David Gurra

I think we saw some equities under pressure today.

I think the stock market is kind of like that very hyper college student that's not exactly focused on what's happening right in front of them.

I think that...

You know, there is a war going on, and every economist I talk to and have talked to this week, the big question is, how long is this conflict going to last?

Is it going to widen?

Is it going to escalate?

What are going to be the implications for inflation?

I mean, there's concerns out there, and depending on which day you're looking at the stock market, you may or may not see those concerns reflected in equities, right?

Okay, why I think the bond market is different.

I've always just respected the bond market more because I just think bond investors are smarter.

I hope that's a satisfying answer.

I think they... Everyone can sell the equity investors and send their letters to Courtney.

Angry mail coming my way.

No, I think there are considerations in the long term that I think play out in the bond market in a different way than in the stock market.

I think this war is a perfect example of that.

We are seeing that yields are going up and for two reasons, right?

There is kind of this uptick in inflation expectations, but there's also something called the term premium, which basically means that

Bond investors are demanding more payment for, you know, the the the, you know, the the the

opportunity to lend the government money.

And so I think what's interesting this week is that there seems to be concerns about the government's fiscal situation.