> 1. The best people are not going to join a firm that's giving away 50% of their management fees and carried interest income. True, but that's not what we're

> 1. The best people are not going to join a firm that's giving away 50% of their management fees and carried interest income. True, but that's not what we're saying. We're saying that the GPs as individuals are going to do that, for the income we would have received in any event. This doesn't affect how the firm allocates fees and carry, and doesn't reduce the incentive for anyone to join the firm who would have joined before.