Investing in a Rising Rate Environment?

Blackstone Real Estate has done great over the past 30 years. The company uses a disciplined approach in terms of what we buy and then how do we capitalize it? I mean, one of my favorite examples is Japan. It's been one of our most successful markets ever. We can buy more do more complicated investments that others maybe can't tackle larger situations where we buy portfolios of real estate, not single assets. And then we manage the heck out of it to create value and hands-on cash flows. That's how we do well.