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Similar to what we've said in previous quarters is it's a little bit of a unique market right now in that -- well, we tend to always be both activeinvestors as well as recyclers of capital. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Most of this came from a line item called "Increase in trade and other liabilities." If you're a more activeinvestor, you probably want to pay attention to liquidity, which is generally measured by daily volume and the bid-ask spread. One of the headline numbers is that it made about 400 million Euros in free cash flow.
00:20:33 And so in that period they ceased to be passive investors, they became activeinvestors, and that became an opportunity for outperformance. And I do think you used a term that I think is really interesting, the relentless bid. One is it creates a momentum bid because what do I choose to buy?
For an activeinvestor, that provides opportunities,” Graham said, referencing CPP Investments’ approach of combing the globe and often making direct investments in a wide range of assets, from airports to toll roads and energy utilities to malls. Public Equities include absolute return strategies and related investment liabilities.
As our efforts to reduce servicing costs improved our bids, we shifted energy to a series of enhancements to our platform. So we still are going to be activeinvestors in kind of repurchasing stock. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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