Welcome to OK Computer. I am Dan Nathan. I am joined with one of my favorite return guests. That would be Dan

Niles. He's the founder and portfolio manager at Sotori Fund. Dan, welcome back to the pod.

Thank you for having me back on, Dan. You are a listener favorite, just so you know. We spent a lot of time on

private markets. We talk a lot of thematic sort of things in and around tech. And for me, I think my kind of fast money hat, you and I met, I think,

a couple decades ago. I was a fast money trader on the street at the time. I love talking

markets. I love talking about what might happen next. But I also like talking big picture

with folks like you, you've been covering tech since the 90s and you have a

tremendous perspective, but you also have a very interesting macro perspective. And now you don't just

trade tech or just invest in tech. And we're going to talk a little bit about these GLP ones.

This is an area that is near and dear to my heart. I find it interesting that we found those

in your notes. So we're going to get to some

single stocks. We're going to get to some tech stuff. But I really want to start with the macro because I

saw a tweet and I didn't see it on Twitter because I'm no longer on Twitter, but one of our team members

forwarded it to me. You have this amazing transparency. You put it out that you had been bearish and you had many single stock shorts on, but you had been covering them. I think

this was on October 4th or so. And despite having a sort of bearish intermediate to long-term view,

you just thought things got a bit oversold, I'm assuming, and as we're getting into Q2

earnings season. So give me a sense of where you are, what were some of the shorts that you had

taken off, and how are you thinking about the environment right now?

Because we have a yield, and we gotta talk about yields too,

because if you just look at where we are right now

with the two year, the 10 year,

with where Fed funds are likely to go between now and the year end,

...