So

if you think about how large AI will be, And then what these companies I mentioned earlier, how will they be able to monetize and what can they charge? As AI grows and becomes profitable, presumably, then all these companies tied to it will grow and a rising tide will lift all boats.

If, however, there is some sort of break in the business model or the expectations or just the degree in which these companies can actually charge, let's say, for example, for their AI platforms and the degree of usage from either retail or corporate issuers, if it doesn't meet expectations, then at that point, you could see a greater degree of uncertainty in working its way into the market.

Which is why I'd rather be in the bond market than holding these stocks.

So look, maybe I'm talking my book here, being a bond investor.

But when you think about what's happened with yields since 2020 and how they spiked in 2022, and they're still elevated levels.

And we believe they'll remain in elevated levels going forward.

So where are you finding genuinely relatively valued bond opportunities? What persuades you to pass on a bond from a company such as an Amazon