All to All Trading

PIMCO published a paper at PIMCO sort of highlighting this, suggesting some all to all trading. That's a function aspect of where we want to think about where the market and how the market is digesting actual functional high quality assets. So what I would suggest is, yes, it's a transformation from what we've been used to over the past one to two decades. But as an active manager, you're going to incorporate it and find opportunities to incorporate it. And it just might simply mean that, yes, there's more volatility, but you'll have to be more convicted and have longer holding periods.