Well, the 10-year, I think the yields trade down to about 3, 8 or so, and then from there, it's about 3, 7, 8. I'd feel comfortable with yields doing... what they should do anywhere between here and 360 under that and that starts to get you know a little uncomfortable from. what the market's message is about the economy, but I actually think this is really good news. because it implies that the inflation that people are concerned about probably isn't a problem, at least from the market's perspective. And keep in mind we've got this dirt of information because the government shut down. So... You know, we're kind of trading in a vacuum here as far as the macro data is concerned at least.

I think that is spot on. I think the risk to the market is that the economy, the real economy's weaker. It gives the fed all the cover they need to cut rates and As you said, we ain't seen nothing yet at first because.

to 6750 or whatever on the S&P, was because, if ever it's going to be cutting, it was going to be the second annual soft landing execution successfully. And that we also have this sustainable disconnect between job growth and GDP. and we also have the greetings for a reacceleration next year. I agree with all that, that's why we're where we are. Regional banks can't go down every day like this and have that story be intact. I'm not panicking out of it, but you have to pay attention to whether in fact the market is starting to get nervous that you're seeing some stress points in either the real economy or the funding markets or something like that. We've had more false alarms than real alarms over the past few years than that, but I do think you have to at least pay attention to it. And that is in the absence of official data, what you have to struggle with exactly what the trajectory of the real economy is. What about that? Jeff, the idea of these regional banks, top of the headlines, the ALTS.

No doubt about it, I mean, I don't worry about the regional so much, I think there's a little bit of a disconnect there. The ults are far more advanced in terms of a topping pattern. You know, as Mike said, is this a fault to alarm? Is this issue specific to first brands and the like? We'll see. I mean, clearly the growth in credit was from the private side over the last 10, 15 years. So, you know, if you're going to look for a spot where there might be trouble and, you know, maybe a little lowering or lack standards, I think that's exactly where you'd want to look. So, look, I'm personally, we're short these things as the hedge against the bullish call. But keep in mind, I mean, if, I mean, perversely, if it is bad enough and it gives the fed more fodder. That's again still good for these stocks, particularly these concentrated stocks. as this kind of blue sky narrative continues to play out, probably bill.

Yeah, look, I think Gold is certainly in an up trend. And we're hearing a lot of talk about bubbles in the equity markets. I don't think if it is, we only just began. You know, some of the things that we look at for gold, this kind of excess alpha that we look at. We are now liveling where we were back in 1990. So with that, that doesn't mean sell it. What that means is that, hey, we're likely entering a bubble phase. And so I need to be very, very careful about how I play that, which is I don't want to be in a full-mo position. In other words, I don't want to, I don't want to be playing from a position of weakness in these types of environments. So you hold on tight, you look for it, you peel some of this off systematically. Everybody talks about dollar-cost averaging. We talk about dollar-cost selling and we get these environments, but that's just begun for gold. I think that's important.