I know we've talked a little bit about, maybe I'll just jump in here with something that I picked up on the way over, flying over yesterday, from an interview with Chris Cole from Artemis Capital, who has done some really interesting reports in the volatility space, where he talked a little bit about the February event.

Now, we've had probably two events you can talk about this year, but they're different, I think,

in some ways.

But he was focusing.

This interview was done before the October, most recent event.

But he talked a lot about February as not being a volatility event.

And I think a lot of people, you know, including myself, really, were looking at this as,

quote-unquote, a volatility event because we were focusing on the fact that the VIX

went up by

100% in no time. But he was talking about this as being much more of a liquidity event,

which I thought when I heard the first time, I thought, wow, that's interesting in some ways.

And he went on to explain that when you looked at some of some of the fixed

option prices in the equity space in January and February, he, according to his analysis,

they were actually moving a lot more in January than they were in February. So what caused the

February event in his mind was really people

who realized they had to get out and needed to get some protection. And there was just no liquidity

to be found. Even moving 100 lots of S&P became a problem, which is, you know, you think 100 lots

is nothing. So I thought that's an interesting, I thought that was an interesting topic, conversation.

I'm not sure that it's fully appreciated by many people, if indeed it is true.

And I think, Jerry, before we started, you talked a little bit about that.

That's something you've heard as well.

And so I think it adds another dimension of the risk spectrum, maybe the hidden

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