In 2007 with the beginning of the financial crisis, we are smart in the context to [de-reading], we sold majority of those [real] assets and converted to a publicly traded partnership, and then exclusively focused on things that we could know and understand related to corporate credit.That time we had to a lot of work on the right hand side of the balance sheet because we had a lot of market value leverage, total rates, returns, swap, market value, CLO structures and so we were trying to deal with that mismatch aspect of mismatch duration between assets and liabilities, that was cleaned up in 2009 and from 2010 onward it's a new strategy.
KKR Financial Holdings' CEO Hosts Analyst Day (Transcript)
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