 If policymakers could understand one thing better about financial markets that they don't understand now What would you want that thing to be and why? I'd want them to understand that that Any form of near certainty without certainty Anytime you convince the world that something is a certainty, but it's not is the most dangerous time humanly possible I'd look back at the financial crisis and the key moments in it a lot of arguments I'm not even gonna get into the partisan arguments. The right says government did it the left says Wall Street did it Great shocks You know what did it if I had to pick one thing that that that one primary cause of the financial Crisis the assumption that real estate prices can't go down the government made this assumption the so-called mom people will say these Terrible quantitative models were way off at the end of the day somewhere in this giant model in a thousand lines of computer code There was what's the worst case ten-year return for real estate if that worst case was not losing money It's garbage in garbage out. You can have the best model in the world. That's a problem when Lehman failed We went into a huge spiral because people were pretty much convinced that the government wouldn't let anyone fail When money markets when the famous reserve fund broke the buck This is a money marks is supposed to return you a dollar for a dollar It's always been a fiction by the way. You've been lied to for years money markets own portfolios of short-term bonds that move in value They allow them to round to only I think to I could be off by a decimal place only two decimal places That's not a lot Two decimal places for short-term securities means most of the time almost all the time it rounds to a dollar therefore, there's an illusion But they're risky that is to me a very dangerous Asset because it tells people there's no risk when they're actually is risk I'm not saying you have to go out a billion dollars. No one's got wants a NAV. What's your NAV pie? No one wants that but It's it's it's so short. It's artificially looks stable and when you tell the world there's risk in something and Then bad things happen. It's not it's not fun. It's still bad things, but they tend to deal with it much better the famous Many people have observed the internet the tech bubble that I keep talking about when that came down the economic consequences the threats to our system We're far more benign and I think that's because no matter how crazy they might have gone and Nobody thought they were utterly restless They didn't act as a as a group as if there was no possible problem equity losses are expected bond losses are not Expected so I will I will say this if you truly could take all the risk out great If you tell everyone it's risky and it's risky great I think the people think people don't appreciate is how dangerous Things are you think protect you but only mostly protect you you probably drive a little too much too aggressively And you probably have an extra accident to do because of the seatbelt my logic doesn't mean it's always bad to take preventive action But if you thought as we sometimes do in finance like money market funds that you could do anything in a car because you're wearing a Seat belt that's kind of the money market analogy I'm making and I think those are the most dangerous things you