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The Convergence Change in the Asset Markets
We've been in a state of reflation really since going back to, you know, the late spring early summer of last year. And we're now starting to lose a lot of that growth momentum and it's starting to show up in asset markets. The whole world is long reflation, but if you didn't bet on reflation for most of the last two years, you lost money. Not only do you lose money, you material into performed if you're a professional money manager,. which is almost worse.