i want to turn to savita.esting in stocks, are you looking over your shoulder at your buddies over in the bond pits and saying, wait a second, do they know something about what's going to happen with the economy or inflation i don't know? >> there's this thesis that bond investors are smarter than equities and bonds always lead equities. that's not always true. here's what i think is going on, bonds and stocks have been basically moving based on positioning. so if you notice, every quarter either investors get really bulled up on the economy and bond yields drop and cyclicals rally, and then the next quarter, disappointing numbers, second derivatives rolling over, then you see the reversal. what i'm worried about most is not what bonds are doing, but positioning of investors. that's driven more of market returns over the last let's call it three years or so than anything else. think about last year. we saw this sort of intoxicated frenzy over fiscal stimulus and tax cuts and trump's, you know, republican sweep