Scott Chan

You got to check your gut because the markets are down. They can be down 20%, 30%, even 40%. And here you are buying into it. That is not easy to do, even if you have a plan, right? Because it just doesn't feel right. You feel that the next day and the next day after that, markets can continue to go down. It's hard to have the discipline to do that in reality.

I think that really helps to have a prepared mind, to have a plan that's ready, even though you know that everything's going to be different the next time we go through it. You and I, we won't be able to guess what the cause of that crisis is, and you realize certain things become more dislocated and more interesting in terms of a pricing perspective than others.

I think that really helps to have a prepared mind, to have a plan that's ready, even though you know that everything's going to be different the next time we go through it. You and I, we won't be able to guess what the cause of that crisis is, and you realize certain things become more dislocated and more interesting in terms of a pricing perspective than others.

I think that really helps to have a prepared mind, to have a plan that's ready, even though you know that everything's going to be different the next time we go through it. You and I, we won't be able to guess what the cause of that crisis is, and you realize certain things become more dislocated and more interesting in terms of a pricing perspective than others.

You won't be able to guess that either until it actually happens.

You won't be able to guess that either until it actually happens.

You won't be able to guess that either until it actually happens.

This is a really interesting point, David. To me, if I looked globally at all the different asset allocators, and certainly over my lifetime, one of the biggest changes has been global competition, right? I mean, you think about CalSTRS, $350 billion in assets.

This is a really interesting point, David. To me, if I looked globally at all the different asset allocators, and certainly over my lifetime, one of the biggest changes has been global competition, right? I mean, you think about CalSTRS, $350 billion in assets.

This is a really interesting point, David. To me, if I looked globally at all the different asset allocators, and certainly over my lifetime, one of the biggest changes has been global competition, right? I mean, you think about CalSTRS, $350 billion in assets.

We're now like, and I don't know the exact number, I stopped checking this, but at a certain point we were like 25 on the list of global allocators in terms of size, right? The other big trend is every asset allocator has become more and more like an asset manager. The staff has become more and more professional to different degrees.

We're now like, and I don't know the exact number, I stopped checking this, but at a certain point we were like 25 on the list of global allocators in terms of size, right? The other big trend is every asset allocator has become more and more like an asset manager. The staff has become more and more professional to different degrees.

We're now like, and I don't know the exact number, I stopped checking this, but at a certain point we were like 25 on the list of global allocators in terms of size, right? The other big trend is every asset allocator has become more and more like an asset manager. The staff has become more and more professional to different degrees.

But I think what differentiates, one of the things that differentiates all the global allocators and one of the advantages we have is great governance. That starts with our board and you need a board that's innovative and that's able to delegate and be strategic with staff. We have that, and they delegated the authority of the investment decisions, how we have flexibility to react to the markets.

But I think what differentiates, one of the things that differentiates all the global allocators and one of the advantages we have is great governance. That starts with our board and you need a board that's innovative and that's able to delegate and be strategic with staff. We have that, and they delegated the authority of the investment decisions, how we have flexibility to react to the markets.

But I think what differentiates, one of the things that differentiates all the global allocators and one of the advantages we have is great governance. That starts with our board and you need a board that's innovative and that's able to delegate and be strategic with staff. We have that, and they delegated the authority of the investment decisions, how we have flexibility to react to the markets.

We do that by policy. They approve the policy. We've got great governance, starting with the board. But then from staff's perspective, I think one of the things that has made us really successful is how we invest, how you make money, I believe, given my experiences in the market,

We do that by policy. They approve the policy. We've got great governance, starting with the board. But then from staff's perspective, I think one of the things that has made us really successful is how we invest, how you make money, I believe, given my experiences in the market,

We do that by policy. They approve the policy. We've got great governance, starting with the board. But then from staff's perspective, I think one of the things that has made us really successful is how we invest, how you make money, I believe, given my experiences in the market,

bottom up it's transaction by transaction and that can only be done through a building expertise across all these different segments in the market um which we've done to you know to mirror our partners as well i think those have been really keys and then we've delegated the authority um down to that level you know people that have the greatest insight into the assets