and that would be met from private-primarily from private selling public equities. in the stress case, we might need more and we have liquidity plans for public equity, public fixed income and absolute returns. on page 14, this is a chart that i borrowed to give the one way of monitoring the current liquidity conditions is private markets. what we are measuring here is the percentage of all dollar value of all ipo, all high yield bond issuance and leverage loan issuance of gdp. you could see last year it was on par of gec and the last two years, both 22 and 23. moving forward, a little about the pacing models that we will present the results. i like to remind that the commitments to draw-down is structured self-luquuidating funds that distribute the capital. the commitment facing model is designed to reach and maintain particular asset allocation, but we are modeling a lot of flexibility that we gave to an to our gp's, so that nature of private asset classes makes this model particularly hard and what we do, we work with cambridge and that data to look at the averag

we as the private sector, in fact, you are a private sector that is a producer. we , as the representative of the private sector , are talking about the number of locomotives that you have produced in the past few years. so why is it that every year you produce the same capacity of 20 as you say, 30 as you say, i say it is not true , 15 why the number of our fleet does not increase in terms of our locomotives, this is the reason, the reason is that you agree with me. you have an opinion. the number of production that can be done with the number of locomotives that are grounded well, they are stuck because the government itself has come, in fact, the issue of the enterprise, which was supposed to be handed over to the private sector since 2008, and the most important things that were actually sweet and bitter , became bitter and left the issue of wagons to the private sector handed over the sweet part that is related. that the transfer of the stations should have been handed over to the private sector, it was not handed over to itself, as you know its own statisti

switching gears from public credit -- private credit to private equity. in an op-ed last month, the founder of ftb capital wrote the ipo window is not closed, it is broken. he added the public market is markedly failing to meet the needs of today's high growth businesses, creating a growing vacuum that private markets that larger feeling. joining us is brad bernstein, the author of that report. it is an interesting time to write this report. we are seeing ipo's come back. why do you feel the ipo market is not broken? >> when a look at the market, it is not about whether companies can get public. the question is how are they thriving once they are public? let's look at the broader ecosystem. over the last 20 years, we've gone from over 8000 public companies to under 4000. at a time with so much innovation that you would expect 15 or 20,000 companies. i get to see all of these exciting dynamic companies in the private market and time again, entrepreneurs aren't choosing or talking about wanting to run a public company. and that concerns me. sonali: what are

let me define this private sector as a private sector that is managed by the government. privatize a private sector, i will not use anything at all, i will not invest with my own money, i will not take a loan. let's take, for example, golghar chadorramelo. look at full steel . let me tell you something. 90% of iran's egyptian production is carried out by the copper company. we don't have any private meaning here . most of iran's iron ore production is in golbahr and chadorremlu sectors, and mines that are owned by the government. now , it is not in the hands of them, mr. engineer. hey, we don't define the private sector too much, we don't define a boundary for it, then to anyone who has any form. we say that a private person should not have a government post, we say that a private person does not , this is not true. there is no private matter. i have a question to ask mr. hamidi about handing over small-scale mines to large-scale ones like this . it is different to refer to the law. see the large-scale mines licensed under the name of development and modernization organiz

let me define this private sector. it is the private sector that is managed by the government . for example, it is like the origin of the egyptian company. let's make it private, i will not use anything at all, i will not invest with my own money , i will not take a loan, it is for you to come , for example, see golghar chadorram, full of steel, let me tell you something, 90% of iran's copper production is done by the copper company, we don't have private meaning anymore . iranian iron ore production in this sector golbahr and chadorremlu and mines that are in the hands of the government now . it's not like that, mr. engineer, it's not like that, imidro is everywhere else, we don't define the private sphere very much, we don't define the boundaries for it, then we tell anyone who has any form to be private, just don't have a government post, we say private, no, that's not right, we have to see what is there a condition for that gentleman or that group that does not exist for others in private mode, i would like to ask mr. hamidi a question regarding the transfer of small mines.

private sector. as the first private sector , i will use my own producer in the country . if i don't need it, i will import it. you also accept that you can use 25 to 30 of your company at most, mr. eslami, when you see that we don't have any compliments, if you need it, say 100 now. now, mr. muji , you tell us the year and time, sir. we are a producer of 10. we can give us money on the condition that they sign a 5-year contract, when this contract is filled, then tell us when the contract is signed and pay in advance. and it became effective, in fact, the expression contract was activated. we also give them a foreign license, so why not you? do you want us to have at all? my question is, why not you ? actually, they say that we want to import. i know what companies are behind mr. rostami's words. can you tell us the import sequence, not the private sector, sorry, like you, you are the private sector. the reason for this is that we have some private sector companies that are doing well, so far in the 5 years we have been working, not a single one of them has been able to p

secondary private equity, real estate, private credit, venture. background in mutual funds. jenny: i still hold a significant portion. it's probably $900 billion. david: alternatives. there's talk about private credit. real estate. jenny: private credit, $78 million. people worry about the growth but what they miss is capital requirements have changed. banks are not lending like they used to. that has shifted to the private credit market. today if you can withstand the illiquidity -- high-yield, you can get 7%. 12% is a big difference. you are not going to get your money back for five years. david: you have capital. what is your maternity match like? jenny: when you raise a fund, you tell your holders, this is the length. you try to match it. it is setting expectations. in some ways, they can be harder for a bank. 40% of their deposits out flowed in one hour. in many ways, private credit is a better match. they set expectations at the time of investment. david: why is private credit growing the way it is? you could tie assets up but those days are

i can sit down with leaders and explained that private investment, u.s.estment, will be dependent and reliant on rule of law. on democracy. on and adherence and respect for human rights. understand, then, in that way, the power of public/private partnerships especially talking about the relationships around the globe. understanding that increasingly, u.s. business is interdependent with our allies and nations around the world. these partnerships then make a lot of sense. ambassador whitman: let me follow that up quickly. we have just a few more minutes. mr. president, tell us a little bit how you think about the partnerships and how you think about americans and the american companies and how they are helping you to skill, to build out this ecosystem? pres. ruto: vice president harris said a very profound thing about relationships. building the correct relationship. we need to recalibrate our engagement. let me start with where we were at the africa climate summit last year. at the africa climate summit last year we pushed to change the narrative around a

i am private. for you to come, for example , see gol gohar, full of steel, and let me tell you something: 90% of iran's copper production is done by the copper company. here , we don't have any private meaning. iran's largest production of iron ore is in this section of golgah. in the name of the development and modernization organization, for example , the companies that they say are all listed in the stock market and their shares are bought and sold among the people, in fact, the people are the owners and shareholders of this sector, and so on. how can it be that the price of the dollar has been going up for 2 months , but it is going up, the stock market in metals is not going up , where in the world is this, where is the next place? no, i don't know any risk at all. either it's wrong or something, we have to do something to make this boom develop. in my section , let's talk about the auctions. see when we put the highest price in order for this to win, and he doesn't know how to do this. do it,

hali mentioned the private sector is helping the government and helping. what is the state of the railway fleet in our country now? what i know for myself is that it is very worn out and old. it has reached an age where it really needs serious attention. now what? from the point of view of the government, which is now giving up the regulatory sector, it outsources to the private sector what part of the freight wagon sector, as good investments have been made by private sector companies in recent years, and alhamdulillah, it is completely produced inside the country. and there is no need to go abroad for imports in the freight wagon sector, and alhamdulillah this sector, well, private sector companies tend to invest, almost in the freight wagon sector , in fact, in the production sector. then, we don't need to import and it is almost proportional to the existing infrastructure of the country, which is the number of active locomotives . there are about 320 cargo units, and about 80 passenger locomotives that are iran's ambassadors, and 130 maneuvering locomo

look, we are privatizing a private sector. i am private. i will not use anything at all.ill not invest with my own money. iran is carried out by copper company, we don't have any private meaning here , iran's largest production of iron ore in the sector. the same golgahar, chadarmel and mines that are in the hands of the government now it's not about this, mr. engineer, it's not about imidro , they are everywhere else, we don't define the private sphere very much, we don't define a boundary for it, then we say to anyone who has any form, private, just don't have a government post, we say private, no, this is not right, we have to see. what are the conditions for that gentleman , or is there a group called the development and renovation organization? now, for example, the companies that he said are all listed on the stock exchange and their shares are bought and sold among the people. in fact, they are still people. they are the shareholders of this sector and most of their shares are available to the public in the private sector, management is important. well, i am a shar

loan to individuals, private. mortgages, private. 100% of a bank balance sheet is private credit.ost of these comments are actually talking about levered lending, direct lending. >> yes. >> this is a nice and very important market. it's a $1.5 trillion market. >> it's a profitable market. >> but the market i'm talking about is a 41 or $42 trillion market. it encompasses investment grade. most of the market in private is actually investment grade. not a single one of these comments is actually addresses what's happening. in 2008, as we were suffering a financial crisis, and we were repairing, regulators around the world had a choice to make. where do they want credit to come from? there were only two choices. it could come from the bank marketplace or investors. 2008 regulators made a decision in the u.s. that more credit should come from investors, and less from the bank marketplace. and by the way, regulators around the world have continued to make this decision. >> yeah. >> this is not a market that we're talking about levered lending and the broadly syndicated market fighting b

the private sector is so important. african politicians. the private sector is too weak.must step in. i'm not going to say that government has no place in the private sector. no. in fact, during the conversations on structural adjustment. they tried to bring together african academics. they got the finance minister and one academic or so from each country. they all converged in nairobi. the onthreed to was that structural adjustment will mean smaller government because there is such an important rule in certain areas for certain government. investing in a major weakness and therefore to build up the private sector. years ago, a book title as a missionary. the point of that book was to talk about the role in creating start ups. somehow, one of the things i suggested was that there are many people who say private sector and then eat out of the hands of the government. they are connected to people in power. probably i'm not the biggest music fan. the businessmen. it provides independent action. thank you. >> thank you very much. i can take just one more question. >> good aft

you want us to go to private? the republican party stole from social security during the bush administration and during the reagan administration. tell them to give us the money back.>> for both of you, if you want to factor in how many people you think depend on social security as their only means of retirement support? >> there were a lot of strong claims in there and i won't have time to debunk all of them. but i would like to say the way it is structured, it is a earning related benefit. if you want to make it more of a welfare program where people pay and without receiving commensurate benefits, that's a discussion we can have but that's not how it is set up. wealthy people contribute. and benefits reflect that. they get lower levels of return on those taxes because social security uses a formula that provides higher benefits for lower earners compared to pre- retirement earnings and lower benefits for higher earners, which i think makes logical sense because higher earners can supplement with other savings.

privatization of schools which. dr. breeland, i'm sure we'll talk more about and the privatization of police forces. and so yeah, those are just some of the salient points that i'm going to jump off with. no h my name is, serena and my dissertation project is focused on the 1990s governance of baltimore, specifically under the tenure of, its first black mayor, kurt schmoke. so what i'm really interested in rstanding is how power works in the city. during this time period and sort of looking at, you know, what similarities there are with other with other urban areas i think fo, like do is talk about a little bit of a roadblock that i've encountered in my r pick which i wish list item for us to sort of theorize neo liberalism, is i think we need to sort of theorize or reconceptualize sovereignty specifically. you know think about when and when actors might be considered to be quasi sovereign is such that they have amassed enough, you know economic and political capital that they can functionally do whatever they want.

sector. 85 shares were given to the private sector, and the ministry was a slave. you know that the law clearly states in the law of various programs, including the seventh program , that it can be privatized . this year, fortunately, in the 7th program layer , a regulation is foreseen for the purpose between the ministry of sports and the broadcasting organization for the right to broadcast television in the government meeting. it should be approved and the right of the club should be given. when he is given the right, he knows that it varies from 35 out of 35 to 65 to 70 countries. they don't have any income . well, maybe i don't know a little about it. you can tell me the details better, but the point is, anyway, football. and every sport of these champion sports has fans it is and not everyone is a fan of it. maybe one person is not interested in football and has the right to say, sir , why should it be spent from my pocket for football, from the pockets of its fans, from the pockets of its fans , etc. this story comes back to sada and vasima . but the more pri

and it will only make private education a privilege for the very wealthy.their race to the bottom. let me just return to this briefly before we move on to talk about pensions bill. you say it's all about fairness and stuff like that, but, the viewer there, matt, he makes a very good point because everyone, you know, walks around getting really upset about all the x amount of people in the top jobs, went to private school and all the rest of it, and these all boys networks, whatever. but ultimately, why isn't this policy just going to serve to make them even more elite? because what you're going to do is you're going to pull out the middle, middle ground and only the really rich people will be there. and happily, to continue the priority should be getting a decent and a better invested state education system. >> that's where 93% of people's children go and look. we can debate this back and forward, but those parents pay over the odds into the state education system already, don't they? look, this is about fairness . it look, this is about fairness. it is abo

the number two factor is these companies are choosing to stay private longer because is more privatenundrum because this capital is expecting an exit at some point which is likely to be the public markets. so we used to have 8000 public companies in the 90's. we are down to less than 4000. at this pace we will down to 2000 in another 20 years. 2000 is about the size of the stock exchange which went from 4000 to 2000. stock exchanges are shrinking not in terms of valuations but in terms of the number of public companies. meaning the remaining companies have higher and higher market capitalizations and it's difficult for young innovative growing companies to go public. >> can we think about this through the lens of a case study if you don't mind. i think about elon musk incorporated. he is documenting the challenges of being a public company ceo of tesla and if i comparison you look at his private companies, space x, the, be formerly known as twitter. many would argue he's able to innovate with more freedom because he is free of the responsibility or scrutiny or even the transparency r

when you think of privatization, you can think of the private sector providing benefits without any public subsidy and obviously that doesn't always work out for low income americans. if we had a private educational system, you have growth in a quality education. you would also have people who could not afford any education. also when you have public education system that is more less a monopoly of the government, that takes away a lot of the incentive to innovate it takes a lot of incentive away from putting kids priorities first. in a place like that, conservatives say we need to give kids more options to get their education from people other than the sort of monopoly public provider. that is why conservatives tend to like charter schools which organizes like a public school but does not have a lot of the constraints. if you talk about -- i think the experiment with public housing which is less of a johnson initiative, more predating johnson, the big public housing projects that still stand today, but a lot of it was torn down in the 1990's. those have some serious problems in terms of c

now, when we think about private markets, institutions have relied on private markets for decades, butrth individuals could access those the same investments via drawdown vehicles, for example. with this new announcement that we've mentioned by a capital group, and i think this is the direction the industry is headed in, non-accredited investors have access to these very same sluices. jack: unfortunately, we don't have have a time to do a deep diving but another benefit can be that because it's not sold as frequently, there's a little less pressure in bad time, right in. >> that's absolutely the case. that's part of the reason why you have this premium which is the excess if return of private market over public market, and in private equity that has average over time increased. and in the market we foresee over the next five years driven by the same factors you started out describing, volatility is the same thing we expect, so is this is a time where private market should outperform. jack: paula carp bell roberts, thank you so much -- campbell roberts, thank you so much. >> thank you,

private schools. my sort of bugbean private schools. bugbear, close the loopholes on tax avoidance. i mean, that probably does add up to enough for 6500 teachers. and also she's trying to open the nhs on the weekends to try and bring those waiting lists down. i mean, it's not the most expensive pledges that she's making. i sort of believed her. i thought she was very good. on laura keynes , but today she was laura keynes, but today she was quite convincing. >> well, but doesn't that depend so let's take the vat on private schools. we'll be talking about that in the next hour , shocking. that in the next hour, shocking. 40,000 kids are likely to be out of schools. one school has already closed . if that is the already closed. if that is the trajectory of this so—called wonderful tax on these successful schools to pay for the ones that are supposedly failing, how on earth will that work? the numbers won't work, surely? >> yeah , there's going to be a >> yeah, there's going to be a huge amount of people coming into the state sector, but al

sector for this in private sector for this in private hospitals and that you pay private hospitals andt money to get people through. and this is about the fact that there are we've talked about it earlier. there are a lot of people who are off work at the moment with long term sickness and what you've got is a scenario where people have mild ailments that have got so much worse and making their health worse. it means that they're off work for years at a time. and i think the money to put into private hospitals to get those people treated, whether it's in knee or hip, those kind of problems, is money well spent because those people can get back to work, they can pay can get back to work, they can pay taxes and they can have a quality of life that isn't possible. and so i think that is money that should be spent and will come back pretty quickly. >> so i mean, as clare said, we do spend an awful lot of money on the nhs, a system that isn't working . is it? more money? working. is it? more money? >> but one of the problems we have that is often not mentioned is the change in demographics.

recognizing that private sector plays requisite and the role private sector plays and is consistent and predictable of the environment including tax benefits for long-term investment so people can decide what they want to do and looking at the great horizon kenya has updated our tax policy guidelines. we are committed to continue this regime and we have agreed that we are going to have a steady tax regime for the next three years. let me also say we are doing this to meet the standards of stability and predictability that is required for any nation. so, minimum three years and in any event until our tax code meets the highest starpbz standards of applicantability. we have reviewed our digital and aligning it for cooperation and development commonly known as oecd. it will be processed within six months in which taxpayers can have their claim of future tax liability. we have had a big problem with companies who tell us that our tax refunds has been delayed. so we decided we need what the lawyers call quid pro quo. we need something to make it accomplished so any tax refunds verified will

privatization of esteghlal and presplis started after about 3 decades. the view and approach of entrepreneurship should be based, basically, the person who becomes a shareholder is interested in making a profit from his ownership, of course. about 90 % of the shares are left in the hands of the government. the reason for not welcoming it is that the income sources of these two clubs are very unclear. that is what we really discussed in the vote of confidence meeting of mr. minister, honorable mr. kommers hashemi. we emphasized that the world has successful experiences in handing over clubs, that these successful experiences should be used, otherwise we will not have a chance to fly. with this opinion, you will not have the chance to fly until 300 million tomans, no real estate collateral is required. from making interest on the guarantor's deposit up to 50 million, my guarantor doesn't want to be reimbursed. wait for 5 years. i'm sorry. i'm sorry, the roof conditions for legal entities . you say up to 750 million tomans with the same conditions . you can

this is sort of like public, private.and i'm like, yeah that does change in that, you know, that is neoliberals. it's true and now they look, i thought if i'm one of the parties, you know, and then you just play this game of finding it like because so many of the things that we think of as neoliberal, even, i mean, whether it be sort of some economic formations, you can find examples where it's us and in other places or you can particularly when we get into that again super fun stuff about t like ration isn't like sort subjectivity. all this theorizing that like we're all a market agents now and it's like and and i'm like is my soul different like did it is my different than it was and then i kind of get like i'm questioning it and then i read benjamin franklin's things and i'm like, see, he's sounding really neoliberal, like maximizing his productivity, you know? but then it's just like, point. and so, so i have these moments when like oh, it doesn' work. and then i'm teaching it in front of my students and i'm li neolib

it should be qualified, we should be able to identify and use private capacities appropriately. the connection between the transfer of esteghlal and presplis shares to the issue of privatization of automobile manufacturers, apart from their governmental nature, is that , according to experts, now that the government has taken a big step in the transfer of the shares of the car manufacturers, it is time to to take an effective step towards handing over the shares of the country's two car manufacturers. fayez shabani, radio and television news agency. the devices that were voted by the administrative justice court not to connect to the national license portal should join this portal. according to the vice president of the business environment improvement center of the ministry of economy, this device must register its licenses electronically through the national license portal from the beginning of june . they have been waiting for years. since 1997, when i became a health psychologist, until now, they are waiting for an invitation to the commission for an interview. awaiting perm

private. you have covered that for a long time on this show. apollo is well positioned and the stock is trading at 12 to 13 times earnings and we think that looks really interesting here sonali: sonali:. we will be talking more about those private markets later in the show. that was fl putnam chief market strategist ellen hayes and. thank you for going through these markets, public and private, for us. investors are concert -- cautiously upping bets or rate cuts this year as early as september. since they are in no hurry, they are flocking back to fixed income assets and guggenheim partners says that with the help of their friends at the fed, they put the income back in fixed income and as fixed income investors we are reaping the benefits of higher yield, a good thing. we will discuss this with michael mckee and ira jersey. mike, set up the stage here or -- of what we might see this week. we had this idea of data supporting lower rates moving forward. but it will be tested in the market this

we moved to private markets because we are joined by moody's global head of private credit ana, the exuberancehis market, they shift from public to private, it has not come without risk and what are investors missing the most? >> thank you for having me, the market has been as we know, for the last couple of years and continues to grow, what you are seeing as the most growth is aptly focused as the largest players benefiting from fundraising and what we are seeing as well is fierce competition and we are expecting to enforce this to look like 2020 one, exuberance in terms of the situation of credit and only because of the private market competing amongst themselves, but also there is a lot of refinancing as there is a publicly finance market -- publicly financed market. >> even if you see rate cuts earlier you do have a 10 year that is close to 450, higher rates we have seen -- then we have seen in the last decade. at what point do they eat into the quality of what we are seeing in borrowers? >> we have already seen it and we have decided to differentiate, some of the funds, the business devel

the public markets are getting smaller, a lot of money moving into private equity, private credit inarticular more so. how do your clients think about that movement? >> our clients are certainly participating in that and i'm speaking specifically about the private wealth channel. you have the opportunity to step in and to be able to earn that coupon in private credit which at the moment is quite attractive given with the fed funds rate isn't given where the spreads are. so clients are often looking for yields between 10% and 12% and when you think about equities and equity volatility in the risk reward that we just talked about, private credit definitely stands out. as we look at some of the flows going into some of those spaces, we continue to see very strong demand for private credit. sonali: what is driving that demand? you had kkr and apollo this week and you do see investors give them very warm response here in the vehicles doing very well. private wealth being some of the biggest of engines. what our clients really looking for at this point, especially thinking he rate cut is c

also the private sector. when the just energy transition was announcer indonesia, there was a $10 billion commitment on the sector side and from banks that are a member of the g 10 alliance. and then there's the policy piece. so that's the model. indonesia released a comprehensive investment and policy plan which basically has the policy commitments that they need to make. a list of projects that speak to the need for projects in the renewable space, for cold decommissioning because they are very reliance on coal, and products around diesel is asian. -- dieselization. it affects all aspects of the economy. indonesia has a lot of cycles. electricity man -- demand has grown. they are saying, we are not going to stop our growth. we have a commitment around the jet piece. we discovered a lot more coal in the system. it means industry developing their own energy sources which we didn't know about. the country is now working with the international energy association to really understand how much they have. and we a

private credits match funding.e than those same loan sitting in the banks. >> there can be a run on your bank so to speak. depositors can come in and say i want that now. >> look i have an silicon valley bank. that was a lot of their assets were high quality assets. a lot of them are government guaranteed mortgages. we can all agree those did not have risk on the asset side but they had a business model issue which was a funding issue which was the funding ran. >> it's not a secret anymore. eddie given day there is an expansion of private credit. that must mean there's more competition in the sphere. does that actually push you to take bigger risks because people are willing to do things maybe you otherwise wouldn't be. >> when i think about our business or we think about our business, we have a way of thinking about credit. we will continue to be investors first. that's how markets work and so what i'm saying is on the competition side there's been more competition. the total adjustable market has grown significan

and i think private schools. and i think private schools. and i think private schools. think private school is needed in certain cases. and i think the bulge there's a mooted point of 100,000 children will be squeezed out and that every child matters. it might you might think it's a small number. it is a small number. every child matters and every parent's right to aspire to better schools, and instead of i mean, there was talk of starmer introducing a 2500 pound golden handshake for staff to move in to help with mental health for children instead of doing that, i would far rather he got this the schools that are failing children are failing. families and pull them up, or put them in special measures and get them sorted, because it's ridiculous that that school attainment age, that that school attainment age, that they're not children are not reaching reading , writing, not reaching reading, writing, arithmetic. they're not meeting those key standards . i would far those key standards. i would far rather they, employed better, better teachers in better schools to actual

you want us to go into private? the republican party stole from the social security during the bush administration and during the reagan. tell them to give us our money back. host: that's stpef any. ms. boccia. for both of you if you want to factor in how many people you think depend on social security -- their own means of retirement support. ms. boccia. guest: there were a lot of strong claims in there and i probably won't have time to debunk all of them. i would like to say that the way that social security is structured, it's an earnings related benefit. if we want to talk about making it into a welfare program where people pay in at higher incomes without receiving commensurate benefits, that is a discussion that we can have. but that's not how the system is set up. right now. wealthy people also contribute payroll taxes up to the cap. their benefits also reflect that. actually they get lower levels of return, if you will, on those taxes, because social security uses a progressive benefit formula that provides

down to private sector, number the private number 167,000, that is also a lot less than expected froming in private sector for 190,000. labor force participation rates we do not have estimate for that we came in at 62.7%. that is exactly what we had the month before let me dig into the report give you a couple more things to see where growth is i know talking government jobs healthcare jobs but honestly, there has a got to be ticks in this report i am waiting fors i guess so revisions will bring that as soon as i get them. what they are saying overall the jobs added came in again, healthcare, social assistance fiscal money government jobs transportation, warehousing where they saw biggest jumps when you've got a report, that is so off the mark, that are not maybe good news for those sectors overall i am going to dig more two surveys i want to dig into that back to you. >> thank you so much looking at market up 500 points right now, charles payne walk us through this, you've got a report, that perhaps, makes it easier for the federal reserve to go down that rate cut road. perhaps that

private schools smaller budgets. private schools can actually start managing it as well .t's instead of as well. but that's instead of putting it on their fees. >> scarlet. that's not what's going to happen. what will happen? what's going to happen is you're going to bursaries will stop. you're going to have private schools are going to close down. yeah. and there will be all of these kids are going to have to go into the state system. it takes a long time to build a state school. it's not the kind of thing you can do overnight. and there's no provision for it. and what's the ideology behind the ideology behind it is we are going to penalise hard working people. >> no, we are not penalising hard working people are an awful lot of hard working people who send their kids to state schools. and what we want to do is we want to put the money into the state schools, where 93% of the state schools, where 93% of the children in this in this country go, while punishing the children who are at private school. >> and a lot of those children, those fees are supported by pensioners and

we've been investing in the private markets for 30 years a. loan is a loan whether it's held on a bank balance sheet or held in a private credit fund. they are largely unlevered. banks are 10 to 15 times levered. private credit funds are long during capital from institutional investors. banks are with short-term deposits. i think there's fundamentally structural differences that change behavior. if you look at ares, and we talked about the strength of our credit performance, we've invested $150 billion into the private credit market since we founded the firm and we had a loss rate of one basis point. so everything that we've seen over the last 30 years would indicate that the risk people are trying to argue exists in our market just isn't true. >> and given, tony, you all invest in 3,200 portfolio companies, most of which are out of the public eye, what are you seeing on the ground as it pertains to the potential for a recession, to inflation, to consumer spending, and do you think those largely private investments mirror what we see in public

private equity, a secondary's insurance.on of all above. sonali: how do you think about the private credit market writ large? billions of dollars in the equity industry. a lot of investors are looking around asking where is the risk. >> everyone defines private credit differently so when we talk about private credit today people are talking about corporate direct lending in the u.s. which is a great market. it's a market we've led for many years. and it's a market that is still undercapitalized. we can come back to that may be but when i think about private credit we are talking about all self originated private credit, rated, non-rated and in corporate real estate infrastructure asset backed opportunistic so these are huge addressable markets. each of which is growing at a very high rate for structural reasons so we are not really experiencing the market as crowded and when you look at the performance of the underlying portfolios we are not seeing risk emerging in those corners. katie: with the growth of private credit, and

right line is in fact a private entity is how this money public private partnerships as active is going on. so there, this is a case where there was a more much more active private car. in that case, it was a 5 the leader of that project. but in terms of public transport themselves, metro systems, i'm not aware of any private, you know, and metro systems in the us on any significant scale that may be very tiny ones. but on any significant scale that they're all primarily ultimately a funded public reconstruction ones. and operated and maintain of the flux. thank you so much dr. as a bowsky, but please stick around. the professor allens around sky will stay with us right here after the break. and when we come back, what countries have the best metro system? stay tuned for all the details, the the while it's hard to say for sure, which country has the best metro system, the sol subway and south korea is certainly going to be at the top of the list in terms of price for the ticket accessibility. cleanliness round the clock, service ventilation, why fi, connectivity capacity and even safety

it is not just about public and private markets. who provides our services. we have a whole group of tech companies who are encroaching on the turf of the banking system. we have banks who are living in a more regulated paradigm, but are nonetheless the gatekeepers to services. i look at our industry, what is our job at apollo? our job is to match long-term liabilities and long-term assets to provide rate of return for investors. katie: that, of course, was marc rowan, apollo global management cofounder and ceo. and, of course, wall street week host david westin. tomorrow we will hear from steven mnuchin, former u.s. secretary of treasury. this is bloomberg. ♪ katie: let's get a check on these markets. we are going to do that with abigail doolittle. abigail: we are looking at a small gain for the s&p 500. what makes this interesting is, it is a fourth update in a row. that is essentially before we started to see weakness for the s&p 500. some of the dip buyers really trying to take on the sellers. we will be taking a look at a chart

right, why is in fact a private entity how this money public private partnerships is activities going on? so there there's a. ready case where there was a more much more active private part in that case. it was a 5 the leader of that project. but in terms of public transport themselves, metro systems, i'm not aware of any private, you know, and metro systems in the us. all that on any significant scale and maybe very tiny ones, but on any significant scale that they're all finally helped with the funded public construction of the funds in operated and maintained with public flux. thank you so much dr. as a bowsky, but please stick around. professor allen's around sky will stay with us right here after the break. and when we come back, what country is had the best metro system? stay tuned for all the details. the, the, the russian states never is. as soon as the most sense community invest, in most all sense set up the same assistance must be the one else calls question about this, even though we will then in the european union, the kremlin media mission, the state on the russians putt