The Importance of Stock Picking

Two-year treasury is up 140 basis points in less than a little more than 60 days. A lot of that's being reflected in mega-cap technology underperforming today. It's not so much where I'd say it's technology universally because if you look at the software ETF, the IGV, that's up one and a quarter percent. If we're going to continue to see yields rise, long-duration strategies, which we talk so much about at the beginning of 2022, don't really want to extend duration in that environment.