Diego Parrilla

You don't see that.

Even during Brexit, you had sterling collapsing, but UK assets going up because of a total return gain.

So I think in that sense, it's very important to understand that

You want your defenders to be volatile.

You need them to be volatile.

So do not confuse volatility and risk.

But the problem, it's the unreliability of correlation.

If you knew that your defender is going to be reliable during the crisis, then you want it to be as volatile as possible.

The problem is that reliability, and that reliability is largely a function sometimes of positioning.

Yeah, the scorpion.

I would have a heart attack.

If I've been Colombian and he did that, I would have a...

I was probably 10 years old at the time, but I would have still had a heart attack.

Look, and I think that's why I make the difference between defenders and goalkeepers.

I don't think fixed income is a goalkeeper.

I've always viewed fixed income as a defender.

And the problem is, you know, back in the day when I think it's in the book, I talked about de Bund being, I called it Franz de Bund Beckenbauer with, again, it shows my age, but it was this legendary defender from Germany, right?

Who passed away now, but incredible defender.

So de Bund may have been an incredible defender once upon a time,

but in his mid 70s with negative nominal yields, it was very obvious he was not gonna be able to defend.