Rick Rieder

So it does evolve a little bit at scale.

I think there's a lot of things that make it easier to do it.

I'd say on balance, it's a

evolve it a bit in terms of how you're managing it, for sure.

Yeah, it's a great question.

So first of all, a couple of things.

This has been out there for a while, whether it's today or when it comes out.

I will say one thing, including recently, we buy a lot of volatility in the equity market because, frankly, volatility is cheap in the equity market, whereas I think it's high in the rates market.

But we buy a lot of volatility.

We have been recently as volatility has come down, as you all have talked about.

But stocks go up, volatility comes down.

So we have built a decent amount of protection in as people interpret it.

You know, I've talked about it on your show before.

I tend to like the front to the belly of the U-curve, particularly after a number like this, and they cheapen it up a little bit.

The long end of the yield curve, not that interesting because of the volatility it gives you.

So a few things around the edges around, gosh, can you hold a bit more front to belly of the yield curve?

Can you buy a bit more volatility, protect some downside?

And we were talking about in fixed income, maybe you go a little bit higher quality for the time being and wait for things to play through.

I mean, I'm pretty resolute in my opinion.

I've been for many, many months.