“So I don't think our outlook would change for it now but we continue to like it for the reasons that we've mentioned.”

In context

“e think about this portfolio. The second thing is really our experience. And we've talked a lot about this, too, where in general, one of the things that we've always found attractive about the alternatives portfolio is that it does give us equity-like returns but it gives it to us with less volatility and less extremes as compared to some other public market alternatives would. So that's why it's been very attractive to us. Now, we did -- we talked a little bit several quarters over the last couple of years where we saw that relationship be challenged. But when we look at the last couple of quarters, we do think that we're turning to sort of the historical norm in our expectations which is, again, more muted in terms of volatility and extremes but still giving us very attractive returns. So I don't think our outlook would change for it now but we continue to like it for the reasons that we've mentioned. Operator: Next, we have a question from Elyse Greenspan with Wells Fargo. Elyse Greenspan: My first question, I know you guys are typically asked just about potential transaction within your blocks within Holdings. Anything new there or any changes that you've seen within the bid-ask spread within the market in the quarter? John McCallion: Elyse, nothing new to update here. It's still an active market out there. There is still an active set of participants. We continue to focus on optimizing holdings, both from an internal perspective as well as speaking with external participants on opportunities. And as we have been for quite some time. And it's a potential opportunity but it's not one where we feel like we have to do anything and we're being thoughtful about seeing if there is a opport”