Jason Ware

We had the market in an 8%, 9% correction.

We had the NASDAQ in a 12, 13% correction.

And we had treasury yields, four and a half percent on the 10 year, which had backed up from four.

And so I think.

For us, we looked at that and said, okay, the put's got to be somewhere close.

Turns out, again, we'll see what happens.

We'll see if this holds.

We think it will.

But it turns out that was a great day to put capital to work.

But yeah, the Trump put's a real thing.

And so whether it's on tariffs or whether it's on war in the Middle East or whether it's on you pick your macro risk, that's still very much alive and well.

Yeah.

So I'm going to do a little victory lap here because you and I talked in December and we were talking about the Fed.

We were talking about Warsh and we were talking about how the market was seeing like two or three cuts.

super dovish because everything looks good.

And we have this new Fed chair that's going to be sympathetic to Trump.

And I think you would ask me like, you know, what our view was.

And I said, I'd take the under on two cuts.

Now, to be fair, to be fair, I also did not predict that we would

bomb Iran.