Ed Ludlow

you have that iteration where everyone's trying to figure out how to use it.

And it's those companies, those managements, those industries that can lean into the fact that there's a lot of change.

How are we going to participate in it versus sit back and let it be done to them?

Do your clients want to sit back and let it be done to them or do they want a bit by?

I think they're trying to figure out how to participate in it.

And we've been warning for some period of time that you needed to see a broadening in the markets because hanging everything on six or seven stocks is not healthy in the long run.

And we had talked about and given them a heads up that some of that transition may be volatile.

It doesn't mean that people have to sell the seven and go buy the 493.

It can mean the seven broaden out

or flatten out, if you will, and the others catch up, do some catch up.

So we've been warning clients about that volatility.

And our clients tend to be pretty sanguine, if you will, about that in terms of letting us do repositioning as

as prices are up.

And investing is one of those activities where it's more comfortable to run with the crowd, which is typically the wrong situation to have from a long-term standpoint.

And what we always do is get sucked into just talking about equities a lot, because therein lies the price point.

But the bond market's exciting as well.

We've got a huge amount on deck.

When you think about Alphabet tapping, we had Oracle last week.

We've got plenty more, I'm sure, to come.

Is that an area that you're seeing more diversification coming, more interest in corporate debt as well?