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I want to talk about the bassist trade. I have a song.

Bassist, bassist trade, bassist trade. I want to talk about the bassist trade. Let's do that.

Matt, you've been writing about this. I have. I feel like you've been writing that for years.

Well, so can I just say I commissioned the first story about the bassist trade when it blew up

in March 2020 and Steven Spratt actually wrote it, but I helped him with it and gave him a bunch

of stuff from Josh Younger at JP Morgan at the time, actually. I regret not putting my name on

that story because of course it became this huge thing that everyone's talking about.

Yeah, everything I know about the bassist trade. I got from Josh Younger. That's not really

true, but it's not sort of like philosopher of treasury markets. I feel like he, like his

philosophy of treasury markets has really influenced how I think about the bassist trade.

So everyone seems up in arms about it and there's all this media attention, but I feel like there's

also a lot of pushback at the same time because things are different to the way they were in March

2020 when no one was expecting the kind of interest rate volatility that we saw.

Yeah, you know, I think that everything always

goes sort of great meta-story of financial media is everyone like over learns the lessons

of the last crisis and is like, oh, this blew up once, it'll blow up again, but actually

...