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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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The returns that we are able to generate in this kind of market are about as good as we have seen in 15 years.
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What is misunderstood is just how hard it is to perform consistently in this business, and how hard it is to accumulate scale.
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We see current liquidity constraints as an opportunity right now.
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Rather than competing with one another, it's really more of a symbiotic relationship. The amount of business that banks do with us now is more than it has ever been.