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I thought we would start with Matt Levine's greatest hits.

And then Matt, having been a classics major, we'd move on to the Latin classics and maybe

tie the two together a bit.

So just to think about derivatives markets, you've worked in that sector by some measures

derivatives are over a quadrillion in value outstanding.

But there's another way you can measure the net positions and turn it into zero.

So what's the right way to think about how large derivative markets are and what's the

risk associated with that size?

The right way to think about it, the way that you would do it at a, if you were actually

working in the derivatives market is to sort of think about the risk exposures of it.

So if you have an interest rate swap, the right way to think about it is the DVO one or

the right way to think about a equity swap is like the delta of it.

So often you see these quadrillion dollar numbers, they're like, they're a quadrillion

dollar notional of short term interest rate swabs.

We're like, the idea that you could lose a quadrillion dollars on it.

It's quite low.

The risk of that is quite low.

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