We talked about it just before going on air here, and this was this thing about indiscriminate

selling. And I think that's the other theme that I picked up this week, and that is that our industry,

we're often blamed for forcing these corrections. And I have my own opinion about that.

But was there someone from J.P. Morgan suggesting that as well?

Was that correct, understood?

Yeah, there were multiple sources sort of blaming some of the sell-off on volatility targeting CTAs.

There are CTAs out there who have promised to reduce positions and keep the volatility

in a certain target, I suppose.

We don't really know for sure.

It's hard to say who's responsible or if we should even be upset that someone is responsible.

We're living in free countries with, I guess we can do smart trades and dumb trades.

And I'm sure it didn't help their performance to try to liquidate stock exposure in such an illiquid time. I do think that that is really the

bottom line is, what do you do when you have a thousand S&Ps to sell and the bid is 50 or 10?

And this is what happens when the craziness is that the market makers, the short term people

who provide liquidity,

they step away. And if you still try to sell those 1,500 S&Ps, there's nothing there. It doesn't

matter how much AUM you have. It doesn't matter what percentage of the market you are. These are all

red herrings used to confuse people. I have 500 S&Ps to sell in order to get my

fall down where I need to be. And there's really little to nothing on the bid. What do I do?

So that's the question. What did you do? But this is probably mostly done, according to this same person at J.P. Morgan, maybe we're 70% done with the CTA is hard to say.

Yeah, I think it raises, I think it raises two important points.

The first one is, you know, we can blame, we can, well, well i don't we don't really want to blame anyone

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