Q1 is in the books and the board meeting is next week. Nelson and Prath get into what the quarter actually looked like: net flows flat, no gates, new AUM high, while the private credit headlines said otherwise. They also cover Anthropic’s $900B raise, where OpenAI and Claude actually stand in the model wars, Prath’s rate prediction coming in, and what “sell in May” means when the Nasdaq refuses to cooperate.