So last year, last time we talked actually, Treasury yields were falling really close to zero.

Especially short-term Treasury's interest rates went to zero.

The Fed was like, we're freaked out about this COVID thing.

Where were we at economic growth is going to collapse.

Let's cut borrowing rates to the absolute bone so no one has to pay anything to borrow.

We want economic activity to continue.

We want companies to be able to borrow money to get through these shutdowns.

And so that means that Treasury prices go up more or less.

But now we're reopening and all of a sudden we don't need super low borrowing rates anymore.

And I don't think the Fed is going to raise rates anytime soon.

Like it were a long way away from that.

But because growth is better, because there might be some inflation as opposed to prices cratering from the year before.

People are like, oh shit, maybe I don't want to be in bonds.

Maybe I want to be in stocks.

And there's also a really weird political angle to it.

So markets, a lot of old-timey markets guys were in college in the 70s.

And so they remember the vulgar inflation.

They remember like, oh my god, if unions have any power, that means inflation is going to go to the moon.

And we're not going to be able to earn anything in markets.

Well, I can imagine too that they're pretty horrified at how expensive marijuana is now.

I mean, especially considering their college days and how strong it is.