But I think what we need from you, what I'm wondering from you, is really a 101 on the importance of understanding what you're actually investing in, what the underlying asset is.

Yeah, thanks, Sean.

That is a very broad question just 'cause it is a very broad asset class, so I'll try to, uh, demystify it for you.

Effectively, when you're investing fixed income, you're lending money to someone.

If it's a bond, it's just literally you're lending money to that company.

If it's a loan, you're lending money to an individual or a company, and they promise to pay you back in accordance with the terms of that loan.

So at its simplest, it's, um, the investor's, like, giving their capital to someone with the hope that they get it paid back and get paid the promised income stream.

What are people buying? What have people been buying? And where are they finding themselves at the moment?