Chamath Palihapitiya

Why, I don't exactly know.

Why, I don't exactly know.

It could be motivated by the second thing that I'm going to talk about.

It could be motivated by the second thing that I'm going to talk about.

But the point is, in a de-grossing cycle,

But the point is, in a de-grossing cycle,

you tend to be trimming risk and making your position sizes much smaller.

you tend to be trimming risk and making your position sizes much smaller.

So the longs become less long, the shorts become less short and you just shrink.

So the longs become less long, the shorts become less short and you just shrink.

And so there's just general downward pressure.

And so there's just general downward pressure.

That is a clear behavior right now.

That is a clear behavior right now.

But I think the structural change is the more important one.

But I think the structural change is the more important one.

And this is sort of what I talked about this morning.

And this is sort of what I talked about this morning.

In a normal functioning market,

In a normal functioning market,