Yay? Look, the timing isn’t great. Even a few months ago, the big story in financial markets was the rise of private credit, and the push to put alternative assets like private equity and private credit into ordinary people’s retirement funds. But now the big story is that ordinary people are trying to get their money out of private credit funds, and not being able to, and being upset. It is not the most auspicious possible moment to ask people to put more private credit in their 401(k)s. But financial-market memories are short, and regulatory timelines are long, and maybe by the time 401(k) plans are actually offering a lot of private credit everyone will want it again. Also private equity, at least in some forms, is still hot. A lot of people would love to put SpaceX in their 401(k)s.