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meeting discussions was so split between using top star yoon jihyo or newcomer shin seori as biojei model but when employees vote result in favor of seori segye really can't hide his happiness lol this cha lewser segye #myroyalnemesis #myroyalnemesisep3
36,340 views • 2 months ago •via X (Twitter)
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!["Maybe 'It Is What It Is' on my chest here, or maybe this stag. The only reason I would say it's not that is because these are not necessarily the best quality tattoos. I've had them done all over the world [...] when I was younger, and it was kind of certain memories to remember certain times, but as time has gone on, there's certainly some of these I can't really remember why. Like this slightly oversized pigeon kind of bird here. Just got it, thought it looked cool. There is a few memories in here but maybe not so many that I can still remember." -Louis on his favorite tattoo via Outlander Magazine.](https://image.24vids.com/tw-1897664617004102094/amplify_video_thumb/1897664548049428481/img/BKClCVblu9hWx6Rf.jpg)
![Alan on the factory model and how it is the root cause of everything happening in the private markets today: “ Everything that is covered in the media is just talking about the symptoms and not actually getting to the root cause. The root cause of this is the change of behavior patterns of the factory model. The way that we define the factory model in our industry is, there's two parts to it, and then there's an output. The first part is the industrialization of the fundraising process, or I'd say liability gathering. So literally raising as much capital as fast as you can. What comes second is, as a result of that, the industrialization of the asset side. So think about investing. So if you're on an investment team and all of a sudden your firm has a lot of money to invest your behavior has to start to change because you have to deploy that money much quicker. The best way to raise a lot of capital is to make it very simple. Make it very narrow. What started to change in 2018 is there are these things called SMAs (separately managed accounts). Prior to 2018, for the most part, the private capital ecosystem was basically funneled through funds. [After] every conversation with LPs was basically we want an SMA – you go to an LP, and say, “we're gonna raise $500 million or a $100 million and we're going to just do direct lending, or private equity, or real estate. The industry started to raise capital from the institutional channel. So pension funds, sovereign wealth funds, to some extent, endowments raise as much capital as possible in the simplest form. But the growth in institutional SMAs started to really taper off. So the next place where the industry started to go was the wealth space. But the characterization of the wealth space is that it's always easiest to raise in the pro-cyclical environments when things are going really well. But when things start to not go well, the wealth space or retail or individuals want their money back quickly – it's an important concept. And it got us to one of the symptoms that we're here today. But the one thing I wanna point out is that the SMA was a symptom, what's going on in the wealth system is a symptom. The stuck private assets bought post COVID paid way too much – all that stuff is symptoms. The root cause of this is the change of behavior patterns of the factory model.](https://image.24vids.com/tw-2041909691618300332/amplify_video_thumb/2041909007393161216/img/0xjmyOj7HfD2J0WC.jpg)
