But yeah, you could have lost money.

I think this is something kind of wanted to discuss today.

So I'll jump in on that.

I mean, I think we should be careful making terminal conclusions about what this cycle has.

Like, you know, there are certain, certainly some clear differences between the cycle and last one, but I see a lot of, um, of like reflection as if this is the end of the cycle and looking you know um saying that you know we're not going to have an all season or a period where people might be able to perform in the way that you described um you know i won't make everyone sit through my ted talk on on reflexivity again uh but you know as a macro trader which i did for a long time you know the old school macro is trying to understand how the flow of money across asset classes can lead to cycles.

And there's different levels to that.

There's like these big liquidity cycles, there's economic cycles, credit cycles, but then there's like these more local credit cycles like in emerging markets.

Are there still is the four year cycle still a thing? David, you can start in front of I'd love to hear your take on this, too.