another way of thinking about this, obviously, is that geopolitical tensions have been rising. And I wonder why markets don't seem to have reacted to rising geopolitical tensions over the last several years, the way that one would have expected them to if you had pulled an investor 10 or 20 years ago. Why do you think that is? I think there's two elements. One longstanding and the other one is more recent. Longstanding is very difficult to price by modal distribution. Look at what's happening in Russia and Ukraine today. It's either going to end up open conflict or it's going to end up diplomatic resolution. It's very difficult to be confident about one outcome. So you end up in a model's middle. You'd price neither outcomes. You'd price some average of the two that is least likely to materialize. But there's something else recently. And let me take you to the investment committee, to a typical investment committee in a sophisticated investment management company. You present a case (10/43)
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