►
Description
Will Remor of MakerDAO’s Real-World Finance (RWF) Core Unit fields questions from the community about the RWF team’s current and future priorities, the implications and risks of real-world assets, and how the team plans to make RWF more accessible to traditional business and finance.
Transcript | https://bit.ly/2UnEw5Y
MakerDAO:
Chat | https://Chat.MakerDAO.com
Forum | https://forum.makerdao.com
Real-World Finance Core Unit:
Core Unit Mandate | https://bit.ly/3d561rK
MakerDAO Finance | https://bit.ly/2UnEJGi
William Remor:
LinkedIn | https://bit.ly/3gQg06j
Twitter | https://bit.ly/35Kf0dE
Forum | https://bit.ly/3j421eM
Chat @Williamr
Jerry Goldfarb:
LinkedIn | https://bit.ly/3A1teF9
Forum | https://bit.ly/3xM0GgF
Chat @Jerry.G
*Disclaimer: This update is assembled by the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes exclusively.
A
Hello,
everyone
and
welcome-
thank
you
for
coming.
This
is
our
first
and
initial
ama
with
will
riemer
from
the
real
world
finance
core
unit
here
at
maker
gao,
and
we
wanted
to
have
this
call
today
to
give
him
an
opportunity
to
express
some
of
the
more
complicated
side
of
what
the
real
world
finance
team
is
up
to
and
give
the
community
a
chance
to
reach
out
and
ask
all
of
their
questions
and
learn
a
little
bit
more
themselves.
B
B
So
my
background,
originally,
I
came
from
like
a
banking
banking
background,
so
traditional
commercial
banking
background
and
credit
risk,
so
we
started
with
yeah,
essentially
kind
of
implementing
a
bunch
of
like
different
modeling
and
and
in
in
banking,
across
new
zealand
and
australia.
So
that's
where
I'm
based
I'm
busy
in
new
zealand
and
then
and
then
after
a
few
years.
B
B
At
the
same
time,
it's
like
you
know
the
smart
contract
infrastructure
they've
been
working
now
for
a
couple
of
years,
and
you
know
and
actually
create
risk
and
essentially
back
in
2019
when
actually
got
in
touch
with
the
guys
from
from
the
risk
team
was
actually
only
maker
was
the
only
answer
that
had
that
and
and
then
actually
started
actually
kind
of.
You
know
engaging
with
them.
You
know
cyrus
and
I
think
primos
as
well
was
really
involved
there
and
and
started
saying
okay.
B
How
can
I
actually
work
with
you
guys
and
they
basically
said
hey?
Actually,
we
usually
have
people
that
actually
come
from
the
risk
or
risk
background
or
portfolio
management
background
or
on
the
other
side,
people
actually
come
from
a
smart
contracts
or
you
know
developer
background,
but
we
have
no
one
that
actually
can
talk
both
languages
so
welcome.
Let's
start
working
together,
so
that's
kind
of
like
how
it
started
and
then
and
then
and
then
it
started
actually
working
initially
with
the
with
the
wrist
team.
D
B
And
then
about
about
10
months
or
so
back
there
was
this
dude
sebastian
that
started
like
you
know,
beating
the
drums
about.
You
know
real
world
assets
and
things-
and
I
said
actually,
this
was
really
part
of
the
initial
conversations
that
I
had
with
cyrus
at
some
point
say
like
hey:
let's
leverage
your
you
know
great
risk
banking
background
and
let's,
let's
move
into
this
field,
so
they
okay.
So
now
we
have
a
team.
B
So,
let's,
let's
jump
on
and
I
start
actually
kind
of
you
know
shifting
between,
like,
I
think,
like
30
30,
40
percent
of
my
time
was
actually
dedicated
to
real
world
assets
and
then
and
then
the
rest
with
with
the
the
crypto
native
risk
team
and
then
and
then
that
that
became
a
thing.
And
here
we
are
essentially.
B
C
B
And
that's
when
because
had
said
this
got
like
an
accounting,
an
accounting
background,
so
we
started
kind
of
like
exploring
those
things
and
then
they
say
okay.
So
now
maybe
we
can.
Let's
start
looking
at
like
the
different
kind
of
like
financial
statements
of
the
dao.
Let's
start
looking
at
you
know
the
different
valuations
for
nkr,
because
we
have
actually
to
provide
them
that
feedback
as
well
and
then
there's
some
mark.
I
think
that
actually
started
joining
and
doing
some
some
modelling
around
the
evaluation
of
mki.
B
B
So
it's
it's
kind
of
like
shaping
up
organically
over
time
and
and
it's
actually
serving
serving
quite
well
because
it's
it's
kind
of
like
we
go
based
on
these,
rather
than
like
having
a
full-blown
like
strategy
from
the
start
and
kind
of
like
deploying
that
I
think
things
around
the
strategy
are
now
starting
to
become
a
little
bit
more
important,
but
in
the
initial
stages,
because
was
still
a
little
bit
like
a
mini
startup
innovation
inside
of
maker
trying
to
make
things
work,
he
was
much
more
organic.
Okay,.
B
B
So
you
don't
deal
so
much
with
you
know
operational
operational
and
incredible
risks
and
even
like
legal
risks.
So
these
things
are
much
more
important
when
you
go
into
real
world
assets
than
they
are
in
the
in
the
crypto
native,
you
still
have
some
operational
risk
when
you
start
kind
of
on
boarding.
B
You
know
projects
like
usct
and
usdc
and
how
those
networks
they
they
work,
but
their,
I
guess,
is
smaller
to
the
extents
that
when
you
have
like
actual
control
parties
in
the
real
world
that
you
have
to
look
at
and
not
only
kind
of
trust
with
the
smart
contracts,
so
so
yeah.
So
that's
that
organic
evolution
was
to
say,
let's,
let's
try
to
like.
I
think
matthew
was
mentioning
this
the
other
day.
I
found
a
very
good
analogy.
It
was,
let's
start
to
kind
of
like
to
crawl.
A
B
Kind
of
I've
been
talking
a
lot
with
like
people
that
are
from
a
known,
crypto
background,
so
that
it's
kind
of
like
it's.
It's
teaching
us
a
lot
of
how
to
use
analogy,
to
explain
some
things,
and
this
is
important
because
you
know
like
it's
it's
it's,
it's
very
easy
kind
of
to
talk
to
to
talk
to
all
the
people
that
are
being
in
the
crypto
ecosystem
and
usually
you
talk
the
same
language
and
you
go
straight
into
jargon
and
then
people
say
yeah.
B
Okay,
of
course
I
understand
what
you're
talking
about,
but
when
you're
actually
growing
up,
if
you're
going
across
that
wall
of
crypto
to
the
rest
of
the
world,
you've
got
to
use
analogy
to
start
actually
to
talk
to
people
right,
because
otherwise
it's
just
going
to
be
that
blocker
of
like
this
guy,
keeps
throwing
me
jargon
after
jargon.
After
jog.
B
But
if
you
take
like
a
commercial
bank
type
of
respect
like
a
commercial
bank
and
that's
my
my
background
in
commercial
bank,
you
have
you,
you
usually
have
a
few
core
areas
of
that
in
one
like
two
very
important
actually
areas,
one
that
is
actually
related
to
finance
and
one
that
is
related
to
risk,
the
one
that
is
related
to
finances
usually
actually
associated
with
like
treasury
and
finance.
So
these
are
the
guys
that
actually
manage
you
know
like
balance
sheets
liquidity,
profitability
for
the
bank
and
they.
B
So
these
are
mostly
people
that
are
coming
like
from
from
an
accounting
background
have,
like
you
know,
cfa
type
of
type
of
certification
and
so
on,
and
on
the
other
side,
the
other
big
group
of
what,
like
the
commercial
bank
or
the
new
investment
bank,
to
an
extent
that
she
does
it's
kind
of
like
risk,
management
right
and
essentially
the
real
world
finance
team
is
actually
doing
both.
At
the
moment.
B
We
are
very
small,
but
that's
like
actually
we're
doing
both
looking
at
like
liquidity,
balance
sheets,
financially
pavements
on
the
site,
so
like
more
like
a
treasury
finance
side
and,
on
the
other
side
like
doing
risk
management.
So
like
two
digits
and
solo,
one
which
is
kind
of
like
all
of
the
real
wood
assets,
type
of
thing
like
engaging
with
farms
and
as
originators
and
then
kind
of
like
you
know,
explaining
to
them
the
process
of
due
diligence
that
we
are
doing
and
so
on.
B
E
Yeah
I'd
be
down,
I
need
that
video
doesn't
really
matter,
but
what's
most
curious
to
will
obviously
with
crypto
native
assets,
it's
very
easy
for
the
community
to
like
kind
of
dig
in
and
see
all
there
is
to
see.
You
know
whether
on
the
blockchain
or
through
other
cool
tools,
we
have
online,
but
with
a
lot
of
real
world
asset
deals,
you
know,
there's
ndas,
there's
a
mess
of
contracts,
there's
all
sorts
of
things
that
you
now
want
to
make
public
right
away.
C
B
So
so
there's
actually
that
education
piece,
the
other
pieces
is
actually
from
the
team.
To
the
to
the
rest
of
the
doubt
is
the
transparency
aspect
right,
so
we've
got
to
we've
got
to.
We
can
make
like
huge
efforts
to
be
as
transparent
as
possible,
not
only
in
terms
of
the
process
of
how
we
do
of
doing
things,
but
also
in
terms
of
the
information
that
that
we
can
actually
collect
that.
B
We
can
transfer
on
to
to
the
dial
for
the
dow
actually
to
be
able
to
make
those
informed
decisions
and
in
in
particular,
most
importantly
for
for
for
here,
for
the
investments
from
the
mkr
token
holders
that
essentially
kind
of
vote
vote
on
the
parameters
and
vote
on
the
onboarding
of
of
those
different
as
originators
and
funds
that
that
we
can
have
the
transparency
on
the
risks.
What
are
they
actually
the
core
risks
that
exist
on
onboarding
each
of
those?
B
And
actually,
how
can
you
kind
of
summarize
that,
in
a
clear
and
you
know
and
and
proactive
way
to
the
make
and
cattle
can
hold
us,
so
they
actually
can
make
those
informed
decisions.
So
all
those
suspected
efforts
and
we're
we're
in
that
world,
where
we're
mostly
dealing
with
like
real
world
assets
that
actually
link
to
on
the
other
side
of
that
wall
between
you
know
between
the
crypto
ecosystem
and
the
rest
of
the
world.
B
I
think
at
some
point
we're
going
to
probably
start
seeing
some
of
the
debt
that
is
going
to
be
raised
as
well
won't
change.
You
know
that
that
they
are
related
to
off-chain
aspects.
There
are
a
few
projects
already
kind
of
like
working
in
that
and
I
think
we're
going
to
see
and
then
we're
it's
gonna.
It
will
allow
the
ecosystem
to
have
as
well
some
some
trust
through
looking
at
how
those
smart
contracts
are
working,
but
we
are
not
there
yet.
We
will
take
still
some
time.
I.
A
B
Yeah,
I
think
I
think
it
will.
There
will
be
a
few
limits
because
they
are,
they
are
challenges
right.
There
are
challenges
with
just
the
due
diligence
process
and
actually
and
kind
of
like
educating,
educating
the
parents,
but
also
like
there
are
challenges
that
are
more,
like,
I
guess,
technological
technological
challenges
and
and
of
course,
like
operational
operational
risk
challenges
that
we
have
to
to
cover
right
for
for
scaling.
B
B
I
think
mostly,
I
I
tend
to
look
at
things
like
really
from
from
from
a
risk,
a
risk
perspective
right
and
when
you
look
at
things
like
from
from
a
risk
perspective,
you
you
tend
to
look
at,
not
the
episodes
of
like
bull
runs
and,
and
you
know,
and
faster
growth
as
your
parameter
for
for
analysis,
but
the
crashes,
that's
your
parameter
for
his
risk.
People
will
lose.
B
At
that
point
in
time,
you
actually
see
that
there
is
a
very
high
correlation
between
crypto
native
assets
right,
so
we
actually,
we
have
30
years
so
collaterals
in
our
ecosystem,
but
effectively
during
those
events,
you
see
that
effectively
what
you
do
is
you
have
three.
You
have
rap,
you
know,
versions
of
bitcoin,
you
have
ether
and
you
have
stable
points
and
it's
the
reference
is
very
minimal
because
actually
they
are
very
highly
correlated
assets
to
each
other.
B
So
actually
at
any
point
in
time
that
when
there
is
actual
regression,
we're
always
gonna
in
the
foreseeable
future,
go
back
to
that
version
of
fair
policy,
that's
actually
kind
of
our
real
version
of
bounces,
and
that
gave
me
like
really
kind
of
an
insight
saying
if
in
the
next
correction
that
will
happen,
regardless
of
whether
we
are
going
to
go
again
back
into
a
bull,
run
position
or
not,
and
we
correctly
again
by
say
50
or
60
percent,
it
would
be
really
nice
to
see.
Okay
now
our
balance
sheet
has
shifted
is
likely.
B
It's
not
only.
You
know
all
of
those
correlated
assets
and
each
bitcoin
and
stable
form,
but
there's
also
like
some
real
world
assets
in
there
that
actually
have
have
kind
of
buffered
the
protocol
and
then
at
each
stage
of
the
evolution.
If
you
can
get
a
little
bit
more
of
that,
we're
going
to
be
in
a
much
more
robust
position
than
where
we
started
off.
That's
how
I
say
things
so,
whether
the
figure
being
of
5
or
10
percent
of
the
portfolio,
it's
a
challenging
technological
challenge
that
we
have
to
solve
along
the
way.
B
But
the
composition
of
the
balance
sheet
is
what
I
actually
really
think
we
should.
We
should
kind
of
be
mindful
of
if
we
want
to
one
day,
make
maker
actually
an
ecosystem
that
will
go
beyond
the
side,
the
side
of
the
wall
that
is
just
crypto
for
crypto
people,
but
also
go
and
talk
to
the
people
that
are
on
the
other
side
of
the
wall
and
say.
Okay,
actually,
this
exists
can
really
scale
to
a
global
level.
D
Hey
guys,
thanks
for
having
this,
I'm
just
getting
up
to
speed
on
maker,
dao
and
I'll.
Just
give
a
few
seconds
of
my
background.
I
work
at
the
lion's
bernstein
at
the
private
credit
fund.
We
lend
to
private
equity
by
companies
also
doing
equity,
co-investments
and
lending
in
the
venture
space
too,
and
you
know,
really
excited
the
stuff
that
you
guys
are
doing
here
and
trying
to
bridge
the
real
world
assets
and
bringing
it
on
chain.
I
had
one
question:
how
do
you
guys
think
about
taking
action
on
the
collateral?
D
B
C
B
In
the
in
the
crypto
native
and
and
actually
the
way
that
actually
the
dow
was
designed
to
work
the
maker
system,
you
have
that
that
ecosystem
of
research-
you
know
that
assists
the
protocol,
maintaining
the
protocol
and
the
liquidity
of
the
protocol
by
actually
buying
off
by
buying
off
the
assets
in
cases
of
liquidation
right.
So
the
liquidations
are
mostly
handled
like
all
like
automatically
or
semi-automatically
by
you
know,
profitable
incentives
to
to
that
keeper
ecosystem,
which
is
kind
of
like
in
the
real
world.
B
It's
like
the
debt
collectors
of
the
real
world
in
the
case
of
in
the
case
of
real
world
assets.
Of
course,
the
processes
are
much
different
right,
so
you
you
for
a
mortgage
foreclosure
or
mortgage
kind
of
collections.
Recovery
for
closure
takes
longer
right.
It
takes
longer
so
we
have.
We
have
to
take
into
account
that
those
processes
are
going
to
be
happening
in
the
real
world.
B
You
know
junior
position
to
those
up
into
those
structures
and
doesn't
and
and
and
also
has
a
reasonable
level
of
credit
enhancements,
meaning
here
that
that
that
junior
portion
of
the
structure
is
high
enough
for
us
to
be
able
to
sustain
a
reasonable
level
of
defaults
and
the
reasonable
level
of
defaults.
There
is
not
going
to
be
like
a
silver
bullet
across
all
of
the
different
asset
classes,
different
asset
classes.
They
have
different
probabilities
of
default.
So
we,
whenever
we
actually,
we
assess
the
structure.
B
You
know
all
of
those
metrics
like
pretty
much
like
monthly.
During
the
gfc.
We
had
a
spike
of
like
five
seven
percent
during
during
a
few
months,
then
we
have
just
to
make
sure
that
actually
the
structure
we
have
but
for
for
those
stress,
case
scenarios,
and
we
are
kind
of
still
kind
of
during
our
our
journey
within
the
team.
I'm
actually
currently
spending
a
significant
amount
of
time
into
bringing
some
of
the
tooling
to
do
some
of
those
stress
tests
and
errors.
B
D
Yeah
that
that's
a
very
helpful
thing
I
would
just
have
one
follow-up-
is
that
and
if
the
scenario
of
the
default
happens,
who's
sort
of
what's
infrastructure,
to
collect
or
liquidate?
Is
it
the
junior
piece?
That's
that's
initiating
the
foreclosure
talking
to
council
etc
or
is
a
real
world
finance
team,
the
one
who
is,
you
know
engaging
with
lawyers
to
take
action
and
put
the
property
in
foreclosure,
etc.
B
Okay,
so
the
the
on
the
on
the
real
world
side
of
things,
so
not
on
the
protocol
side
of
things.
You
still
have
the
the
that
the
data
being
serviced
and
the
ass
originators
and
the
data
being
serviced
there
right
so
those
those
services
of
that
we
make
sure
when
we
do
that
structure
that
they
have
proper
processes
for
collections
and
recoveries
of
the
debt
right.
So
it's
just
that
the
recovery
of
the
debt
will
take
longer
than
you
would
take
on
a
on
a
crypto
native.
B
F
Yeah,
absolutely
so,
I'm
an
mkr
holder
and
I've
worked
in
real
estate
for
about
a
decade
and
I'm
I'm
really
curious
about
this
intersection,
and
so,
in
my
experience,
there's
this
robust
and
competitive
ecosystem
of
financing.
You
can
get
in
real
estate,
and
so
I'm
curious
how
what
why
I'm
curious,
if
there's
a
an
adverse
selection
problem,
essentially
that
only
crappy
assets
that
can't
get
good
can't
get
cheap
financing
and
the
real
you
know
using
traditional
channels
are
going
to
go
to
mkr
or
to
maker.
F
B
It's
it's.
It's
absolutely
actually
important
question,
because
this
is
one
that
we
we're
you're
very
mindful
of
so
there
is,
there
is
a
part
of
it
that
is,
it
is
a
matter
of
how
how
competitive
we
can.
We
can
be
right
to,
to
other
say,
investment
banks,
and
that
competitiveness
is
is
a
matter
of
cost
of
capital.
It's
it's.
B
B
B
So
this
is
this
is
this
is
something
that
we
are
really
kind
of,
mindful
of
because
when
it
started,
we
started
actually
real
assets.
Team,
of
course,
we
are
not
known,
like
maker
is
not
known
as
a
protocol
globally
or
even
in
the
us
for
doing
these
kinds
of
investments.
So
there
is
a
part
of
it
that
is
actually
knowledge
but
like
to
the
to
the
outside
world,
but
the
part
of
it
that
is
also
about.
B
All
our
counterparties
actually
say.
They
are.
So
all
of
those
things
are
actually
important
considerations
that
are
considerations
that
usually
our
say
competitors
in
the
real
world.
They
don't
necessarily
have
to
do
because
they
have
already
all
of
those
plugs
plugged
in
because
they
are
really
engaged
your
data
brokers,
don't
really
state
that
know
exactly
what
the
valuations
are.
They
have
all
of
those
technology
integrations
already
built
in
and
and
therefore
we
are
kind
of
we're.
B
They
start
taking
that
into
your
account
and
say:
actually
we
have
really
to
improve
our
processes.
We
really
have
to
look
at
this
thing
from
an
honest
viewpoint
and
improve
everything
that
we
do
so
that
we
can
have
be
on
the
same
level
playing
field
as
say:
goldman
sachs
or
deutsche
bank,
because
otherwise
we're
only
going
to
attract
companies
that
cannot
get
financing
in
the
real
world.
They
will
be
attracted
to
make
and
that's
really
a
really
important
consideration.
Thanks
and
thanks
for
asking
the
question
max,
because
we've
been
discussing
that
a
lot
recently.
F
Yeah
thanks
and
just
a
question:
that's
almost
like
the
the
flip
side,
which
is
that
like
is
there
something
that
maker
or
crypto
in
general
can
offer
a
borrower?
Let's
say
I'm
a
borrower
that
is
unique
and
special
that
doesn't
exist
in
the
traditional
finance
world,
something
that
that's
going
to
make
this
type
of
financing
really
disruptive.
B
B
We
don't
have
that
yet,
and
I
think
it's
not
only
crypto
that
is
moving
into
that
direction.
We
have
companies
in
the
real
world,
like
you,
know
the
robin
hoods
and
betterments,
and
so
on
of
the
world
that
are
also
gonna,
be
exploring
the
fixed
income
opportunity
in
the
next
decade,
in
my
view,
because
they've
kind
of
democratized,
the
extension
of
equity,
so
now
fixed
income
is
probably
the
next
round
for
them.
So
I
think
giving
that
aspect
of
programmability.
B
B
Not
at
this
stage
at
this
stage
we're
at
this
stage
most
of
the
age
that
we
are
working
with,
they
are
using
diets
as
a
wholesale
currency
right.
So
it's
mostly
the
back
end
thing
and
they're
they're
borrows
their
obliques.
They
don't
see
the
high
as
as
the
currency,
with
the
liquidity
that
they
want
to
interact
with
in
the
real
world
saying
that
we've
had.
B
So
this
is
this
is
the
case
that
I
think
can
be
quite
valuable
in
the
future
for
trade
finance.
So
because
trade
finance
is,
is,
is
an
asset
class
that
trades
in
yeah,
where
the
debt
is
denominated
in
u.s
dollars.
So
so
for
them,
it's
probably
going
to
be
a
little
bit
of
like
a
a
long
hanging,
fruit
and
and
saying
hey
my
my
buyers
and
my
sellers
are
actually
accepting.
Are
they
starting
to
accept
as
the
vehicle
for
for
receiving?
B
B
B
You
know
just
be
because
that's
the
impact
to
the
us
dollar,
so
the
majority,
the
majority
of
of
of
the
foundation
originators,
will
get
will
accept
die
in
the
us,
but
because
of
the
way
the
platform
is
set
up,
we
we
can
really
be
a
global
platform
not
only
limit
to
any
jurisdiction.
That's
the
whole
promise
of
crypto
at
the
end
of
the
day
right,
so
the
low
hanging
fruit
there
is
is
definitely
trade
finance,
because
that
is
the
nominated
us
dollars
and
that
being
a
softbank
to
the
us
dollar.
B
So
they
need
to
be
like
introductions
that
are
mostly
crypto
friendly,
because
it's
easier
for
them
to
deal
with
really
like
a
counterparty
where,
where
the
the
acceptance,
the
acceptance
of
funds
in
dive
would
would
actually
be
a
cost
for
them
to
operate
with
us
because
they're
not
in,
for
example,
like
a
sandbox
where
they
can
actually
deal
with
with
money
transmission
in
in
crypto
assets.
So
that's
that's,
always
a
consideration
that
we
have.
B
We
have
to
be
to
be
very
mindful
of
fro
from
from
the
team's
perspective
into
what
are
what
are
the
jurisdictions
where
we
can
operate
safely
and
and
that
won't
actually
kind
of
hamper
our
innovation
and
hamper
our
progression.
So
at
the
moment,
like
the
us
is
the
main
one,
but
I
think
there
are
other
jurisdictions
across
the
globe
that
are
very
that
created
like
very
interesting
sandbox.
B
G
Hey
well
and
following
up
on
that,
you
know
expanding
into
different
parts
of
the
world.
You
know,
since
I
know
you're
in
way
out
there
compared
to
me
and
sebastian
is
in
europe
somewhere
in
europe.
Is,
is
your
team,
the
rwf
team
looking
to
maybe
add
someone
who
might
have
some
experience
as
a
former
mortgage
chief
or
head
of
international
credit
or
maybe
securitized
products,
things
of
that
nature?
You
guys
looking
to
add
somebody
in
the
u.s
that
has
that
experience.
B
We
are
adding
people,
people
in
the
team,
with
the
required
experience
to
to
cover
specific
aspects
off
of
the
debts.
So
I
think
this-
this
is
definitely
an
area
that
we
can
explore
a
little
bit
more,
but
it's
being
mostly
organic.
At
the
moment,
we
are
starting
to
organize
a
little
bit
more
in
terms
of
like
the
framework
and
the
strategy
of
how
we
want
to
progress
post.
B
B
Could
could
could
be,
there
could
be
some
significant
differences
so,
depending
I
think
there
would,
there
will
be
like
some
overarching
legal
frameworks
across
the
globe
that
we
need
to
cover.
So,
for
example,
just
to
give
you
an
example,
if
you're,
if
you're
working
with
countries
that
are
part
of
say
the
acts
or
current
commonwealth
of
nations,
so
say
new
zealand,
canada,
australia
and
you
know,
singapore,
malaysia
and
so
on.
They
have
some
basis
of
the
law
that
are
very
similar
at
the
base
level.
B
You're
gonna
get
some
very
common
frameworks,
but
if
you
extend
beyond
that,
then
it
does
require
a
little
bit
more
of
an
understanding
of
the
local
jurisdiction
for
for
dealing
with
liquidation,
liquidation
of
assets,
recovery
of
assets,
rights
and
understanding
how
the
courts
work
in
those
jurisdictions.
So
I'm
not
a
lawyer,
so
I
cannot
necessarily
comment
on
on
too
many
of
those
aspects.
I
understand
quite
a
bit
of
how
things
actually
work
in
the
commonwealth
because
part
of
it,
but
then,
but
then
so
this.
B
B
Okay,
let's
maybe
leave
that
country
to
be
dealt
with
at
a
later
stage
when
we
have
people
that
actually
have
knowledge
in
those
jurisdictions
to
cover,
because
I
don't
even
know
whether
they
would
be
easy
to
liquidate
particular
assets,
say
I
don't
know
inside
here
or
in
some
in
some
country
in
central
africa.
So
so
so
that's
kind
of
like
the
framework.
How
we'll
take
it.
B
B
D
B
B
In
southeast
asia,
and
so
on
that
we're
not
in
the
same
stage
in
the
economic
cycle
and
if
you're
still
in
a
stage
of
economic
cycle
of
like
expansion,
expansion
means
you
know
that
is
created
and
that
is
paid
because
the
economies
are
growing.
So
in
this
case
here,
of
course
these-
I
guess
this
is
like
strategic
and
tactic.
You
know
directions
that
it
might
take
to
say
I
actually.
B
I
really
think
we
should
diversify
our
portfolio
away
from
an
economy
if
we,
if
the
maturity
that
is
short
away
from
an
economy
that
is
going
towards
the
later
stages
of
the
expansion
and
more
into
the
into
the
into
stage
of
expansion,
because
then
we
can
assure
that
you
know
those
businesses
will
be
able
to
pay
down
their
to
pay
down
their
debt.
It's
it's!
It's
just
like
what
what
we
want
right.
B
So
so
I
think,
but
that's
more,
like
a
macro
macro
perspective,
into
the
way
that
actually
you
invest
in
in
that
and
and
at
this
at
this
stage,
that
strategy
is
not
fully
laid
out,
but
I
I
definitely
agree
with
with
the
argument
of
actually
extending
beyond,
but
again
that
comes
with
the
challenge.
The
challenge
of
you
know
local
legal
jurisdictions
for
for
property
and
and
liquidations
as
we're
covering
before,
with
with
frank
and
comes
with
with
challenges
around
maintaining
maintaining
hedging
positions.
B
B
I
think
for
for
for
the
community,
keeping
keeping
keeping
an
eye
into
some
of
some
of
the
reports
that,
for
example,
global
credit
ratings
agencies
that
they
write
on
the
different
assets
that
we
that
we
evaluate
it's
it's
important
and
give
you
can
give
you
like,
very,
very
deep
insights
into
the
stages
of
the
cycle
that
those
assets
are
in.
Looking
into
a
lot
of
documentation
around.
You
know
the
ocd
and
the
different.
B
The
different
laws
that
apply
property
law
for
for
those
assets
is
also
important.
Having
a
look
as
well
into
the
different
like
jurisdictions,
and
how
crypto
is
looked
at
onto
those
different
jurisdictions
is
also
very
valuable
and
can
give
us
as
great
inputs
other
than
that.
I
think
just
you
studying
you're
studying
fixed
income,
how
it
works
and
how
it
works,
how
to
connect
the
different
countries
that
are
usually
involved
into
those
types
of
structure.
B
We
actually
give
that's
like
immense
amounts
of
actual
feedback
and
input
of
how
we
can
actually
continuously
improve
the
things
that
you
do
within
the
team.
So
if
people
actually
come
with
all
of
their
kind
of
background
and
are
reading
those
things
and
kind
of
like
continue
feedback
to
us,
I
think
we're
gonna
get
lots
of
value
from
the
community.
A
B
I
think
it's
that
that's
looking
super
exciting,
so
we
got
two
types
like
two
main
streams
of
work
and
in
terms
of
like
the
real
in
in
the
real
world
asset
path.
We've
got
a
lot
of
projects
actually
going
into
it's
actually
structured
finance
and
it's
a
few
important
projects
coming
through
like
project
financing
so
like
the
solar,
5
example
and
so
on,
so
actually
real
wood
assets.
I
think
there's
quite
a
bit
to
work
on
that.
B
So
this
aspect
of
that
on
the
other
spectrum
or
like
the
word
real,
would
finance
things,
is
putting
a
lot
of
transparency.
Transparency
into
the
way
that
you
know
doing
calculations
evaluation
of
mkr
how
the
treasury
is
my
opportunity.
How
is
this
is
that?
How
kind
of
you
know
financially
sustainable
from
you
know
the
from
an
expense
point
of
view
and
the
amount
of
you
know
interest
or
that
we're
collecting
through
the
through
the
surplus
buffer,
and
that's
a
lot
of
the
work
that
you
know.
B
Last
question
was
the
best
cool.
Thank
you.
Thank
you
very
much
guys
and
yeah
feel
free,
feel
free
to
reach
out
to
to
me
or
to
anyone
in
the
team
we're
more
than
open,
actually
to
you
know
to
to
get
more
into
detail
in
any
of
the
aspects
that
we
covered
today
here
and
we're
gonna
keep
with
very
and
seth
communicating
and
opening
and
opening
the
form
for
the
discussions
for
thoughtful
discussions
around
all
of
this.
So
you
guys
feel
free
to
organize
any
of
this.