Scott Chan

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.

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.

It's more on the supply of liquidity where we've identified, you know, if we went into a crisis, what sources of liquidity would we be drawing on, where we should invest in it, that changes fairly dynamically because at the point in time, you know, is it that the markets are down 40% and, you know, it's time to, you know, to get back into the, you know, the global equity markets?

It's more on the supply of liquidity where we've identified, you know, if we went into a crisis, what sources of liquidity would we be drawing on, where we should invest in it, that changes fairly dynamically because at the point in time, you know, is it that the markets are down 40% and, you know, it's time to, you know, to get back into the, you know, the global equity markets?

It's more on the supply of liquidity where we've identified, you know, if we went into a crisis, what sources of liquidity would we be drawing on, where we should invest in it, that changes fairly dynamically because at the point in time, you know, is it that the markets are down 40% and, you know, it's time to, you know, to get back into the, you know, the global equity markets?

Are we seeing pockets of opportunity in the private markets? Right now, I could tell you what we're interested in, and maybe that would remain the same in a market solid, but maybe it would be different. And so a lot of the preparation revolves just around the liquidity tools we'll be using at the time.

Are we seeing pockets of opportunity in the private markets? Right now, I could tell you what we're interested in, and maybe that would remain the same in a market solid, but maybe it would be different. And so a lot of the preparation revolves just around the liquidity tools we'll be using at the time.

Are we seeing pockets of opportunity in the private markets? Right now, I could tell you what we're interested in, and maybe that would remain the same in a market solid, but maybe it would be different. And so a lot of the preparation revolves just around the liquidity tools we'll be using at the time.

And then we're going to be meeting with the teams to say, is it still these areas or are there different areas that we should be emphasizing? Because the market prices will be changing very dynamically along the way down.

And then we're going to be meeting with the teams to say, is it still these areas or are there different areas that we should be emphasizing? Because the market prices will be changing very dynamically along the way down.

And then we're going to be meeting with the teams to say, is it still these areas or are there different areas that we should be emphasizing? Because the market prices will be changing very dynamically along the way down.

Fixed income would have a lot of liquidity, for example. That includes our hedge fund book, which we call Risk-Making Strategies. if the market downdraft comes, taking profits from those two areas is going to be a great thing for us to do at that time. Cash was also part of that diversifying set of asset base that we have, the diversifying portfolio.

Fixed income would have a lot of liquidity, for example. That includes our hedge fund book, which we call Risk-Making Strategies. if the market downdraft comes, taking profits from those two areas is going to be a great thing for us to do at that time. Cash was also part of that diversifying set of asset base that we have, the diversifying portfolio.

Fixed income would have a lot of liquidity, for example. That includes our hedge fund book, which we call Risk-Making Strategies. if the market downdraft comes, taking profits from those two areas is going to be a great thing for us to do at that time. Cash was also part of that diversifying set of asset base that we have, the diversifying portfolio.

In other words, the other element is that we can draw down on our balance sheet. And so are there ways that we want to create leverage during that time to be able to provide liquidity, which we would believe would be sort of short-term in nature over a cycle. How would we want to draw upon those sources, particularly in times of great discounts and dislocations in the market?

In other words, the other element is that we can draw down on our balance sheet. And so are there ways that we want to create leverage during that time to be able to provide liquidity, which we would believe would be sort of short-term in nature over a cycle. How would we want to draw upon those sources, particularly in times of great discounts and dislocations in the market?

In other words, the other element is that we can draw down on our balance sheet. And so are there ways that we want to create leverage during that time to be able to provide liquidity, which we would believe would be sort of short-term in nature over a cycle. How would we want to draw upon those sources, particularly in times of great discounts and dislocations in the market?

Every crisis and recession is different. We had a contest internally to counsel. We got all our divisions together and we're like, we want everyone to present their best ideas and we're going to have some fun with this and it's going to be like a contest and we'll rate it and we'll get the best idea.

Every crisis and recession is different. We had a contest internally to counsel. We got all our divisions together and we're like, we want everyone to present their best ideas and we're going to have some fun with this and it's going to be like a contest and we'll rate it and we'll get the best idea.

Every crisis and recession is different. We had a contest internally to counsel. We got all our divisions together and we're like, we want everyone to present their best ideas and we're going to have some fun with this and it's going to be like a contest and we'll rate it and we'll get the best idea.