Ed

You try the next thing, you try the next thing.

The only thing that stops you

is disaster.

Yeah, and we can say, and you can look at American history, the kind of MAGA realists will say,

It's always been about force.

We were just hypocrites before, and now we're just being less hypocritical.

And, you know, there's a perfectly plausible reading of history that that's true.

You know, it's always been about a contest of force.

You know, we just know it now.

I'm not endorsing that.

I'm just saying it's not stupid, right?

Yeah, over the long term.

But the problem with these kind of arguments is you don't know when the long term is.

The investing horizon of the average investor, the time from when they have enough money that they have something to invest to the time that they retire and have to start spending the money or whatever, you've got a 20-year horizon there.

You're middle-aged by the time you have anything to invest, and then pretty soon you're retiring.

So like,

you know, over a period of a hundred years, maybe you're right, but we're not playing a hundred year game.

Nobody in the stock market is playing nobody in the bond market is playing a hundred year game game.

You know what I mean?

So it's, it's, you can understand why the market might not price these things in well, because nobody in all the people, when the comeuppance comes, everybody in the market today is going to be dead or in a retirement home.