top, and the herd behavior and conditioning of investors. The chase momentum late into a cycle. How would you say that investors are set up going into this top, wherever it might be? And maybe you think we've already hit it. So it's still that very few people are comfortable taking on the momentum trade. And that's why we have seen equities recover, even though inflation is 7%. That is why we have seen equities do well, even though the yield curve has been flattening, signaling an increased possibility of a policy mistake. And what the other thing people have discovered is that we lack inherent liquidity. You know, if I had said to you a few years ago that a widely owned name that is deemed to be highly liquid in the marketplace could be down 25% in a few hours. You could wipe 250 billion off a market valuation. You would have said that's really unlikely unless this company is defaulting. Well, that's what happened to Metta, to Facebook. I was talking to someone who told me that they (22/43)
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