Markets keep finding a way to go up despite conflicting forces - AI inflationary due to CapEx or deflationary due to efficiency gains, wars. Retail investors keep investing. SpaceX now more valuable than Amazon.

Political events tend to have short-term impact on markets (60 days). Fund managers need to focus on supply and demand as much as valuations.

DWS focuses on driving organic growth while keeping costs stable. Costs should stay flat forever through workforce management, automation, efficiency gains. Net income up 40% last year.

DWS benefits from 'gateway to Europe' - global interest in European opportunities.

Middle East investor base remains important. Abu Dhabi/Dubai are unique melting pots. Saudi Arabia has domestic infrastructure investments; Qatar, Emirates, Kuwait will continue as net global investors.

There was an impact over the last few months but the region is ready to get back to normal.

Private markets remain attractive. Some private credit vintages had issues due to: 1) investing in PE-owned companies, 2) dry powder and leverage incentives, 3) promising instant liquidity for illiquid underlying. The underlying thesis remains intact.

Infrastructure is very hot. Specific vintages had problems, not the whole asset class.

Going forward, differentiated access to origination is key. DWS benefits from Deutsche Bank's vast origination channels. Insurance companies will continue to invest, but so will sovereign wealth funds and pension funds.

In the past, focus was on where to meet investors. Now origination is more differentiating.