What We Did Was Normalcy Around Oaktree

I joined during the TMT crisis that Howard referenced and I thought that was unprecedented. It's something much bigger than that happened five years later. But it felt like we were ready for it. We had the capital. And yeah, when you buy $200 million of bank debt and then a week later, it's offered lower than what you bought it at. That could be a little disheartening but generally speaking, we plowed forward. 90% of what you have to know about investor behavior and market cycles is that in the real world, things fluctuate between pretty good and not so hot. Both flawless and hopeless are exaggerations.