Is There a Need for Alternative Fixed Income Replacement?

I want to get your perspective on the current yield environment, given what you just said. You've said that a poll is in the fixed income replacement business and believe your yield business could double in five years. In a world where liquid fixed income is now yielding around 5%, is the need for an alternative fixed income replacement the same? And how are you navigating that? I'll start with yes, it is still the same because ultimately clients are looking for excess return per unit of risk.