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The Parallel Synchronous Bubbles
I think everything starts, in my view, with government bonds and duration. And I think the big belief, which is what I call the complacent desperate search for yield,. These two processes together, these misconceptions have created this series of parallel synchronous bubbles. It's not just something that happens to happen, it happens by construction. Now, the phase one is volatility starts to normalize and this normalizes naturally as result of a long overdue normalization of monetary policy in the US. The move up in volatility, it's critical, because I compare this to, you know, driving a car at 200 miles an hour when the speedometer says 80. If you have an accident and you