• 25:42
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• 25:42
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• 25:42
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• 25:42
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• 25:43
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• 25:43
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• 25:43
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• 25:43
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• 25:45
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• 25:45
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• 25:46
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• 25:49
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• 25:49
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• 25:49
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• 25:50
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• 25:50
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• 25:52
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• 25:53
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• 25:53
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• 25:53
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• 25:54
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• 25:54
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• 25:54
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• 25:54
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• 25:55
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• 25:55
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• 25:55
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• 25:56
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• 25:56
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• 25:57
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• 25:57
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• 25:57
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• 25:58
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• 25:58
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• 25:58
  video1889773136: 2
• 25:58
  video1889773136: to
• 25:58
  video1889773136: 500
• 25:59
  video1889773136: basis
• 25:59
  video1889773136: points,
• 26:00
  video1889773136: 2
• 26:00
  video1889773136: to
• 26:00
  video1889773136: 5%
• 26:01
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• 26:01
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• 26:02
  video1889773136: above
• 26:02
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• 26:02
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• 26:02
  video1889773136: 500.
• 26:03
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• 26:03
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• 26:04
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• 26:04
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• 26:05
  video1889773136: 100
• 26:05
  video1889773136: to
• 26:05
  video1889773136: 300
• 26:06
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• 26:06
  video1889773136: points.
• 26:07
  video1889773136: Um,
• 26:07
  video1889773136: and
• 26:08
  video1889773136: that's
• 26:08
  video1889773136: net
• 26:08
  video1889773136: of
• 26:08
  video1889773136: all
• 26:08
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• 26:09
  video1889773136: That's,
• 26:09
  video1889773136: that's
• 26:09
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• 26:09
  video1889773136: gross.
• 26:10
  video1889773136: Um,
• 26:11
  video1889773136: but
• 26:11
  video1889773136: you
• 26:11
  video1889773136: think
• 26:12
  video1889773136: it
• 26:12
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• 26:12
  video1889773136: not
• 26:13
  video1889773136: sound
• 26:13
  video1889773136: like
• 26:13
  video1889773136: a
• 26:13
  video1889773136: lot,
• 26:13
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• 26:14
  video1889773136: on
• 26:14
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• 26:14
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• 26:14
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• 26:15
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• 26:15
  video1889773136: the
• 26:15
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• 26:16
  video1889773136: of
• 26:16
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• 26:17
  video1889773136: as
• 26:17
  video1889773136: you
• 26:17
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• 26:17
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• 26:18
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• 26:18
  video1889773136: know,
• 26:18
  video1889773136: you
• 26:18
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• 26:19
  video1889773136: a
• 26:19
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• 26:19
  video1889773136: of
• 26:19
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• 26:19
  video1889773136: viewers
• 26:19
  video1889773136: know,
• 26:20
  video1889773136: over
• 26:21
  video1889773136: 20,
• 26:21
  video1889773136: 30,
• 26:22
  video1889773136: 40
• 26:22
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• 26:22
  video1889773136: that
• 26:22
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• 26:23
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• 26:24
  video1889773136: you
• 26:24
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• 26:25
  video1889773136: could
• 26:25
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• 26:25
  video1889773136: the
• 26:25
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• 26:25
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• 26:26
  video1889773136: a
• 26:26
  video1889773136: great
• 26:26
  video1889773136: quality
• 26:26
  video1889773136: of
• 26:26
  video1889773136: life
• 26:27
  video1889773136: in
• 26:27
  video1889773136: retirement,
• 26:27
  video1889773136: and
• 26:28
  video1889773136: particularly
• 26:28
  video1889773136: in
• 26:28
  video1889773136: the
• 26:28
  video1889773136: later
• 26:28
  video1889773136: years,
• 26:29
  video1889773136: or
• 26:29
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• 26:30
  video1889773136: not
• 26:30
  video1889773136: so
• 26:30
  video1889773136: great
• 26:30
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• 26:30
  video1889773136: of
• 26:31
  video1889773136: life
• 26:32
  video1889773136: Mm-hmm.
• 26:32
  video1889773136: Yeah,
• 26:33
  video1889773136: that's
• 26:33
  video1889773136: a
• 26:33
  video1889773136: great
• 26:33
  video1889773136: point.
• 26:34
  video1889773136: And
• 26:35
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• 26:36
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• 26:36
  video1889773136: what
• 26:36
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• 26:36
  video1889773136: think
• 26:36
  video1889773136: about
• 26:37
  video1889773136: the
• 26:37
  video1889773136: forecasted
• 26:38
  video1889773136: future
• 26:38
  video1889773136: returns
• 26:38
  video1889773136: of,
• 26:39
  video1889773136: the
• 26:39
  video1889773136: S&P
• 26:39
  video1889773136: 500,
• 26:40
  video1889773136: uh,
• 26:41
  video1889773136: studies
• 26:41
  video1889773136: show
• 26:42
  video1889773136: that
• 26:42
  video1889773136: at
• 26:42
  video1889773136: elevated
• 26:43
  video1889773136: or
• 26:44
  video1889773136: lofty
• 26:44
  video1889773136: valuations
• 26:45
  video1889773136: like
• 26:45
  video1889773136: we're
• 26:45
  video1889773136: at
• 26:45
  video1889773136: now,
• 26:47
  video1889773136: five-year
• 26:47
  video1889773136: forward
• 26:48
  video1889773136: returns,
• 26:49
  video1889773136: you
• 26:50
  video1889773136: know,
• 26:50
  video1889773136: getting
• 26:50
  video1889773136: double
• 26:50
  video1889773136: digit
• 26:51
  video1889773136: returns
• 26:51
  video1889773136: is
• 26:51
  video1889773136: unlikely.
• 26:52
  video1889773136: But
• 26:52
  video1889773136: we'll
• 26:53
  video1889773136: see.
• 26:53
  video1889773136: Yeah.
• 26:53
  video1889773136: Who
• 26:53
  video1889773136: knows?
• 26:53
  video1889773136: A
• 26:53
  video1889773136: long,
• 26:53
  video1889773136: long
• 26:54
  video1889773136: time.
• 26:54
  video1889773136: I,
• 26:54
  video1889773136: I
• 26:54
  video1889773136: agree.
• 26:55
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• 26:56
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• 26:56
  video1889773136: so
• 26:56
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• 26:57
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• 26:57
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• 26:58
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• 26:58
  video1889773136: the
• 26:58
  video1889773136: point
• 26:59
  video1889773136: of
• 27:00
  video1889773136: diversification
• 27:01
  video1889773136: is
• 27:01
  video1889773136: very
• 27:01
  video1889773136: important.
• 27:02
  video1889773136: Private
• 27:02
  video1889773136: markets
• 27:03
  video1889773136: gives
• 27:03
  video1889773136: you
• 27:03
  video1889773136: that
• 27:03
  video1889773136: diversification,
• 27:04
  video1889773136: whether
• 27:04
  video1889773136: it's
• 27:04
  video1889773136: through
• 27:05
  video1889773136: interval
• 27:05
  video1889773136: funds
• 27:06
  video1889773136: or
• 27:06
  video1889773136: whatever
• 27:07
  video1889773136: other
• 27:07
  video1889773136: access
• 27:08
  video1889773136: vehicle
• 27:08
  video1889773136: you
• 27:08
  video1889773136: might
• 27:09
  video1889773136: like.
• 27:09
  video1889773136: So
• 27:10
  video1889773136: there's
• 27:11
  video1889773136: been
• 27:11
  video1889773136: a
• 27:11
  video1889773136: lot
• 27:11
  video1889773136: of
• 27:11
  video1889773136: news,
• 27:12
  video1889773136: Joe,
• 27:13
  video1889773136: particularly
• 27:13
  video1889773136: in
• 27:13
  video1889773136: private
• 27:14
  video1889773136: credit.
• 27:15
  video1889773136: You
• 27:15
  video1889773136: know,
• 27:15
  video1889773136: there's
• 27:15
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• 27:15
  video1889773136: some
• 27:16
  video1889773136: run
• 27:16
  video1889773136: on
• 27:16
  video1889773136: some
• 27:16
  video1889773136: of
• 27:17
  video1889773136: the
• 27:17
  video1889773136: firms
• 27:17
  video1889773136: and
• 27:18
  video1889773136: their
• 27:18
  video1889773136: products
• 27:19
  video1889773136: and
• 27:20
  video1889773136: investors
• 27:21
  video1889773136: re-
• 27:22
  video1889773136: demanding
• 27:22
  video1889773136: their
• 27:22
  video1889773136: money
• 27:23
  video1889773136: back.
• 27:23
  video1889773136: How
• 27:24
  video1889773136: are
• 27:24
  video1889773136: you
• 27:24
  video1889773136: set
• 27:24
  video1889773136: up
• 27:25
  video1889773136: to
• 27:25
  video1889773136: weather
• 27:25
  video1889773136: the
• 27:25
  video1889773136: storm
• 27:26
  video1889773136: for
• 27:26
  video1889773136: investors
• 27:27
  video1889773136: needing
• 27:27
  video1889773136: liquidity?
• 27:29
  video1889773136: Well,
• 27:29
  video1889773136: I
• 27:29
  video1889773136: think,
• 27:29
  video1889773136: uh,
• 27:30
  video1889773136: we're
• 27:30
  video1889773136: similar
• 27:30
  video1889773136: to
• 27:30
  video1889773136: a
• 27:30
  video1889773136: lot
• 27:31
  video1889773136: of
• 27:31
  video1889773136: other
• 27:31
  video1889773136: firms.
• 27:31
  video1889773136: Uh,
• 27:32
  video1889773136: so
• 27:32
  video1889773136: the
• 27:32
  video1889773136: way
• 27:33
  video1889773136: interval
• 27:33
  video1889773136: funds
• 27:34
  video1889773136: work,
• 27:35
  video1889773136: and,
• 27:35
  video1889773136: you
• 27:35
  video1889773136: know,
• 27:35
  video1889773136: there's
• 27:36
  video1889773136: sometimes
• 27:36
  video1889773136: some
• 27:36
  video1889773136: confusion
• 27:37
  video1889773136: out
• 27:37
  video1889773136: there,
• 27:37
  video1889773136: what's
• 27:37
  video1889773136: the
• 27:37
  video1889773136: difference
• 27:38
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• 27:38
  video1889773136: an
• 27:38
  video1889773136: interval
• 27:39
  video1889773136: fund
• 27:39
  video1889773136: and
• 27:39
  video1889773136: a
• 27:39
  video1889773136: tender
• 27:39
  video1889773136: offer
• 27:40
  video1889773136: fund?
• 27:40
  video1889773136: You
• 27:40
  video1889773136: know,
• 27:40
  video1889773136: one
• 27:41
  video1889773136: of
• 27:41
  video1889773136: the
• 27:41
  video1889773136: core
• 27:41
  video1889773136: differences,
• 27:42
  video1889773136: tender
• 27:42
  video1889773136: offer
• 27:42
  video1889773136: funds,
• 27:43
  video1889773136: uh,
• 27:44
  video1889773136: promise
• 27:45
  video1889773136: liquidity,
• 27:45
  video1889773136: but
• 27:46
  video1889773136: are
• 27:46
  video1889773136: not
• 27:46
  video1889773136: legally
• 27:47
  video1889773136: obligated
• 27:47
  video1889773136: to
• 27:48
  video1889773136: provide
• 27:48
  video1889773136: that
• 27:48
  video1889773136: liquidity.
• 27:49
  video1889773136: So
• 27:49
  video1889773136: I'm
• 27:49
  video1889773136: sure
• 27:50
  video1889773136: they
• 27:50
  video1889773136: have
• 27:50
  video1889773136: the
• 27:50
  video1889773136: best
• 27:50
  video1889773136: of
• 27:50
  video1889773136: intentions,
• 27:51
  video1889773136: but
• 27:51
  video1889773136: when
• 27:52
  video1889773136: the
• 27:52
  video1889773136: you
• 27:52
  video1889773136: know
• 27:52
  video1889773136: what
• 27:52
  video1889773136: hits
• 27:52
  video1889773136: the
• 27:52
  video1889773136: fan,
• 27:53
  video1889773136: they
• 27:53
  video1889773136: may
• 27:53
  video1889773136: not
• 27:54
  video1889773136: be
• 27:54
  video1889773136: equipped
• 27:54
  video1889773136: to
• 27:55
  video1889773136: provide
• 27:55
  video1889773136: the
• 27:55
  video1889773136: liquidity
• 27:55
  video1889773136: needed.
• 27:56
  video1889773136: Interval
• 27:57
  video1889773136: funds,
• 27:57
  video1889773136: you
• 27:57
  video1889773136: are
• 27:58
  video1889773136: legally
• 27:58
  video1889773136: obligated,
• 27:59
  video1889773136: you
• 27:59
  video1889773136: as
• 27:59
  video1889773136: the
• 27:59
  video1889773136: sponsor
• 28:00
  video1889773136: or
• 28:00
  video1889773136: advisor
• 28:01
  video1889773136: are
• 28:01
  video1889773136: legally
• 28:02
  video1889773136: obligated
• 28:03
  video1889773136: to
• 28:03
  video1889773136: provide,
• 28:03
  video1889773136: uh,
• 28:04
  video1889773136: the
• 28:04
  video1889773136: liquidity
• 28:05
  video1889773136: that
• 28:05
  video1889773136: you
• 28:05
  video1889773136: promised
• 28:06
  video1889773136: in
• 28:06
  video1889773136: your
• 28:06
  video1889773136: filing
• 28:06
  video1889773136: with
• 28:07
  video1889773136: the
• 28:07
  video1889773136: SEC.
• 28:08
  video1889773136: So
• 28:08
  video1889773136: that
• 28:08
  video1889773136: means
• 28:08
  video1889773136: in
• 28:08
  video1889773136: our
• 28:09
  video1889773136: case,
• 28:09
  video1889773136: we
• 28:09
  video1889773136: keep
• 28:10
  video1889773136: a
• 28:10
  video1889773136: certain
• 28:10
  video1889773136: amount
• 28:10
  video1889773136: of
• 28:10
  video1889773136: capital
• 28:11
  video1889773136: in
• 28:11
  video1889773136: reserve.
• 28:12
  video1889773136: Um,
• 28:13
  video1889773136: we,
• 28:13
  video1889773136: uh,
• 28:13
  video1889773136: we
• 28:13
  video1889773136: look
• 28:14
  video1889773136: to
• 28:14
  video1889773136: have,
• 28:14
  video1889773136: uh,
• 28:15
  video1889773136: unused
• 28:15
  video1889773136: lines,
• 28:15
  video1889773136: lines
• 28:16
  video1889773136: of
• 28:16
  video1889773136: credit
• 28:16
  video1889773136: available
• 28:17
  video1889773136: for,
• 28:18
  video1889773136: you
• 28:18
  video1889773136: know,
• 28:18
  video1889773136: uh,
• 28:19
  video1889773136: the
• 28:19
  video1889773136: proverbial
• 28:19
  video1889773136: run
• 28:20
  video1889773136: on
• 28:20
  video1889773136: the
• 28:20
  video1889773136: bank.
• 28:21
  video1889773136: And,
• 28:21
  video1889773136: you
• 28:21
  video1889773136: know,
• 28:21
  video1889773136: what
• 28:21
  video1889773136: we
• 28:21
  video1889773136: say
• 28:22
  video1889773136: is,
• 28:22
  video1889773136: "It's
• 28:22
  video1889773136: not
• 28:22
  video1889773136: a
• 28:22
  video1889773136: question
• 28:23
  video1889773136: of
• 28:23
  video1889773136: if,
• 28:23
  video1889773136: it's
• 28:23
  video1889773136: a
• 28:23
  video1889773136: question
• 28:24
  video1889773136: of
• 28:24
  video1889773136: when."
• 28:24
  video1889773136: Markets
• 28:25
  video1889773136: go
• 28:25
  video1889773136: through
• 28:25
  video1889773136: cycles,
• 28:26
  video1889773136: and
• 28:26
  video1889773136: we're
• 28:26
  video1889773136: gonna
• 28:27
  video1889773136: hit
• 28:27
  video1889773136: a
• 28:27
  video1889773136: point
• 28:27
  video1889773136: where
• 28:27
  video1889773136: people
• 28:28
  video1889773136: are
• 28:28
  video1889773136: hitting
• 28:28
  video1889773136: the
• 28:28
  video1889773136: exits,
• 28:29
  video1889773136: and
• 28:29
  video1889773136: we
• 28:29
  video1889773136: wanna
• 28:29
  video1889773136: make
• 28:29
  video1889773136: sure
• 28:30
  video1889773136: we've
• 28:30
  video1889773136: got
• 28:30
  video1889773136: the
• 28:30
  video1889773136: capital
• 28:31
  video1889773136: to
• 28:31
  video1889773136: provide,
• 28:31
  video1889773136: uh,
• 28:32
  video1889773136: the
• 28:32
  video1889773136: liquidity
• 28:32
  video1889773136: needed
• 28:33
  video1889773136: to,
• 28:33
  video1889773136: uh,
• 28:33
  video1889773136: to
• 28:33
  video1889773136: meet
• 28:33
  video1889773136: that,
• 28:34
  video1889773136: uh,
• 28:34
  video1889773136: those
• 28:35
  video1889773136: redemptions.
• 28:36
  video1889773136: Yeah,
• 28:36
  video1889773136: very
• 28:37
  video1889773136: important.
• 28:38
  video1889773136: Joe,
• 28:39
  video1889773136: fantastic
• 28:40
  video1889773136: conversation.
• 28:42
  video1889773136: I
• 28:42
  video1889773136: enjoyed
• 28:42
  video1889773136: it.
• 28:43
  video1889773136: Such
• 28:43
  video1889773136: great
• 28:44
  video1889773136: insight.
• 28:44
  video1889773136: Good,
• 28:44
  video1889773136: and,
• 28:45
  video1889773136: and
• 28:46
  video1889773136: a
• 28:46
  video1889773136: balanced
• 28:46
  video1889773136: approach
• 28:47
  video1889773136: to
• 28:48
  video1889773136: interval
• 28:48
  video1889773136: funds,
• 28:49
  video1889773136: private
• 28:49
  video1889773136: markets,
• 28:50
  video1889773136: where
• 28:50
  video1889773136: yes,
• 28:51
  video1889773136: it's
• 28:51
  video1889773136: important,
• 28:52
  video1889773136: but
• 28:52
  video1889773136: you
• 28:52
  video1889773136: also
• 28:52
  video1889773136: need
• 28:53
  video1889773136: to
• 28:53
  video1889773136: know
• 28:53
  video1889773136: the
• 28:53
  video1889773136: risks.
• 28:54
  video1889773136: You
• 28:54
  video1889773136: gotta
• 28:54
  video1889773136: be
• 28:54
  video1889773136: balanced
• 28:55
  video1889773136: on
• 28:55
  video1889773136: it.
• 28:55
  video1889773136: You
• 28:55
  video1889773136: can't
• 28:56
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• 28:57
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• 28:58
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• 28:58
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• 28:59
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• 28:59
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• 29:00
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• 29:00
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• 29:00
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• 29:00
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• 29:00
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• 29:00
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• 29:02
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• 29:02
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• 29:02
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• 29:04
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• 29:04
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• 29:04
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• 29:05
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• 29:05
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• 29:05
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• 29:06
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• 29:06
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• 29:07
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• 29:07
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• 29:07
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• 29:07
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• 29:07
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• 29:07
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• 29:08
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• 29:09
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• 29:09
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• 29:09
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• 29:10
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• 29:10
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• 29:11
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• 29:11
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• 29:12
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• 29:12
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• 29:12
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• 29:13
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• 29:13
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• 29:13
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• 29:14
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• 29:14
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• 29:14
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• 29:15
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• 29:16
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• 29:16
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• 29:16
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• 29:17
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• 29:18
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• 29:18
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• 29:18
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• 29:19
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• 29:19
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• 29:19
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• 29:20
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• 29:20
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• 29:21
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• 29:21
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• 29:21
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• 29:22
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• 29:23
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• 29:24
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• 29:24
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• 29:24
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• 29:25
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• 29:27
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• 29:28
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• 29:29
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• 29:30
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• 29:31
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• 29:33
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• 29:33
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• 29:33
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• 29:34
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• 29:34
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• 29:34
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• 29:34
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• 29:35
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• 29:36
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• 29:36
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• 29:37
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• 29:37
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• 29:38
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• 29:38
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• 29:41
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• 29:42
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• 29:42
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• 29:43
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• 29:43
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• 29:43
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• 29:43
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• 29:45
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• 29:45
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• 29:48
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• 29:50
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• 29:51
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• 29:53
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• 29:53
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• 29:54
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• 29:54
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• 29:55
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• 29:55
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• 29:55
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• 29:55
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