Tim Stenovec

depending on what numbers you're looking at, you could argue it's only $2 trillion.

$2 trillion is a lot of money, but it's not the entire market.

So I don't know if it's systemic.

By the way, I might worry more today about short-term treasuries.

I mean, by the way, we, the United States, have been trying to sell short-term treasuries like crazy because we think that we can get a cheaper rate that way.

That's also a much more complicated place to be if, in fact, you actually have to pay it back more quickly.

I don't know if it's greedier today.

And it's greed bad, necessarily.

I think the lesson for me of writing this book in some ways was that, they didn't use the phrase back then, but this idea of FOMO.

Which, by the way, is driven in part by this phone and TikTok and people seeing all sorts of things.

And by the way, I think makes inequality actually.

I don't know if it makes it worse, but the perception of it and just the visibility of it.

Right.

But I do think the sort of FOMO, greed, envy, I think that is what's driven people.

for, you know, the test of time.

And that's what it is.

Is it worse today than it was before?

I don't know, except maybe this gets to the inequality piece.

I think there are more people who think that they are effectively unable to actually make it and therefore more willing to take risk and more willing to sort of try to grab this lottery ticket as opposed to sort of make it over time slowly.

I think there is a distinction.