Tracy Alloway

So this is really unusual.

The speed of the moves that we are seeing in markets are, I think, what a lot of investors are struggling to get their heads around right now.

Because it used to be, if you were an investor, you were used to bad news comes out, the market plunges really, really quickly.

And then it takes a while to sort of dig yourself out of that hole and climb the proverbial wall of worry is what we used to call it.

Now...

We're seeing markets just recover almost instantaneously.

And so the velocity of those moves have been really unexpected for a lot of market participants.

I mean, look, it's hard.

We've all seen the same stats about what's going on in prediction markets, right?

Big accounts that are putting on bets.

I know they don't like to call them bets.

Putting on event contracts, very close to news breaking.

I'm following CFTC regulation.

The CFTC says these are event contracts, so I'm going with that language.

But I've seen the same things you have.

I mean, it's hard to know how much of this is deliberate sort of day-to-day manipulation versus how much of it is just part of a general Trump jawboning strategy where he's trying to manage what would otherwise be some serious market fallout from a kinetic war in the Middle East.

I like that.

I like that.

The other framing I've seen, and it's sort of similar along those lines, is you know how investors, when a company reports results, you'll get earnings before taxes and depreciation and interest and all of that.

I've seen people talk about earnings before taxes.