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The 2023 Memo on Liquidity
Hill liquidity can be a feature to keep you from panicking. Because we do public and private, we get to see that. And so in our private businesses, all we're thinking about is how that business is performing. We're not thinking about the value of that business every day. Only one person in the office has any idea really what's happening in our market on a given day. That flashing green and red screen is not a good thing in our view.