00:00Most investors, I think when they look at their individual accounts, they're highly concentrated in the U.S.
00:05So that would be one thing that I would keep in mind. The second is when I think about what's
00:11going on in the infrastructure around the world.
00:13That's something that we think is a big theme where the public sector is having to hand that off to
00:18the private sector.
00:19So that's been a big part of what we're doing at KKR. And then I think we hit on this
00:22earlier.
00:23I'm much more inclined to own stocks over bonds. If we're in this higher resting heart rate for inflation,
00:28I probably will be trimming down my government bond holdings.
00:32Oh, to how small? I'm not going to comment specifically on that.
00:38But to me, equities are a great inflation hedge. And a lot of what we're doing on the private side
00:43is doing that,
00:44but also in a way that you're improving the outlook for the company.
00:47How about housing? How about property and real assets?
00:49I mean, look, I think the American dream, in my view, is changing, which is I think homeownership is important.
00:57But I also think having employee ownership is important.
01:00And we've been doing that at KKR through our program.
01:02Right.
01:02So I think that's an important part of the story.
01:05Thank you, Henry. I really appreciate it.
01:07Henry McVeigh, partner at KKR.
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