makes it onerous to hold bonds, you are pushed into taking more and more risk. And that works great. At some point, you get the pivot from relative to absolute. At some point, someone says, is a dog worth $40,000? And there is a wake-up call for everybody. I grew up in emerging markets. I cannot tell you the amount of times I've seen this regime shift. And they are violent when they occur. So it is very difficult to predict when this regime shift will happen. The good news is when it does happen, if you understand it quickly enough, you have time to get back on site. So again, a lot of really great points. I want to try to pull them out and address the Metsha individually. The first has to do with investor expectations and how these expectations have been shaped by the reassuring posture of central banks who have stood ready to, quote, buy the dip and provide the liquidity necessary to both elongate the bull market and perhaps more consequently for the purposes of credit and leverage, (16/43)
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