let's bring there bruce richards, ceo of marathon asset management.ice to see you again. >> nice to see you, scott. >> it is remarkable. and black rock does a deal right, this week for hps. what is the message in a deal like that in an environment where i haven't heard anybody suggest that this private credit run is going to slow down any time soon? >> it doesn't slow down. and blackrock managing nearly $12 trillion in assets has the biggest voice in the room among allocators based on their cheer side and the great success they have brought to the firm. and what they've said is, we're willing to pay $12 billion or 30 times which is fee related earnings to add private credit to the mix. and so we see private credit growing by about a 20% kegger per annum for the next many, many years. so four years from now, private credit will be 2 x the size it is today and another 2 x or 4 x than it is tod >> so you're saying you think we're in the early innings. >> we're in the early innings. private equity has been around 40 to 50 years and hedge funds have been a

bruce richards think so.basak recently about his strategies in the signals he's seeing in the banking sector. >> the 60/40 model is alive and well. it's how every investor, whether you are a wealth investor, high net worth, or institutional, should think about investing. within the 60, that's a release for public and that's what we think about traditionally, but public equities had back-to-back years of 25% gains. we only have that twice in the 90's and the 50's. it's probably not going to be repeated next year, we brought forward some of this price action. i think that this is the time where you want to save up the equities and make that 7% historical return to lean into private equity. so, think about public and private equity, that model, that's how you want to think about that. >> you told us that you think that the basel three endgame is dead and that it has serious implications for credit markets. your conversations with the banks right now, bring us inside of them and what it says. >> i do believe it's

bruce was a good friend of richard's. amazing. okay, so this is the theme here.e celebrating christmas. celebrating christmas. they're having their own tea party, their own christmas brunch. let's walk over to the other room because this is fascinating. this is something talk about san francisco history, robert. i mean, you're it's front and center right here. take a look at this bed. so this room was termed the turkish parlor. richard really wanted it to be a stupendous thing. paul dutcher designed the wallpapers in most of the house, and he worked with bruce very closely. so one of the things this bed room set, this bed has bedrooms is adolf sutro's bedroom. it's a three piece bedroom set. so this used to be right where his house was on the cliff house. right. and then this bench is also from. we also have a bench from the fox theater. richard has always wanted us to focus on san francisco history. so when we're able to purchase something we do, we ask. richard also bought sally stanford's parlor set, which is featured in the ballroom. there's so much robert an

bruce feiler, you have his up there, also, richard, ben cramer. yes. in his book.l, i got some of them have been published by my machine publisher, simon, and they knew i was writing this book. i signed the contract years ago, as a matter of fact. and so when they when they found a book that they thought would be a partner, they would send me a copy of it. and that helped me a lot as well. now, i hope you don't mind, but i took a look at your computer and. you have a couple of sayings in the front of your computer that i thought for as a writer, it was somewhat interesting. you have a right. it's something that says vivid and continuous particulars, not generalities. each scene must. it must turn. it must change. characters must want something. where did you come up with these? who? who? who gave you those? well when i started writing poetry, i had two great poetry professors at university of arkansas, and they sent me not only of poetry by poets, but also books about how to write poetry. and i did and that's some of those art of some of those quotes. and then when

bruce degan who gave us the frizzy-haired science teacher andher magical school bus. and then there is our own family. jean rather, wife of cbs's dan rather. cbs's interim board merriman richardng ♪ please have snow and mistletoe ♪ >> reporter: he was, after all, our poet laureate. >> as a member of the academy of american poets, i happen to have a poetic license. >> reporter: he never failed to give us a smart but kind perspective. >> man is mortal. this is true, that applies to women, too. to each of us, those we love and our dearest friends, at some point human life begins and at some point it ends. ♪ ♪ >> reporter: from carlsbad caverns and all of us at "sunday morning," we bid all of those who passed this year a fond hail and farewell. as the people you love get older, their risk of severe flu and covid goes up. last year alone, those viruses hospitalized nearly 1 million people 65 and older. that's nearly 1 million moms, dads, favorite uncles, and grammas. if someone you love is 65 or older, talk with them about vaccines, because to you, they're not just another number. hey sweaty! sweetie. you good? someone stole my old spice antiperspirant. now i'm smelling like persp