Matt Miller

Is it growth that comes in less than expected?

Is it the revisions for October and November?

Or is an unemployment rate now just at 4.4%?

Rick, I just wonder, though, even if you get there, how does that change these very macro trends you're talking about?

I mean, that doesn't change this push to productivity.

That doesn't put a cap on AI and maybe its ability to replace workers.

So if you lower rates, does it really have as big of an impact on the labor market this time around?

Rick, if we could talk about your other child, which I realize is less important than your grandchild, but still important for these markets.

It is Bink.

Matt has pointed this out.

The fastest growing active ETF.

You're talking about some seismic changes.

In history.

In history.

Of ETFs, which is huge.

There's still more ETFs than stocks.

And a lot of active ETFs, too.

So that is a big deal.

And I'm assuming you're going to have to position this for big changes, lower rates, maybe changes with MBSs or mortgage-backed securities, which I know is part of this.

Maybe a tariff ruling, which could also change what this bond market does.