The Relationship Between Private Credit and the Anomaly Tight Spreads

We talked about this Martin, have you changed your view? You were searching for facts when we last spoke about the relationship between a private credit on the one hand and the anomalously tight spreads. Have you come to a conclusion about how private credit figures into our world today? Well, I think it is making some incursions and this is an inherent problem when you're using any kind of historically based analysis that here's an element that really wasn't there in the past changing things.