between the bond market and the stock market, it remains high with volatility and you can see on the inditex this morning. how do you make sense of all of the column in the equity market and not another asset classes? >> first, mechanically, the vix moves with the market. you should expected to go down. but your point is well taken. volatility is low. the stock market has been driven by one thing. every day, the market opens in every people have cast -- cash in their checking account, and it is making its way into index funds rate that is why you see the s&p really mostly go up. it is not as popular and index product. as long as cash flow continues to move, the market goes up and that damages the volatility on it. the bond market is struggling with the question about whether or not inflation is something more transitory. that is why you volatility there. >> with what you said there about lows, continuing to happen continuing to work, --. >> i think that will until it something changes the dynamic. if the stock market corrects, they are not coming back. if you get to that point, that could ch