And when we think of systemic fragility, it's usually how can the dominoes potentially fall? But are the hedge funds doing this kind of on their own, isolated off in the corner?

Yes and no. There's some great work by people at the New York Fed on this, where they study these connectedness between non-bank financial intermediaries, including hedge funds, and the banking sector.

And the idea being is that the ultimate source of liquidity is the banking sector.

They have deposits.

Deposits are a wonderful source of funding because it's cheap for them.

And they have access to the lender for the last resort, the Fed.

If you look very carefully, it all kind of flows back to the banking sector.

Were hedge funds a significant contributor to all that?