tom: gene frieda with us from pimco. we will take advantage of his immense knowledge into fundamental knowledge of the options market. right now we join you tracy alloway, who with joe weisenthal has looked at these derivative excesses. i want to go back to what you and i observed a decade ago, which is distortions where conservator institutions -- i want to make this clear, folks, not pimco -- but where conservative institutions had to affect covers of derivative trades as things moved. is jean -- as gene frieda just said, are we in an equivalent analog this morning? tracy: a lot of people are likening what we see with came stop to the tech bubble. -- with gamestop to the tech bubble. people in social media forms are doing something strategic and are being targeted as to what they are buying. it is not just about buying gamestop stock, it is about buying particular options on the stock, which then leads to something called a gamma squeeze for the major dealers. so if you have a bunch of small retail triggers, you're all