So Josh, how are you kind of looking at the same thing?

Yeah, from more of a market practitioner, especially less from that.

I mean, I think while we're seeing CPI and PPI moving higher, I mean, they're sort of steadily moving higher, sort of as Michael talked about bonds, like they're sort of steadily going lower, but it's not violent.

It's not aggressive.

It's just like sort of this painful move in one direction.

And I think a lot of that, quite frankly, is being driven by the CPI, PPI and inflation in general.

And therefore, bonds are being driven by oil and more specifically, the war in Iran.

So how do we translate that over to equities? You know, at what point will this rally slow down or crack or reverse? Josh, you want to leave this one off?

So, Josh, what do you think about the correlation side of the coin?

Yeah, with Michael focusing, which was great research on this, I've been sort of focusing on positioning.

Markets have been driven so much by positioning recently.

It feels like that it seems like something that you need to pay attention to a lot more.

And correlations being this low for this long.

tends to be something that you really need to watch and pay attention to.

What does it mean and what is it saying? And again, looking at positioning at the narrative, I speak to a lot of different prime brokers and look at different long shorts or quant long shorts or multi-strats and kind of look at gross and nets.

Josh, what are your thoughts here?