Scott Chan

So these are areas like asset backed, infrastructure debt, energy transition debt. I think those are areas. And if you think about the opposite of the S&P and the stock markets, real estate has been down two years in a row, and it's been down very, very significantly. They were the first to react to this pricing adjustment of the rise in interest rates over 5%.

Every time you've seen a few significant years of decline going forward, it's led to outperformance in the real estate segment. So it's likely too early for us to call this

Every time you've seen a few significant years of decline going forward, it's led to outperformance in the real estate segment. So it's likely too early for us to call this

Every time you've seen a few significant years of decline going forward, it's led to outperformance in the real estate segment. So it's likely too early for us to call this

inflection point like here's the bottom but i do think that um you can start picking your shots we're seeing more opportunities and this is likely isn't one year from now is it two years from now um we'll start to see an inflection point um where we'll go from pockets of opportunities to real estate to the sector uh making a comeback those are some areas that that i think are very interesting the third thing and maybe also from a contrarian mindset

inflection point like here's the bottom but i do think that um you can start picking your shots we're seeing more opportunities and this is likely isn't one year from now is it two years from now um we'll start to see an inflection point um where we'll go from pockets of opportunities to real estate to the sector uh making a comeback those are some areas that that i think are very interesting the third thing and maybe also from a contrarian mindset

inflection point like here's the bottom but i do think that um you can start picking your shots we're seeing more opportunities and this is likely isn't one year from now is it two years from now um we'll start to see an inflection point um where we'll go from pockets of opportunities to real estate to the sector uh making a comeback those are some areas that that i think are very interesting the third thing and maybe also from a contrarian mindset

is that at a certain point, and it could be as early as this year, liquidity. Liquidity is going to be more valuable than gold. There's a lot of uncertainty and risk that's not priced in securities. The way that that tends to work is that it doesn't get priced in until there's an event, right? Something actually happens.

is that at a certain point, and it could be as early as this year, liquidity. Liquidity is going to be more valuable than gold. There's a lot of uncertainty and risk that's not priced in securities. The way that that tends to work is that it doesn't get priced in until there's an event, right? Something actually happens.

is that at a certain point, and it could be as early as this year, liquidity. Liquidity is going to be more valuable than gold. There's a lot of uncertainty and risk that's not priced in securities. The way that that tends to work is that it doesn't get priced in until there's an event, right? Something actually happens.

But we know that there are many triggers of potential events from the shocking events 100 plus executive orders that we've seen to, you know, the potential tariffs or immigration, our fiscal deficit, geopolitics. I mean, there's so many different triggers out there.

But we know that there are many triggers of potential events from the shocking events 100 plus executive orders that we've seen to, you know, the potential tariffs or immigration, our fiscal deficit, geopolitics. I mean, there's so many different triggers out there.

But we know that there are many triggers of potential events from the shocking events 100 plus executive orders that we've seen to, you know, the potential tariffs or immigration, our fiscal deficit, geopolitics. I mean, there's so many different triggers out there.

And I think because of this uncertainty, bottom line is, I think, you know, at a certain point, maybe it's this year, most likely, we'll see, you know, the stock market down.

And I think because of this uncertainty, bottom line is, I think, you know, at a certain point, maybe it's this year, most likely, we'll see, you know, the stock market down.

And I think because of this uncertainty, bottom line is, I think, you know, at a certain point, maybe it's this year, most likely, we'll see, you know, the stock market down.

What we're doing is number one, we're bringing what we call our diversifying assets back to target. That's primarily fixed income, but also includes hedge funds and cash. We had been underweight that, you know, as we were riding the tailwinds of a strong market, we're bringing that back to target from an underweight position.

What we're doing is number one, we're bringing what we call our diversifying assets back to target. That's primarily fixed income, but also includes hedge funds and cash. We had been underweight that, you know, as we were riding the tailwinds of a strong market, we're bringing that back to target from an underweight position.

What we're doing is number one, we're bringing what we call our diversifying assets back to target. That's primarily fixed income, but also includes hedge funds and cash. We had been underweight that, you know, as we were riding the tailwinds of a strong market, we're bringing that back to target from an underweight position.

And number two, we're really ensuring that we have the firepower and liquidity to invest in a crisis or a market downturn. where I think that's where asset allocators really can differentiate themselves, providing liquidity during extreme market sell-offs. And so we've done a lot of work over the last three years in enhancing our liquidity tools to be able to get into that position.