Rick Rieder

So, you know, it's all available information.

So we end up, we had a gentleman named Randy Berkowitz who drives every day.

We look at what's happening in terms of, you know, you go through the internet, you splice some of the credit card data that comes out.

You get an amazing amount of high-frequency data.

So we use that.

We use a series of data simulation tools.

By the way, text mining to understand what companies are saying.

So anyway, we're trying, and by the way, we don't have figured it out yet, but we're trying to be pretty cutting edge around the amount of tools we use and how AI is helping us.

By the way, also in things like how do you think about scenario analysis?

How do you think about the first derivative rate of change on inflation and growth?

So listen, I think part of why it's the most exciting times for investing ever is the amount of tools you can utilize that allow you to get

more verse around what the direction of travel in is is uh is is pretty intense today so you know we're still working and trying to figure out more tools we could use but they're uh it's it's so much different not than quite frankly five years ago ten years ago rick i would be very interested to know if any of that data any of the tools that you've been using and look and looked at have changed some of your allocations or how you're thinking about bank right now

So, it's great, Chris, thanks for asking.

So, Bink, there was something that is, I think, pretty intense around.

So, Bink has had a good run.

We feel good about where it's going and more and more people coming into it.

The thing that it's allowed us to think through is today, you've obviously got the way the Fed's going to interpret the data.

which is not always what I agree with, but the Fed's gonna interpret the data as you've got inflation that's a little sticky high and then the employment that's moderating.

So we think you're in this, and by the way, not just the Fed, the ECB, the Bank of England, the RBA, they're in this point of let's sit back and watch the data.

So the way we move our positions around is we've reduced a little bit of our interest rate sensitivity, we've pulled some of our interest rate sensitivity out of the front end of the yield curve and say, gosh, let's just get carry