relative to where interest rates are, you bogey is getting higher and higher and AI is pushing rates higher at the same time. So AI is crowding out all inefficient businesses, but it's also going to crowd out hedge funds who use leverage that depends on the volatility correlation of the market and the crowded nature of the positions. And I just think the industry is too big on a levered basis relative to the liquidity that exists. This will merge with tokenization because the final piece of this and I was at Morgan Stanley this
relative to where interest rates are, you bogey is getting higher and higher and AI is pushing rates higher at the same time.