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Credit goes through cycles. We just haven't seen a cycle in a long time.
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We don't use lots of leverage, the industry doesn't. The liability structures are very long tailed.
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Systemic risk has a couple of characteristics. One, there's usually massive concentration of risk in one asset class. Two, lots of leverage. Three, interconnectivity.
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The demand for capital around the world over the next 5 to 10 years is only going up.