an expected outcome. And now that it's happened, now that it's confirmed everybody's fears, it's leading to all of these knock-on and second-order effects that we're going to have even more profound negative effects down the road, which is why we see this continuing process of hedging. And as you put it, Demetri, from the very beginning, repricing risk in the wake of something that was actually expected, because it's not a one-off thing. You look at what crises actually are. They're not just like the market or the whole economy or the whole marketplace just shuts down all at once and everything happens in just one-off fashion. They're actually stages. It's processes and it's prolonged processes. And what happened this week was simply the next stage and probably the biggest stage heading into this type of a crisis. So this is great because this is kind of where I wanted to get to. The Silicon Valley stuff is something that I think we covered really well in our latest episode with Steven (26/57)
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