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And that could be painful, because someone will have to take the pain, even if, unlike 2008, where the risk was concentrated on banks’ balance sheet, today is much more spread across, let’s say, asset managers. And I think this is where the industry should be heading. Are there some conflict of interest involved here?
By significantly expanding our credit platform in 2008 in advance of the extraordinary investment opportunities that arose from the global financial crisis. There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term.
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