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Diego, I can't think of a better person to pick their brains on about bubbles than you.

So welcome back. Thank you so much. I'm trying to get my head around all of this.

Give me what you think is going on right now. You and I last spoke and the world was a different

place or the asset markets are a different place. The world's roughly the same.

And you've got a deep understanding of these bubbles. What do you think is going on? What's your

framework here? Well, I would look back into the past decade and I think I like to summarise it

in one line, which is the transformation of risk-free interest into interest-free risk.

And you think about what happened ever since you were awake and you know we're once

upon a time we had whether it's the boomed or treasury is paying 5-6% and there was this great

concept called risk-free interest. You know we had it in the textbooks and that meant that you could

effectively put your money without any risk earned your 5-6% which was in nominal terms.

Inflation was low so you were earning some very nice and real yields and in balance when you

think about how you value an asset you were discounting things at 5% plus credit spread.

What we've seen in this transition is right to zero negative. What it means is the present value

first of all of course it's nowhere to park your mind. So risk-free is gone and that has effectively

forced us, savers and investors to take more risk. The first I mentioned and most obvious is

duration. So you start out with your bond, you have to go 10 years, 20 years and now even 30 years

at deeply negative, which is just an operation. Of course when you need to go so long

...