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If you have $118 billion of cash in your pocket and nobody can take it away from you when things get cheaper, that's called a good day.
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The equity market is the more emotional friend. The credit market is the more sober minded friend. When this friend gets nervous, that's when we get more nervous.
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There will be the apology tour and the apology fund. The next fund will be 0.3 times the size of the last fund.
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The last thing that we think about at KKR in this kind of a rising rate environment is we sit on $115 billion of dry powder across the firm.