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The Risk of Being a Broken Record
Q, I'm looking at the LQD. It's within three or 4% of all time highs. You know, that makes sense because if you think of the sort of the risk curve, there's treasuries here and then next in the chain is investment grade credit. If inflation goes up, that's bad for the price of investmentgrade credit. So that does make a complete sense. And again, this is our key point. It's the interconnectivity that macro investors have to cope with all the time.