00:05There is what I call market leverage, prime broker leverage, hedge fund leverage, ETFs leverage, treasury arbitrage leverage, I'm double
00:11counting some of that.
00:12So the market leverage is pretty high. Now of course we manage it client by client, you know, and so
00:17you've seen disasters that, you know, people lose a lot of money, nothing really happens, they just unwind it.
00:22But when you have that, you do have a higher chance that something will disrupt the market in a quick
00:27way and people get rattled over it and that is a little high.
00:30And I just saw the Fed today is going to be looking at private credit. Again, I'm not worried about
00:34that systemically, but there may be some issues that the Fed should be looking at.
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