The Importance of Conviction in Asset Pricing

I mean, our wheelhouse in my business is pricing assets and finding situations where we think those assets will mean revert back to some fundamental anchor that is representative of fair value. But equally in situations like this, if you maintain your conviction in your own internal estimates of those fair values, you get tremendous opportunities. I mean, there's no doubt that the asset prices we're seeing in, for example, bank credit are the best investment opportunities we've seen in a lifetime. So it's a bit painful right now. But when spreads mean revert normalises, they have done after every shock, you're going to get incredible returns over the next 12 months, 12, 20 months. We need