The Importance of Positioning in the Long TLT Trade

I agree with PJ that, you know, where things are currently priced, it doesn't seem like there's significant amount of edge on either side of that position. But I'd say one little different take, maybe on inflation. Most of your fixed costs are likely driven by things that are quasi hard asset based. And the most likely driver of fixed cost reset would be a decent like default cycle. Feel like just the super vanilla you're like, okay, running a business I'm paying rent and sadly, I didn't get a big bonus on rents falling over the last year or so.