We've got a question from Seth, who started out by saying that he very much enjoys

this new series, so we appreciate that, Seth. And the question goes, in regards to rates

contracts in the portfolio, what is the best way to achieve diversification? Is it better to include contracts

from different countries or across the yield curve? For example, would you rather trade

a multiple maturities in the US and Germany or maybe trade the 10 years from the US, Germany, France,

Japan, Italy, Canada? It seems many CTAs like to trade all of the US and

German offerings, but I'm guessing that is likely due to the ample liquidity there. If liquidity isn't

such a big issue for an individual investor, is it better to spread the portfolio to different

countries? Thanks so much, he says.

Who wants to kick that one off?

Well, I think if you can, if you have the capital,

then spread it across the different durations,

spread it across the curve and different geographies.

I agree. I think that's a great more diversification in rates, currencies, commodities, everything,

stocks, longs and shorts. Now, unfortunately, you picked the worst sector possible, which is the

one that's the most correlated. So what are you going to do? I don't know.

It's a conundrum for me. I get mass. You talked about it, right? Your reasoned talked about it.

I get massive diversification from stocks. There's thousands to choose from. You know, you can find

stocks that are not as correlated. Same with the commodities, let's say. But

interest rates, they're the worst. A lot of these rates, at least recently over the past,

what, X years they've coordinated policy or whatever, but it is difficult to trade the rates

sector as large as some of the other sectors. When you go in and

...