Right.

Right? Those people are all playing golf or pickleball.

Um, and so they're not...

And even if they're trading, they're a much smaller percentage, right? So the domestic bond vigilantes aren't there, right? And so they are go- And that's one of the reasons why I believe you're gonna see something like a 6% bond, the 10-year next year, in that you've got to have a shock to the system- That's gonna get everybody to realize that, oh, this isn't what I should be doing anymore.

Now, we could look to the foreign holder, right, who is an important aspect of this equation, unlike the '90s, unlike the '80s, a much bigger hold.

But the thing is, they have no place else to go with the money themselves, right? I can remember early in my, the beginning of my career when the dollar was a hot potato, right? Um, but it's not like that now because given we're talking about AI and capital and everything else, why if you had excess, you have excess capital to export, which you do in, in Europe, right? Where are you ...

You're not gonna reinvest it in Europe.

[laughs]