typically if you look at what typened in past fed qe cycles, that tends to get priced up front, not when, you know, the unwind is happening. right now i think the market is , extraordinarily complacent given the fact that there is that much duration that is about to hit the market. jonathan: jim, do you see that as well? do you think it is a complete the market? -- complacent market? jim: i could not agree more. i think many portfolio managers and professional investors are very complacent with regard to the long end of the market. yield curves are relatively flat, durations extremely long because the yields are so low, and we see the impact of that if we get a correction, for example as we did last year starting , around right now. the long end of the market performed very, very badly because, again, it does not take much of an increase with yields given the duration to produce rather substantial price declines. and we are going to get more duration in this market, partly because of the balance sheet restructuring or the reductions in the balance sheet will be in notes and bonds. so tha