m d's in iraq or the false information that everything's going to be ok with the economy and lloyd blankfein and jamie dimon deserve the trillions and bailouts so that was what caused the absence of trust and they have a chart here which is really quite fascinating looking at trust in governments and the percent change since 2007 so right before the financial crisis the blue little diamonds there are what you really want to look at and that's the decline and trust anything below that the center line is like they've had a complete collapse and trust in their governments finland has been the biggest collapse in the trust in the government over here is like they've actually increased their trust in their government sense and that's in israel russia germany switzerland all the places with some hard currency hard money are have seen an increase in the trust as this pyramid scheme around the world series to disintegrate well another thing that's crashing is humility. and something also skyrocketing in value is bennett. and so homo sapiens as a species are becoming into a very vain shallow creature

milken, carls mike icahn, lloyd blankfein.d to loads of people i was friends with and i said, what do you think? half of them said, of course you should do that. this is a way to monetize your equity, a way to grow, an incentive for compensation you can add to the list to get better people. the other half said, are you out of your mind? why do you want to be in the regulatory fishbowl with the focus on you? so that wasn't very helpful. what i ultimately decided with my partners was that if we were going to just stay in private equity, probably it wasn't the right thing to do. on the other hand, if we wanted to build a global alternative asset antigen company in terms of credit, real assets, insurance, private equity, it was probably the right thing to do. regrets? absolutely. i think the public market does not understand creatures like us very well. they don't know how to value. incredibly, of us, i would say rare and valuable creatures. , youcompanies out there can say we are very value-oriented on one hand in terms of risk r

i talked to people, whether it or carl icahn or lloyd blankfein.ked to loads of people i was friends with. what do you think? half of them said of course you should do that. this is a way to monetize your equity, a way to grow, to add to the list with better people. the other have said, are you out of your mind? why would you want to be in the regulatory fishbowl? that wasn't very helpful. what i ultimately decided with my partners was if we were just going to stay in private equity, it probably wasn't the right thing to do. globalanted to grow a alternative asset management company in terms of credit and real assets and assurance, ed was probably the right thing to do. regrets? absolutely. the public market does not understand creatures like us very well. they don't know how to value. are incredibly rare and valuable creatures. how many companies out there can say we are very value-oriented in terms of risk reward and on the other hand, we are also company, growing yieldyear, and also a company with an 8% dividend and we do better in downturns? th

about whetherople people, whether it was mike milken, carl icahn, lloyd blankfein, loads of people ihem said, of course you should. this is a way to monetize equity, a way to grow, and incentive for compensation. said, are you all out of your mind? why do you want to be in the regulatory fishbowl. who needs it? so that was not very helpful. what i ultimately decided was that if we were just going to stay in private equity, it probably wasn't the right thing to do. we want to build and -- a global alternative asset company in terms of credit, assets, insurance, it was probably the right thing. regrets? absolutely. doesnk the public market not understand creatures like us very well. they don't know how to value. i think many of us are incredibly rare and valuable creatures. there --any out you can say we are very value-oriented and have been able to prove it. on the other hand, we are also a growth company, growing by over 20% a year for 10 years. we are also a yield company with 7-8% dividends. we also do better in downturns. there are very few companies out there that have all of tho