The TML: A True Market Leader

Be careful there's going to be cross currents here. One of the biggest down days we ever saw was on January 1 2000. I'm concerned about those short term excesses but long term. The VIX can come down to the mid high single digits. That's long term structural fear which we have not worked off. This cycle will not end until we've been net contributions for two years. We are way, way off on that. Super cycle fed drunk on kettle E.