Jay Hatfield

I don't think it's sell America that's a bit strong, but just maybe diversifying away a little bit from American assets and going into other areas like the euro, like the yen.

Something that one should never ignore in markets, which is momentum.

Things go up, then they go up some more.

Not just gold, but silver, copper, other metals like lithium-ion.

are in a momentum rally.

It just becomes every investor in the world saying, oh, that's going up.

I'll buy some.

Well, I think there's one area where people are concerned, and that's because parts, we've been saying for a while that there's no bubble in the market as a whole.

But I do think there's bubbles in parts of the market, obviously crypto, but even with OpenAI, they traded 25 times revenue versus seven times for the MAG-8.

And three times for the market.

And that concern about open, and they have $1.4 trillion of obligations.

So that concern is leaking into other companies like Oracle.

But generally, most of the commitments are coming from the MAGAID, who have tremendous commitment.

Not just cash flow, but free cash flow, great businesses.

So we're not overall worried.

And also, I just point out, it's not so much people think they're going to default.

It's just supplying.

Man, Oracle's CVS is like 110 over, which is not that attractive even for investment grade.

So just that there had been a lot of issuance, that means that you have to pay more to issue.

So we don't think it's a big credit concern, but there's...