did you hear scott mather from pimco.n't seem too bother by it. >> your viewers should be fully aware that scott mather and everybody who appears on cnbc talks their own book. one of the world's largest bond managers is not going to come on and say, guess what sell-off has only just begun. >> they have unconstrained funds where they can short funds. >> there's no way -- i just told him, everybody comes on and talks their own book. i do think it's significant. for viewers out there, they should keep in mind the following. first of all, there doesn't need to be an exact reason for bubbles to be popped. i do believe we've been in a bond market bubble for some time. >> all right. >> second is things can happen really fast as the last couple weeks have shown people. the third thing i would advise people to really understand what it means to hold the long-term bonds and what the exact nature of the risk reward tradeoff is. people don't really understand that. >> we'll come back to that last point in a sec, kenny. i'm interested