The Future of the Stock Market

Most of what we do is on the equity side, but we definitely pay attention to the fixed income market. You're seeing the flows within treasury funds that people continue to pile into those type of funds. So it makes us a little bit nervous, right? And when you have the competition for capital at all time highs, and now if you include treasuries and certain fixed-income opportunities out there,. It definitely makes it that much more difficult to compete for the capital that's out there.