The Importance of Deescalation in the Decision Tree

FOMO is fear of missing out for this, not tracking. Investors into your fund are much more likely to punish you for missing a rally than they are for missing an extreme tail end risk that others missed as well. At a certain point, I think general investors won't know, those are not say regional specialists or whatever, are just not sure what's going on. And then you just sort of pull back and wait. Then those who think they're smarter, then jump in and buy those assets that are distressed. Right? Jared: To try to keep this very simple on the decision tree, we've got escalate, deescalate.