Kai Risdahl

Courtney, let me begin with you, and I'll begin on Monday of this week on this program.

I said, and I believe I'm quoting myself here, the markets are an idiot.

They were falling for every head fake coming out of the White House and coming out of the president and his advisers about what was going to happen with this war and what the economic impacts were going to be.

And I wonder if five days later now, four days later on a Friday afternoon, given today's action, maybe they're wising up.

Well, wait, wait, wait.

Hang on.

We're going to get to bonds in a minute.

I want to talk like equities and oil and all that.

Now I'm coming back to bonds.

So go with the equities and oil.

Absolutely.

So, David, let me just point out here, and this is not my observation, it's pretty much everybody's, lots of talk about an oil shock and what that's going to mean.

It has to be said, this is not an oil shock, it is an everything shock, yes?

Yeah.

And honestly, I forget whether it was Sun Tzu or Clausewitz, but one of them said, you know, the best strategy in the world never survives first contact with the enemy.

And the Iranians get a vote here on all of these things that are going to happen.

Courtney Brown, the bond market.

I want you to explain to me why you think the bond market is a little different.

And you need to define a term premium, please.

Right.