A, did i miss the first? I might have got in the first one wrong. There a bald bololesr molatility on certain complexity, ambiguity. And i think that's fantastic. I think it's so apt. And it makes me think a lot about jamming and music. A, you know, in fish there's also they they compose their songs based on tension release, where you build up these periods of intense tension and then release it. A and you know, one of the things about type, too, jamming, where you lieve structure, is that both risk and reward are greatest the worst moments. And the best moments tend to happen in those and so that's not to say there's something, ah, that's fundamentally good about covet in the end, believing structure creates interesting things, in the theoretical sense. And it gives opportunity to try things that otherwise could not have been tried. And when you do that, it opens doors that make new things possible. Ah, but it also, you know, the other side of that is it increases risk tremendously, especially when you're coming out of a period of like, rising social tension. So it's uclear exactly how that's going to resolve, but i feel like what may be interpreted as complacency to day is actually a period of rising tension without having experienced the release. And we don't know which way that's going to go. Ah, and there're signs that it could go in either direction. But by a large, you know, i do think there're some pretty like, constructive underlying forces in certain areas of the economy, certain areas of a just think about one thing where, like right now. I mean, while i was away, i was up in lake placid, and literally every place i went tohad help. Wanted sign a couple of our favorite restaurants. Weue been going there for six years now. A couldn't even open on some days because they can't hire enough staff. You know, that's a bad thing in the short run, it definitely prints supply, and you hear about supply shortages and a lot of industries. But on the other hand, you know, there's a lot of demand, and there's a lot of o, you know, people getting jobs who've had harder times in the past. And part of it is, like, you know, there's a friction in moving people from maybe brick and mortar and a more traditional, a tied to physical location, jobs, to ones that are physical but help the digital world. So there's, there's definitly a friction in getting people into new places. But a some of these forces could be quite strong and could be really helpful and could lead to much better outcomes down the line. Just don't know how it's all going to play out yet. So i don't know if it's really complacency. I feel a lot of tension. I see tension. You can just see it in some ofthes, like town halls, about mask policies. And, you know, i think that stepping outside of the economic sphere, i know you're asking something a little different, phil, but, like, so maybe it's complacency in underwriting standards. But, you know, i think this tension is the sign that something can be released. Younow ithink about it from that angle, why

i agree t it's a paradox. Ecause you write, there's a ton of underlying tension in just about every fastit of life these days, economic and capital markets life included. But the complacend i talk about was more just this persasive belief that the fet always has your back. Acid, prices only go up. You know, every diff is a buying opportunity. Nothing's ever overvalued. Yodan't write elike i think when dave cortnoy of barstol sports is like a leading authority for tens or hundreds of thousands of people risking real money in in the securities markets every day, and ind his montres only is very simple, that stocks only go up. Riht, that's the kind of complacency i'm talking about. It, i think, across the whole market, in almost every apset class, i think it's generally true that the optimism is pretty well baked in and crowding out aany of the pessimisms. So that's the complacence. Ant, i agree. I think it's a really weird time, because you're right, there is a lot of underlying tension otherwise, and there are some underlying positives in the economy. Like i mentioned, i meantot you can put a positive spin on it, as you just did with the fact that, yo, labor participation has plunged in millions of people are still out of work who should otherwise be employed. And there's a great mismatch right now between job openings and job applicants. And that overtime could be somewhat of a net positive. I cindo see that a little bit as a is a net negative. Rid m, idon't think you'd want to last. You don't on't want that structural mismatch to last too long. Riht, would be the concern i'd have. But, i, i agree. I mean, its, it's, it's weird, and it is hard to cond o diagnose it short order, that's for sure.