00:00What are the ramifications of investors feeling like the Treasury market is not going to be that source of fixed income that would provide that
00:10stability in a portfolio. Oh well you know I would just say that it would be important to recognize perhaps the biggest implication is
00:19that we as investors need to start actually pricing risk more seriously than we've needed to because that secular bull market was largely
00:27driven by an enormous amount of liquidity which was awash not just because of Fed actions but global central bank actions. And frankly we're
00:37still pretty much awash with that. It hasn't been soaked up yet. And the biggest implication really to me is that all of us as investors need
00:47to start doing that job of actually pricing risk more appropriately. I don't think it's a terrible environment for fixed income because it
00:57has been there's probably an entire generation of traders who have never seen true income coming from fixed income and now suddenly we're in that environment.
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