In simple terms, how does a strategy actually make money?

I'll start by giving a little bit of a backstory to it.

So, you know, we are invested in high quality investment grade bonds and we utilize leverage to enhance those returns.

And the complexity comes into play in terms of how we're actually using leverage and why we're doing so.

So we're using it through prime broker accounts, which we have a great relationship.

But let's say I have a great relationship with my parents and my mom is a big stamp collector.

So let me just kind of go over this.

Can it be used as a cash alternative? Is it a bond replacement or something else? Maybe plays into this recovery time.

How are persistent inflation and higher bond yields affecting portfolio construction today?

Higher rates are changing portfolio construction in two ways.

First is, you know, on an absolute level, income from fixed income is back.

You can earn meaningful yield in high-quality bonds, credit, and cash-like instruments.

From that perspective, it gives portfolios more flexibility than we had in the zero rate era.

And, you know, that's helpful in terms of portfolio construction.

Previously, a few years ago, we were in an environment, you know, there is no alternative.

And over a