SI355: Drawdowns Don’t Lie, But They May Mislead ft. Alan Dunne
Episode Transcript
{"version":"1.0.0","segments":[{"startTime":1.04,"endTime":1.444,"body":"You're"},{"startTime":1.444,"endTime":1.848,"body":"about"},{"startTime":1.848,"endTime":2.252,"body":"to"},{"startTime":2.252,"endTime":2.656,"body":"join"},{"startTime":2.656,"endTime":3.06,"body":"Niels"},{"startTime":3.06,"endTime":3.464,"body":"Kaastrup-Larsen"},{"startTime":3.464,"endTime":3.868,"body":"on"},{"startTime":3.868,"endTime":4.272,"body":"a"},{"startTime":4.272,"endTime":4.676,"body":"raw"},{"startTime":4.676,"endTime":5.08,"body":"and"},{"startTime":5.08,"endTime":5.484,"body":"honest"},{"startTime":5.484,"endTime":5.888,"body":"journey"},{"startTime":5.888,"endTime":6.292,"body":"into"},{"startTime":6.292,"endTime":6.696,"body":"the"},{"startTime":6.696,"endTime":7.1,"body":"world"},{"startTime":7.1,"endTime":7.504,"body":"of"},{"startTime":7.504,"endTime":7.908,"body":"systematic"},{"startTime":7.908,"endTime":8.312,"body":"investing"},{"startTime":8.312,"endTime":8.716,"body":"and"},{"startTime":8.716,"endTime":9.12,"body":"learn"},{"startTime":9.12,"endTime":9.524,"body":"about"},{"startTime":9.524,"endTime":9.928,"body":"the"},{"startTime":9.928,"endTime":10.332,"body":"most"},{"startTime":10.332,"endTime":10.736,"body":"dependable"},{"startTime":10.736,"endTime":11.14,"body":"and"},{"startTime":11.14,"endTime":11.544,"body":"consistent"},{"startTime":11.544,"endTime":11.948,"body":"yet"},{"startTime":11.948,"endTime":12.352,"body":"often"},{"startTime":12.352,"endTime":12.756,"body":"overlooked"},{"startTime":12.756,"endTime":13.16,"body":"investment"},{"startTime":13.16,"endTime":13.564,"body":"strategy."},{"startTime":13.564,"endTime":13.968,"body":"Welcome"},{"startTime":13.968,"endTime":14.372,"body":"to"},{"startTime":14.372,"endTime":14.776,"body":"the"},{"startTime":14.776,"endTime":15.18,"body":"Systematic"},{"startTime":15.18,"endTime":15.584,"body":"Investor"},{"startTime":15.584,"endTime":15.988,"body":"Series."},{"startTime":23.84,"endTime":24.105,"body":"Welcome"},{"startTime":24.105,"endTime":24.37,"body":"and"},{"startTime":24.37,"endTime":24.635,"body":"welcome"},{"startTime":24.635,"endTime":24.9,"body":"back"},{"startTime":24.9,"endTime":25.165,"body":"to"},{"startTime":25.165,"endTime":25.43,"body":"this"},{"startTime":25.43,"endTime":25.695,"body":"week's"},{"startTime":25.695,"endTime":25.96,"body":"edition"},{"startTime":25.96,"endTime":26.225,"body":"of"},{"startTime":26.225,"endTime":26.49,"body":"the"},{"startTime":26.49,"endTime":26.755,"body":"Systematic"},{"startTime":26.755,"endTime":27.02,"body":"Investor"},{"startTime":27.02,"endTime":27.285,"body":"series"},{"startTime":27.285,"endTime":27.55,"body":"with"},{"startTime":27.55,"endTime":27.815,"body":"Alan"},{"startTime":27.815,"endTime":28.08,"body":"Dunne"},{"startTime":28.08,"endTime":28.345,"body":"and"},{"startTime":28.345,"endTime":28.61,"body":"I,"},{"startTime":28.61,"endTime":28.875,"body":"Niels"},{"startTime":28.875,"endTime":29.14,"body":"Kaastrup-Larsen,"},{"startTime":29.14,"endTime":29.405,"body":"where"},{"startTime":29.405,"endTime":29.67,"body":"each"},{"startTime":29.67,"endTime":29.935,"body":"week"},{"startTime":29.935,"endTime":30.2,"body":"we"},{"startTime":30.2,"endTime":30.465,"body":"take"},{"startTime":30.465,"endTime":30.73,"body":"the"},{"startTime":30.73,"endTime":30.995,"body":"pulse"},{"startTime":30.995,"endTime":31.26,"body":"of"},{"startTime":31.26,"endTime":31.525,"body":"the"},{"startTime":31.525,"endTime":31.79,"body":"global"},{"startTime":31.79,"endTime":32.055,"body":"market"},{"startTime":32.055,"endTime":32.32,"body":"through"},{"startTime":32.32,"endTime":32.585,"body":"the"},{"startTime":32.585,"endTime":32.85,"body":"lens"},{"startTime":32.85,"endTime":33.115,"body":"of"},{"startTime":33.115,"endTime":33.38,"body":"a"},{"startTime":33.38,"endTime":33.645,"body":"rules-based"},{"startTime":33.645,"endTime":33.91,"body":"investor."},{"startTime":33.91,"endTime":34.175,"body":"Allan,"},{"startTime":34.175,"endTime":34.44,"body":"how"},{"startTime":34.44,"endTime":34.705,"body":"are"},{"startTime":34.705,"endTime":34.97,"body":"you"},{"startTime":34.97,"endTime":35.235,"body":"doing?"},{"startTime":35.235,"endTime":35.5,"body":"It's"},{"startTime":35.5,"endTime":35.765,"body":"great"},{"startTime":35.765,"endTime":36.03,"body":"to"},{"startTime":36.03,"endTime":36.295,"body":"be"},{"startTime":36.295,"endTime":36.56,"body":"back"},{"startTime":36.56,"endTime":36.825,"body":"with"},{"startTime":36.825,"endTime":37.09,"body":"you"},{"startTime":37.09,"endTime":37.355,"body":"this"},{"startTime":37.355,"endTime":37.62,"body":"week."},{"startTime":37.62,"endTime":37.832,"body":"Very"},{"startTime":37.832,"endTime":38.044,"body":"good."},{"startTime":38.044,"endTime":38.256,"body":"Yeah,"},{"startTime":38.256,"endTime":38.468,"body":"all"},{"startTime":38.468,"endTime":38.68,"body":"good"},{"startTime":38.68,"endTime":38.892,"body":"here."},{"startTime":38.892,"endTime":39.104,"body":"How"},{"startTime":39.104,"endTime":39.316,"body":"are"},{"startTime":39.316,"endTime":39.528,"body":"you"},{"startTime":39.528,"endTime":39.74,"body":"doing?"},{"startTime":40.3,"endTime":40.922,"body":"Doing"},{"startTime":40.922,"endTime":41.544,"body":"well,"},{"startTime":41.544,"endTime":42.166,"body":"except"},{"startTime":42.166,"endTime":42.788,"body":"we"},{"startTime":42.788,"endTime":43.41,"body":"might"},{"startTime":43.41,"endTime":44.032,"body":"be"},{"startTime":44.032,"endTime":44.654,"body":"completely"},{"startTime":44.654,"endTime":45.276,"body":"frank"},{"startTime":45.276,"endTime":45.898,"body":"about"},{"startTime":45.898,"endTime":46.52,"body":"it,"},{"startTime":46.52,"endTime":47.142,"body":"at"},{"startTime":47.142,"endTime":47.764,"body":"the"},{"startTime":47.764,"endTime":48.386,"body":"top"},{"startTime":48.386,"endTime":49.008,"body":"of"},{"startTime":49.008,"endTime":49.63,"body":"the"},{"startTime":49.63,"endTime":50.252,"body":"hour,"},{"startTime":50.252,"endTime":50.874,"body":"and"},{"startTime":50.874,"endTime":51.496,"body":"that"},{"startTime":51.496,"endTime":52.118,"body":"is"},{"startTime":52.118,"endTime":52.74,"body":"we're"},{"startTime":52.74,"endTime":53.362,"body":"having"},{"startTime":53.362,"endTime":53.984,"body":"a"},{"startTime":53.984,"endTime":54.606,"body":"little"},{"startTime":54.606,"endTime":55.228,"body":"bit"},{"startTime":55.228,"endTime":55.85,"body":"of"},{"startTime":55.85,"endTime":56.472,"body":"a"},{"startTime":56.472,"endTime":57.094,"body":"technical"},{"startTime":57.094,"endTime":57.716,"body":"problems."},{"startTime":57.716,"endTime":58.338,"body":"More"},{"startTime":58.338,"endTime":58.96,"body":"specifically,"},{"startTime":58.96,"endTime":59.582,"body":"I'm"},{"startTime":59.582,"endTime":60.204,"body":"having"},{"startTime":60.204,"endTime":60.826,"body":"technical"},{"startTime":60.826,"endTime":61.448,"body":"problems"},{"startTime":61.448,"endTime":62.07,"body":"today,"},{"startTime":62.07,"endTime":62.692,"body":"so"},{"startTime":62.692,"endTime":63.314,"body":"hopefully"},{"startTime":63.314,"endTime":63.936,"body":"it"},{"startTime":63.936,"endTime":64.558,"body":"all"},{"startTime":64.558,"endTime":65.18,"body":"goes"},{"startTime":65.18,"endTime":65.802,"body":"well."},{"startTime":65.802,"endTime":66.424,"body":"But,"},{"startTime":66.424,"endTime":67.046,"body":"of"},{"startTime":67.046,"endTime":67.668,"body":"course,"},{"startTime":67.668,"endTime":68.29,"body":"it's"},{"startTime":68.29,"endTime":68.912,"body":"always"},{"startTime":68.912,"endTime":69.534,"body":"stressful"},{"startTime":69.534,"endTime":70.156,"body":"when"},{"startTime":70.156,"endTime":70.778,"body":"that"},{"startTime":70.778,"endTime":71.4,"body":"happens."},{"startTime":40.3,"endTime":41.682,"body":"\rWegot"},{"startTime":41.682,"endTime":42.373,"body":"a"},{"startTime":42.373,"endTime":43.064,"body":"solid"},{"startTime":43.064,"endTime":43.755,"body":"lineup"},{"startTime":43.755,"endTime":44.446,"body":"of"},{"startTime":44.446,"endTime":45.137,"body":"topics."},{"startTime":45.137,"endTime":45.828,"body":"That's"},{"startTime":45.828,"endTime":46.519,"body":"why"},{"startTime":46.519,"endTime":47.21,"body":"we"},{"startTime":47.21,"endTime":47.901,"body":"really"},{"startTime":47.901,"endTime":48.592,"body":"want"},{"startTime":48.592,"endTime":49.283,"body":"to"},{"startTime":49.283,"endTime":49.974,"body":"make"},{"startTime":49.974,"endTime":50.665,"body":"sure"},{"startTime":50.665,"endTime":51.356,"body":"we"},{"startTime":51.356,"endTime":52.047,"body":"get"},{"startTime":52.047,"endTime":52.738,"body":"this"},{"startTime":52.738,"endTime":53.429,"body":"recorded"},{"startTime":53.429,"endTime":54.12,"body":"today."},{"startTime":54.12,"endTime":54.811,"body":"But"},{"startTime":54.811,"endTime":55.502,"body":"before"},{"startTime":55.502,"endTime":56.193,"body":"we"},{"startTime":56.193,"endTime":56.884,"body":"get"},{"startTime":56.884,"endTime":57.575,"body":"into"},{"startTime":57.575,"endTime":58.266,"body":"all"},{"startTime":58.266,"endTime":58.957,"body":"of"},{"startTime":58.957,"endTime":59.648,"body":"that,"},{"startTime":59.648,"endTime":60.339,"body":"Alan,"},{"startTime":60.339,"endTime":61.03,"body":"as"},{"startTime":61.03,"endTime":61.721,"body":"usual,"},{"startTime":61.721,"endTime":62.412,"body":"I’m"},{"startTime":62.412,"endTime":63.103,"body":"always"},{"startTime":63.103,"endTime":63.794,"body":"curious"},{"startTime":63.794,"endTime":64.485,"body":"to"},{"startTime":64.485,"endTime":65.176,"body":"hear"},{"startTime":65.176,"endTime":65.867,"body":"what's"},{"startTime":65.867,"endTime":66.558,"body":"been"},{"startTime":66.558,"endTime":67.249,"body":"hitting"},{"startTime":67.249,"endTime":67.94,"body":"your"},{"startTime":67.94,"endTime":68.631,"body":"radar"},{"startTime":68.631,"endTime":69.322,"body":"the"},{"startTime":69.322,"endTime":70.013,"body":"last"},{"startTime":70.013,"endTime":70.704,"body":"few"},{"startTime":70.704,"endTime":71.395,"body":"weeks."},{"startTime":71.48,"endTime":72.448,"body":"Yeah,"},{"startTime":72.448,"endTime":73.416,"body":"it's"},{"startTime":73.416,"endTime":74.384,"body":"been"},{"startTime":74.384,"endTime":75.352,"body":"action"},{"startTime":75.352,"endTime":76.32,"body":"packed"},{"startTime":76.32,"endTime":77.288,"body":"and"},{"startTime":77.288,"endTime":78.256,"body":"plenty"},{"startTime":78.256,"endTime":79.224,"body":"to"},{"startTime":79.224,"endTime":80.192,"body":"talk"},{"startTime":80.192,"endTime":81.16,"body":"about"},{"startTime":81.16,"endTime":82.128,"body":"as"},{"startTime":82.128,"endTime":83.096,"body":"usual."},{"startTime":83.096,"endTime":84.064,"body":"I"},{"startTime":84.064,"endTime":85.032,"body":"suppose,"},{"startTime":85.032,"endTime":86,"body":"with"},{"startTime":86,"endTime":86.968,"body":"equities"},{"startTime":86.968,"endTime":87.936,"body":"hitting"},{"startTime":87.936,"endTime":88.904,"body":"all-time"},{"startTime":88.904,"endTime":89.872,"body":"highs"},{"startTime":89.872,"endTime":90.84,"body":"again"},{"startTime":90.84,"endTime":91.808,"body":"this"},{"startTime":91.808,"endTime":92.776,"body":"week,"},{"startTime":92.776,"endTime":93.744,"body":"it’s"},{"startTime":93.744,"endTime":94.712,"body":"worth"},{"startTime":94.712,"endTime":95.68,"body":"talking"},{"startTime":95.68,"endTime":96.648,"body":"about"},{"startTime":96.648,"endTime":97.616,"body":"that."},{"startTime":97.616,"endTime":98.584,"body":"I"},{"startTime":98.584,"endTime":99.552,"body":"saw"},{"startTime":99.552,"endTime":100.52,"body":"a"},{"startTime":100.52,"endTime":101.488,"body":"post"},{"startTime":101.488,"endTime":102.456,"body":"which"},{"startTime":102.456,"endTime":103.424,"body":"highlighted"},{"startTime":103.424,"endTime":104.392,"body":"that"},{"startTime":104.392,"endTime":105.36,"body":"it"},{"startTime":105.36,"endTime":106.328,"body":"was"},{"startTime":106.328,"endTime":107.296,"body":"the"},{"startTime":107.296,"endTime":108.264,"body":"fastest"},{"startTime":108.264,"endTime":109.232,"body":"recovery"},{"startTime":109.232,"endTime":110.2,"body":"from"},{"startTime":110.2,"endTime":111.168,"body":"a"},{"startTime":111.168,"endTime":112.136,"body":"20%"},{"startTime":112.136,"endTime":113.104,"body":"drawdown"},{"startTime":113.104,"endTime":114.072,"body":"for"},{"startTime":114.072,"endTime":115.04,"body":"the"},{"startTime":115.04,"endTime":116.008,"body":"S&P"},{"startTime":116.008,"endTime":116.976,"body":"500"},{"startTime":116.976,"endTime":117.944,"body":"in"},{"startTime":117.944,"endTime":118.912,"body":"the"},{"startTime":118.912,"endTime":119.88,"body":"last"},{"startTime":119.88,"endTime":120.848,"body":"number"},{"startTime":120.848,"endTime":121.816,"body":"of"},{"startTime":121.816,"endTime":122.784,"body":"decades"},{"startTime":122.784,"endTime":123.752,"body":"since"},{"startTime":123.752,"endTime":124.72,"body":"the"},{"startTime":124.72,"endTime":125.688,"body":"post"},{"startTime":125.688,"endTime":126.656,"body":"war"},{"startTime":126.656,"endTime":127.624,"body":"period."},{"startTime":127.624,"endTime":128.592,"body":"So,"},{"startTime":128.592,"endTime":129.56,"body":"I"},{"startTime":129.56,"endTime":130.528,"body":"think"},{"startTime":130.528,"endTime":131.496,"body":"it"},{"startTime":131.496,"endTime":132.464,"body":"was"},{"startTime":132.464,"endTime":133.432,"body":"a"},{"startTime":133.432,"endTime":134.4,"body":"21%"},{"startTime":134.4,"endTime":135.368,"body":"drawdown"},{"startTime":135.368,"endTime":136.336,"body":"and"},{"startTime":136.336,"endTime":137.304,"body":"a"},{"startTime":137.304,"endTime":138.272,"body":"recovery"},{"startTime":138.272,"endTime":139.24,"body":"back"},{"startTime":139.24,"endTime":140.208,"body":"to"},{"startTime":140.208,"endTime":141.176,"body":"new"},{"startTime":141.176,"endTime":142.144,"body":"highs"},{"startTime":142.144,"endTime":143.112,"body":"in"},{"startTime":143.112,"endTime":144.08,"body":"57"},{"startTime":144.08,"endTime":145.048,"body":"days."},{"startTime":145.048,"endTime":146.016,"body":"So,"},{"startTime":146.016,"endTime":146.984,"body":"we've"},{"startTime":146.984,"endTime":147.952,"body":"seen"},{"startTime":147.952,"endTime":148.92,"body":"that"},{"startTime":148.92,"endTime":149.888,"body":"kind"},{"startTime":149.888,"endTime":150.856,"body":"of"},{"startTime":150.856,"endTime":151.824,"body":"fast"},{"startTime":151.824,"endTime":152.792,"body":"recovery"},{"startTime":152.792,"endTime":153.76,"body":"before."},{"startTime":153.76,"endTime":154.728,"body":"Obviously,"},{"startTime":154.728,"endTime":155.696,"body":"people"},{"startTime":155.696,"endTime":156.664,"body":"will"},{"startTime":156.664,"endTime":157.632,"body":"point"},{"startTime":157.632,"endTime":158.6,"body":"to"},{"startTime":158.6,"endTime":159.568,"body":"Covid"},{"startTime":159.568,"endTime":160.536,"body":"as"},{"startTime":160.536,"endTime":161.504,"body":"an"},{"startTime":161.504,"endTime":162.472,"body":"example"},{"startTime":162.472,"endTime":163.44,"body":"of"},{"startTime":163.44,"endTime":164.408,"body":"that,"},{"startTime":164.408,"endTime":165.376,"body":"but"},{"startTime":165.376,"endTime":166.344,"body":"actually"},{"startTime":166.344,"endTime":167.312,"body":"it"},{"startTime":167.312,"endTime":168.28,"body":"was"},{"startTime":168.28,"endTime":169.248,"body":"much"},{"startTime":169.248,"endTime":170.216,"body":"faster"},{"startTime":170.216,"endTime":171.184,"body":"this"},{"startTime":171.184,"endTime":172.152,"body":"way."},{"startTime":172.152,"endTime":173.12,"body":"The"},{"startTime":173.12,"endTime":174.088,"body":"recovery"},{"startTime":174.088,"endTime":175.056,"body":"in"},{"startTime":175.056,"endTime":176.024,"body":"Covid"},{"startTime":176.024,"endTime":176.992,"body":"took"},{"startTime":176.992,"endTime":177.96,"body":"107"},{"startTime":177.96,"endTime":178.928,"body":"days."},{"startTime":71.48,"endTime":74.786,"body":"\rThereis"},{"startTime":74.786,"endTime":76.439,"body":"a"},{"startTime":76.439,"endTime":78.092,"body":"parallel,"},{"startTime":78.092,"endTime":79.745,"body":"back"},{"startTime":79.745,"endTime":81.398,"body":"in"},{"startTime":81.398,"endTime":83.051,"body":"1998,"},{"startTime":83.051,"endTime":84.704,"body":"when"},{"startTime":84.704,"endTime":86.357,"body":"equities"},{"startTime":86.357,"endTime":88.01,"body":"fell"},{"startTime":88.01,"endTime":89.663,"body":"around"},{"startTime":89.663,"endTime":91.316,"body":"the"},{"startTime":91.316,"endTime":92.969,"body":"time"},{"startTime":92.969,"endTime":94.622,"body":"of"},{"startTime":94.622,"endTime":96.275,"body":"the"},{"startTime":96.275,"endTime":97.928,"body":"Russian"},{"startTime":97.928,"endTime":99.581,"body":"debt"},{"startTime":99.581,"endTime":101.234,"body":"default"},{"startTime":101.234,"endTime":102.887,"body":"and"},{"startTime":102.887,"endTime":104.54,"body":"LTCM"},{"startTime":104.54,"endTime":106.193,"body":"and"},{"startTime":106.193,"endTime":107.846,"body":"then"},{"startTime":107.846,"endTime":109.499,"body":"rebounded"},{"startTime":109.499,"endTime":111.152,"body":"in"},{"startTime":111.152,"endTime":112.805,"body":"61"},{"startTime":112.805,"endTime":114.458,"body":"days."},{"startTime":114.458,"endTime":116.111,"body":"So,"},{"startTime":116.111,"endTime":117.764,"body":"we"},{"startTime":117.764,"endTime":119.417,"body":"have"},{"startTime":119.417,"endTime":121.07,"body":"seen"},{"startTime":121.07,"endTime":122.723,"body":"something"},{"startTime":122.723,"endTime":124.376,"body":"similar"},{"startTime":124.376,"endTime":126.029,"body":"before"},{"startTime":126.029,"endTime":127.682,"body":"in"},{"startTime":127.682,"endTime":129.335,"body":"that"},{"startTime":129.335,"endTime":130.988,"body":"period."},{"startTime":130.988,"endTime":132.641,"body":"Interesting"},{"startTime":132.641,"endTime":134.294,"body":"when"},{"startTime":134.294,"endTime":135.947,"body":"you"},{"startTime":135.947,"endTime":137.6,"body":"look"},{"startTime":137.6,"endTime":139.253,"body":"back"},{"startTime":139.253,"endTime":140.906,"body":"at"},{"startTime":140.906,"endTime":142.559,"body":"those"},{"startTime":142.559,"endTime":144.212,"body":"two"},{"startTime":144.212,"endTime":145.865,"body":"periods,"},{"startTime":145.865,"endTime":147.518,"body":"they"},{"startTime":147.518,"endTime":149.171,"body":"were"},{"startTime":149.171,"endTime":150.824,"body":"both"},{"startTime":150.824,"endTime":152.477,"body":"rebounds"},{"startTime":152.477,"endTime":154.13,"body":"that"},{"startTime":154.13,"endTime":155.783,"body":"coincided"},{"startTime":155.783,"endTime":157.436,"body":"with"},{"startTime":157.436,"endTime":159.089,"body":"significant"},{"startTime":159.089,"endTime":160.742,"body":"Fed"},{"startTime":160.742,"endTime":162.395,"body":"stimulus."},{"startTime":162.395,"endTime":164.048,"body":"There"},{"startTime":164.048,"endTime":165.701,"body":"were"},{"startTime":165.701,"endTime":167.354,"body":"three"},{"startTime":167.354,"endTime":169.007,"body":"rate"},{"startTime":169.007,"endTime":170.66,"body":"cuts"},{"startTime":170.66,"endTime":172.313,"body":"in"},{"startTime":172.313,"endTime":173.966,"body":"that"},{"startTime":173.966,"endTime":175.619,"body":"September"},{"startTime":175.619,"endTime":177.272,"body":"1998"},{"startTime":177.272,"endTime":178.925,"body":"rebound."},{"startTime":71.48,"endTime":74.27,"body":"\rWell,starting"},{"startTime":74.27,"endTime":75.665,"body":"in"},{"startTime":75.665,"endTime":77.06,"body":"September"},{"startTime":77.06,"endTime":78.455,"body":"‘98"},{"startTime":78.455,"endTime":79.85,"body":"and"},{"startTime":79.85,"endTime":81.245,"body":"then"},{"startTime":81.245,"endTime":82.64,"body":"obviously,"},{"startTime":82.64,"endTime":84.035,"body":"during"},{"startTime":84.035,"endTime":85.43,"body":"COVID,"},{"startTime":85.43,"endTime":86.825,"body":"very"},{"startTime":86.825,"endTime":88.22,"body":"aggressive"},{"startTime":88.22,"endTime":89.615,"body":"Fed"},{"startTime":89.615,"endTime":91.01,"body":"easing"},{"startTime":91.01,"endTime":92.405,"body":"and"},{"startTime":92.405,"endTime":93.8,"body":"asset"},{"startTime":93.8,"endTime":95.195,"body":"purchases"},{"startTime":95.195,"endTime":96.59,"body":"at"},{"startTime":96.59,"endTime":97.985,"body":"that"},{"startTime":97.985,"endTime":99.38,"body":"stage."},{"startTime":99.38,"endTime":100.775,"body":"So,"},{"startTime":100.775,"endTime":102.17,"body":"it’s"},{"startTime":102.17,"endTime":103.565,"body":"interesting."},{"startTime":103.565,"endTime":104.96,"body":"This"},{"startTime":104.96,"endTime":106.355,"body":"time"},{"startTime":106.355,"endTime":107.75,"body":"we've"},{"startTime":107.75,"endTime":109.145,"body":"had"},{"startTime":109.145,"endTime":110.54,"body":"to"},{"startTime":110.54,"endTime":111.935,"body":"rebound"},{"startTime":111.935,"endTime":113.33,"body":"very"},{"startTime":113.33,"endTime":114.725,"body":"quickly,"},{"startTime":114.725,"endTime":116.12,"body":"very"},{"startTime":116.12,"endTime":117.515,"body":"fast."},{"startTime":117.515,"endTime":118.91,"body":"Even"},{"startTime":118.91,"endTime":120.305,"body":"without"},{"startTime":120.305,"endTime":121.7,"body":"that."},{"startTime":121.7,"endTime":123.095,"body":"You"},{"startTime":123.095,"endTime":124.49,"body":"could"},{"startTime":124.49,"endTime":125.885,"body":"say,"},{"startTime":125.885,"endTime":127.28,"body":"I"},{"startTime":127.28,"endTime":128.675,"body":"suppose,"},{"startTime":128.675,"endTime":130.07,"body":"the"},{"startTime":130.07,"endTime":131.465,"body":"reversal"},{"startTime":131.465,"endTime":132.86,"body":"on"},{"startTime":132.86,"endTime":134.255,"body":"tariffs"},{"startTime":134.255,"endTime":135.65,"body":"might"},{"startTime":135.65,"endTime":137.045,"body":"have"},{"startTime":137.045,"endTime":138.44,"body":"been"},{"startTime":138.44,"endTime":139.835,"body":"seen"},{"startTime":139.835,"endTime":141.23,"body":"as"},{"startTime":141.23,"endTime":142.625,"body":"some"},{"startTime":142.625,"endTime":144.02,"body":"kind"},{"startTime":144.02,"endTime":145.415,"body":"of"},{"startTime":145.415,"endTime":146.81,"body":"stimulus."},{"startTime":146.81,"endTime":148.205,"body":"But"},{"startTime":148.205,"endTime":149.6,"body":"I"},{"startTime":149.6,"endTime":150.995,"body":"do"},{"startTime":150.995,"endTime":152.39,"body":"think,"},{"startTime":152.39,"endTime":155.18,"body":"to"},{"startTime":155.18,"endTime":156.575,"body":"point"},{"startTime":156.575,"endTime":157.97,"body":"to,"},{"startTime":157.97,"endTime":159.365,"body":"the"},{"startTime":159.365,"endTime":160.76,"body":"buy-the-dip"},{"startTime":160.76,"endTime":162.155,"body":"mentality"},{"startTime":162.155,"endTime":163.55,"body":"is"},{"startTime":163.55,"endTime":164.945,"body":"very"},{"startTime":164.945,"endTime":166.34,"body":"much"},{"startTime":166.34,"endTime":167.735,"body":"alive"},{"startTime":167.735,"endTime":169.13,"body":"and"},{"startTime":169.13,"endTime":170.525,"body":"well"},{"startTime":170.525,"endTime":171.92,"body":"and"},{"startTime":171.92,"endTime":173.315,"body":"strong."},{"startTime":173.315,"endTime":174.71,"body":"Sentiment"},{"startTime":174.71,"endTime":176.105,"body":"is"},{"startTime":176.105,"endTime":177.5,"body":"very"},{"startTime":177.5,"endTime":178.895,"body":"Bullish."},{"startTime":71.48,"endTime":78.89,"body":"\rNowin"},{"startTime":78.89,"endTime":82.595,"body":"those"},{"startTime":82.595,"endTime":86.3,"body":"two"},{"startTime":86.3,"endTime":90.005,"body":"cases,"},{"startTime":90.005,"endTime":93.71,"body":"the"},{"startTime":93.71,"endTime":97.415,"body":"rally"},{"startTime":97.415,"endTime":101.12,"body":"went"},{"startTime":101.12,"endTime":104.825,"body":"on"},{"startTime":104.825,"endTime":108.53,"body":"to"},{"startTime":108.53,"endTime":112.235,"body":"continue"},{"startTime":112.235,"endTime":115.94,"body":"for"},{"startTime":115.94,"endTime":119.645,"body":"about"},{"startTime":119.645,"endTime":123.35,"body":"a"},{"startTime":123.35,"endTime":127.055,"body":"year"},{"startTime":127.055,"endTime":130.76,"body":"before"},{"startTime":130.76,"endTime":134.465,"body":"we"},{"startTime":134.465,"endTime":138.17,"body":"saw"},{"startTime":138.17,"endTime":141.875,"body":"the"},{"startTime":141.875,"endTime":145.58,"body":"reversal."},{"startTime":145.58,"endTime":149.285,"body":"So,"},{"startTime":149.285,"endTime":152.99,"body":"who"},{"startTime":152.99,"endTime":156.695,"body":"knows."},{"startTime":156.695,"endTime":160.4,"body":"But"},{"startTime":160.4,"endTime":164.105,"body":"interesting"},{"startTime":164.105,"endTime":167.81,"body":"to"},{"startTime":167.81,"endTime":171.515,"body":"draw"},{"startTime":171.515,"endTime":175.22,"body":"the"},{"startTime":175.22,"endTime":178.925,"body":"parallels."},{"startTime":179.59,"endTime":186.872,"body":"Yeah,"},{"startTime":186.872,"endTime":194.154,"body":"yeah,"},{"startTime":194.154,"endTime":201.436,"body":"absolutely."},{"startTime":201.436,"endTime":208.718,"body":"The"},{"startTime":208.718,"endTime":216,"body":"simple"},{"startTime":216,"endTime":223.282,"body":"conclusion"},{"startTime":223.282,"endTime":230.564,"body":"of"},{"startTime":230.564,"endTime":237.846,"body":"course"},{"startTime":237.846,"endTime":245.128,"body":"is"},{"startTime":245.128,"endTime":252.41,"body":"the"},{"startTime":252.41,"endTime":259.692,"body":"less"},{"startTime":259.692,"endTime":266.974,"body":"the"},{"startTime":266.974,"endTime":274.256,"body":"does,"},{"startTime":274.256,"endTime":281.538,"body":"the"},{"startTime":281.538,"endTime":288.82,"body":"quicker"},{"startTime":288.82,"endTime":296.102,"body":"the"},{"startTime":296.102,"endTime":303.384,"body":"rebound."},{"startTime":303.384,"endTime":310.666,"body":"So,"},{"startTime":310.666,"endTime":317.948,"body":"that's"},{"startTime":317.948,"endTime":325.23,"body":"an"},{"startTime":325.23,"endTime":332.512,"body":"interesting"},{"startTime":332.512,"endTime":339.794,"body":"twist"},{"startTime":339.794,"endTime":347.076,"body":"to"},{"startTime":347.076,"endTime":354.358,"body":"comment"},{"startTime":354.358,"endTime":361.64,"body":"or"},{"startTime":361.64,"endTime":368.922,"body":"acknowledge,"},{"startTime":368.922,"endTime":376.204,"body":"I"},{"startTime":376.204,"endTime":383.486,"body":"would"},{"startTime":383.486,"endTime":390.768,"body":"say."},{"startTime":390.768,"endTime":398.05,"body":"Absolutely,"},{"startTime":398.05,"endTime":405.332,"body":"good"},{"startTime":405.332,"endTime":412.614,"body":"stuff."},{"startTime":412.614,"endTime":419.896,"body":"I"},{"startTime":419.896,"endTime":427.178,"body":"was"},{"startTime":427.178,"endTime":434.46,"body":"not"},{"startTime":434.46,"endTime":441.742,"body":"aware"},{"startTime":441.742,"endTime":449.024,"body":"of"},{"startTime":449.024,"endTime":456.306,"body":"that"},{"startTime":456.306,"endTime":463.588,"body":"stat"},{"startTime":463.588,"endTime":470.87,"body":"actually."},{"startTime":470.87,"endTime":478.152,"body":"So,"},{"startTime":478.152,"endTime":485.434,"body":"that's"},{"startTime":485.434,"endTime":492.716,"body":"interesting"},{"startTime":492.716,"endTime":499.998,"body":"for"},{"startTime":499.998,"endTime":507.28,"body":"me."},{"startTime":179.59,"endTime":187.124,"body":"\rWhat'sbeen"},{"startTime":187.124,"endTime":190.891,"body":"on"},{"startTime":190.891,"endTime":194.658,"body":"my"},{"startTime":194.658,"endTime":198.425,"body":"radar"},{"startTime":198.425,"endTime":202.192,"body":"is"},{"startTime":202.192,"endTime":205.959,"body":"a"},{"startTime":205.959,"endTime":209.726,"body":"few"},{"startTime":209.726,"endTime":213.493,"body":"things,"},{"startTime":213.493,"endTime":217.26,"body":"of"},{"startTime":217.26,"endTime":221.027,"body":"course."},{"startTime":221.027,"endTime":224.794,"body":"One"},{"startTime":224.794,"endTime":228.561,"body":"is"},{"startTime":228.561,"endTime":232.328,"body":"that"},{"startTime":232.328,"endTime":236.095,"body":"this"},{"startTime":236.095,"endTime":239.862,"body":"week,"},{"startTime":239.862,"endTime":243.629,"body":"I"},{"startTime":243.629,"endTime":247.396,"body":"think"},{"startTime":247.396,"endTime":251.163,"body":"it"},{"startTime":251.163,"endTime":254.93,"body":"was,"},{"startTime":254.93,"endTime":258.697,"body":"that"},{"startTime":258.697,"endTime":262.464,"body":"my"},{"startTime":262.464,"endTime":266.231,"body":"country"},{"startTime":266.231,"endTime":269.998,"body":"of"},{"startTime":269.998,"endTime":273.765,"body":"birth,"},{"startTime":273.765,"endTime":277.532,"body":"Denmark."},{"startTime":277.532,"endTime":281.299,"body":"took"},{"startTime":281.299,"endTime":285.066,"body":"the"},{"startTime":285.066,"endTime":288.833,"body":"EU"},{"startTime":288.833,"endTime":292.6,"body":"presidency"},{"startTime":292.6,"endTime":296.367,"body":"for"},{"startTime":296.367,"endTime":300.134,"body":"the"},{"startTime":300.134,"endTime":303.901,"body":"next"},{"startTime":303.901,"endTime":307.668,"body":"six"},{"startTime":307.668,"endTime":311.435,"body":"months"},{"startTime":311.435,"endTime":315.202,"body":"at"},{"startTime":315.202,"endTime":318.969,"body":"obviously"},{"startTime":318.969,"endTime":322.736,"body":"very"},{"startTime":322.736,"endTime":326.503,"body":"interesting"},{"startTime":326.503,"endTime":330.27,"body":"time,"},{"startTime":330.27,"endTime":334.037,"body":"not"},{"startTime":334.037,"endTime":337.804,"body":"just"},{"startTime":337.804,"endTime":341.571,"body":"for"},{"startTime":341.571,"endTime":345.338,"body":"European"},{"startTime":345.338,"endTime":349.105,"body":"policies"},{"startTime":349.105,"endTime":352.872,"body":"but"},{"startTime":352.872,"endTime":356.639,"body":"for"},{"startTime":356.639,"endTime":360.406,"body":"geopolitics"},{"startTime":360.406,"endTime":364.173,"body":"as"},{"startTime":364.173,"endTime":367.94,"body":"a"},{"startTime":367.94,"endTime":371.707,"body":"whole."},{"startTime":371.707,"endTime":375.474,"body":"So,"},{"startTime":375.474,"endTime":379.241,"body":"hopefully"},{"startTime":379.241,"endTime":383.008,"body":"something"},{"startTime":383.008,"endTime":386.775,"body":"good"},{"startTime":386.775,"endTime":390.542,"body":"will"},{"startTime":390.542,"endTime":394.309,"body":"come"},{"startTime":394.309,"endTime":398.076,"body":"out"},{"startTime":398.076,"endTime":401.843,"body":"of"},{"startTime":401.843,"endTime":405.61,"body":"that."},{"startTime":405.61,"endTime":409.377,"body":"Maybe"},{"startTime":409.377,"endTime":413.144,"body":"even"},{"startTime":413.144,"endTime":416.911,"body":"it'll"},{"startTime":416.911,"endTime":420.678,"body":"give"},{"startTime":420.678,"endTime":424.445,"body":"a"},{"startTime":424.445,"endTime":428.212,"body":"boost"},{"startTime":428.212,"endTime":431.979,"body":"to"},{"startTime":431.979,"endTime":435.746,"body":"the"},{"startTime":435.746,"endTime":439.513,"body":"Danish"},{"startTime":439.513,"endTime":443.28,"body":"women's"},{"startTime":443.28,"endTime":447.047,"body":"football"},{"startTime":447.047,"endTime":450.814,"body":"team"},{"startTime":450.814,"endTime":454.581,"body":"as"},{"startTime":454.581,"endTime":458.348,"body":"they"},{"startTime":458.348,"endTime":462.115,"body":"start"},{"startTime":462.115,"endTime":465.882,"body":"the"},{"startTime":465.882,"endTime":469.649,"body":"European"},{"startTime":469.649,"endTime":473.416,"body":"Championships"},{"startTime":473.416,"endTime":477.183,"body":"here"},{"startTime":477.183,"endTime":480.95,"body":"in"},{"startTime":480.95,"endTime":484.717,"body":"Switzerland."},{"startTime":484.717,"endTime":488.484,"body":"You"},{"startTime":488.484,"endTime":492.251,"body":"never"},{"startTime":492.251,"endTime":496.018,"body":"know,"},{"startTime":496.018,"endTime":499.785,"body":"it"},{"startTime":499.785,"endTime":503.552,"body":"might"},{"startTime":503.552,"endTime":507.319,"body":"help."},{"startTime":179.59,"endTime":187.682,"body":"\rButof"},{"startTime":187.682,"endTime":191.728,"body":"course,"},{"startTime":191.728,"endTime":195.774,"body":"on"},{"startTime":195.774,"endTime":199.82,"body":"the"},{"startTime":199.82,"endTime":203.866,"body":"more"},{"startTime":203.866,"endTime":207.912,"body":"usual"},{"startTime":207.912,"endTime":211.958,"body":"scene,"},{"startTime":211.958,"endTime":216.004,"body":"we"},{"startTime":216.004,"endTime":220.05,"body":"just"},{"startTime":220.05,"endTime":224.096,"body":"saw,"},{"startTime":224.096,"endTime":228.142,"body":"in"},{"startTime":228.142,"endTime":232.188,"body":"the"},{"startTime":232.188,"endTime":236.234,"body":"last"},{"startTime":236.234,"endTime":240.28,"body":"day"},{"startTime":240.28,"endTime":244.326,"body":"or"},{"startTime":244.326,"endTime":248.372,"body":"two,"},{"startTime":248.372,"endTime":252.418,"body":"that"},{"startTime":252.418,"endTime":256.464,"body":"Trump"},{"startTime":256.464,"endTime":260.51,"body":"got"},{"startTime":260.51,"endTime":264.556,"body":"his"},{"startTime":264.556,"endTime":268.602,"body":"new"},{"startTime":268.602,"endTime":272.648,"body":"Beautiful"},{"startTime":272.648,"endTime":276.694,"body":"Bill"},{"startTime":276.694,"endTime":280.74,"body":"through"},{"startTime":280.74,"endTime":284.786,"body":"both"},{"startTime":284.786,"endTime":288.832,"body":"houses."},{"startTime":288.832,"endTime":292.878,"body":"And"},{"startTime":292.878,"endTime":296.924,"body":"so,"},{"startTime":296.924,"endTime":300.97,"body":"it'll"},{"startTime":300.97,"endTime":305.016,"body":"be"},{"startTime":305.016,"endTime":309.062,"body":"interesting."},{"startTime":309.062,"endTime":313.108,"body":"Obviously,"},{"startTime":313.108,"endTime":317.154,"body":"a"},{"startTime":317.154,"endTime":321.2,"body":"very,"},{"startTime":321.2,"endTime":325.246,"body":"very"},{"startTime":325.246,"endTime":329.292,"body":"narrow"},{"startTime":329.292,"endTime":333.338,"body":"passing"},{"startTime":333.338,"endTime":337.384,"body":"of"},{"startTime":337.384,"endTime":341.43,"body":"such"},{"startTime":341.43,"endTime":345.476,"body":"a"},{"startTime":345.476,"endTime":349.522,"body":"big"},{"startTime":349.522,"endTime":353.568,"body":"important"},{"startTime":353.568,"endTime":357.614,"body":"set"},{"startTime":357.614,"endTime":361.66,"body":"of"},{"startTime":361.66,"endTime":365.706,"body":"legislations."},{"startTime":365.706,"endTime":369.752,"body":"So"},{"startTime":369.752,"endTime":373.798,"body":"yeah,"},{"startTime":373.798,"endTime":377.844,"body":"interesting"},{"startTime":377.844,"endTime":381.89,"body":"how"},{"startTime":381.89,"endTime":385.936,"body":"things"},{"startTime":385.936,"endTime":389.982,"body":"are"},{"startTime":389.982,"endTime":394.028,"body":"done"},{"startTime":394.028,"endTime":398.074,"body":"nowadays"},{"startTime":398.074,"endTime":402.12,"body":"with"},{"startTime":402.12,"endTime":406.166,"body":"a"},{"startTime":406.166,"endTime":410.212,"body":"few"},{"startTime":410.212,"endTime":414.258,"body":"arm"},{"startTime":414.258,"endTime":418.304,"body":"twists"},{"startTime":418.304,"endTime":422.35,"body":"and"},{"startTime":422.35,"endTime":426.396,"body":"threats"},{"startTime":426.396,"endTime":430.442,"body":"in"},{"startTime":430.442,"endTime":434.488,"body":"order"},{"startTime":434.488,"endTime":438.534,"body":"to"},{"startTime":438.534,"endTime":442.58,"body":"get"},{"startTime":442.58,"endTime":446.626,"body":"things"},{"startTime":446.626,"endTime":450.672,"body":"done."},{"startTime":450.672,"endTime":454.718,"body":"But"},{"startTime":454.718,"endTime":458.764,"body":"maybe"},{"startTime":458.764,"endTime":462.81,"body":"that's"},{"startTime":462.81,"endTime":466.856,"body":"just"},{"startTime":466.856,"endTime":470.902,"body":"the"},{"startTime":470.902,"endTime":474.948,"body":"way"},{"startTime":474.948,"endTime":478.994,"body":"our"},{"startTime":478.994,"endTime":483.04,"body":"democracy"},{"startTime":483.04,"endTime":487.086,"body":"has"},{"startTime":487.086,"endTime":491.132,"body":"started"},{"startTime":491.132,"endTime":495.178,"body":"to"},{"startTime":495.178,"endTime":499.224,"body":"work"},{"startTime":499.224,"endTime":503.27,"body":"as"},{"startTime":503.27,"endTime":507.316,"body":"well."},{"startTime":179.59,"endTime":202.998,"body":"\rOtherthan"},{"startTime":202.998,"endTime":214.702,"body":"that,"},{"startTime":214.702,"endTime":226.406,"body":"I"},{"startTime":226.406,"endTime":238.11,"body":"just"},{"startTime":238.11,"endTime":249.814,"body":"thought"},{"startTime":249.814,"endTime":261.518,"body":"it"},{"startTime":261.518,"endTime":273.222,"body":"was"},{"startTime":273.222,"endTime":284.926,"body":"interesting"},{"startTime":284.926,"endTime":296.63,"body":"that"},{"startTime":296.63,"endTime":308.334,"body":"Nvidia"},{"startTime":308.334,"endTime":320.038,"body":"now"},{"startTime":320.038,"endTime":331.742,"body":"is"},{"startTime":331.742,"endTime":343.446,"body":"very"},{"startTime":343.446,"endTime":355.15,"body":"close"},{"startTime":355.15,"endTime":366.854,"body":"to"},{"startTime":366.854,"endTime":378.558,"body":"being"},{"startTime":378.558,"endTime":390.262,"body":"the"},{"startTime":390.262,"endTime":401.966,"body":"first"},{"startTime":401.966,"endTime":413.67,"body":"company"},{"startTime":413.67,"endTime":425.374,"body":"at"},{"startTime":425.374,"endTime":437.078,"body":"4"},{"startTime":437.078,"endTime":448.782,"body":"trillion"},{"startTime":448.782,"endTime":460.486,"body":"in"},{"startTime":460.486,"endTime":472.19,"body":"valuation."},{"startTime":472.19,"endTime":483.894,"body":"That's"},{"startTime":483.894,"endTime":495.598,"body":"just"},{"startTime":495.598,"endTime":507.302,"body":"astonishing."},{"startTime":179.59,"endTime":188.446,"body":"\rAnyways,let's"},{"startTime":188.446,"endTime":192.874,"body":"run"},{"startTime":192.874,"endTime":197.302,"body":"through"},{"startTime":197.302,"endTime":201.73,"body":"some"},{"startTime":201.73,"endTime":206.158,"body":"more"},{"startTime":206.158,"endTime":210.586,"body":"June"},{"startTime":210.586,"endTime":215.014,"body":"related"},{"startTime":215.014,"endTime":219.442,"body":"trend"},{"startTime":219.442,"endTime":223.87,"body":"following"},{"startTime":223.87,"endTime":228.298,"body":"updates"},{"startTime":228.298,"endTime":232.726,"body":"as"},{"startTime":232.726,"endTime":237.154,"body":"we"},{"startTime":237.154,"endTime":241.582,"body":"just"},{"startTime":241.582,"endTime":246.01,"body":"started"},{"startTime":246.01,"endTime":250.438,"body":"the"},{"startTime":250.438,"endTime":254.866,"body":"month"},{"startTime":254.866,"endTime":259.294,"body":"of"},{"startTime":259.294,"endTime":263.722,"body":"July."},{"startTime":263.722,"endTime":268.15,"body":"In"},{"startTime":268.15,"endTime":272.578,"body":"fact,"},{"startTime":272.578,"endTime":277.006,"body":"we're"},{"startTime":277.006,"endTime":281.434,"body":"recording"},{"startTime":281.434,"endTime":285.862,"body":"in"},{"startTime":285.862,"endTime":290.29,"body":"the"},{"startTime":290.29,"endTime":294.718,"body":"evening"},{"startTime":294.718,"endTime":299.146,"body":"of"},{"startTime":299.146,"endTime":303.574,"body":"the"},{"startTime":303.574,"endTime":308.002,"body":"4th"},{"startTime":308.002,"endTime":312.43,"body":"of"},{"startTime":312.43,"endTime":316.858,"body":"July,"},{"startTime":316.858,"endTime":321.286,"body":"here"},{"startTime":321.286,"endTime":325.714,"body":"in"},{"startTime":325.714,"endTime":330.142,"body":"Europe."},{"startTime":330.142,"endTime":334.57,"body":"My"},{"startTime":334.57,"endTime":338.998,"body":"trend"},{"startTime":338.998,"endTime":343.426,"body":"barometer"},{"startTime":343.426,"endTime":347.854,"body":"finished"},{"startTime":347.854,"endTime":352.282,"body":"at"},{"startTime":352.282,"endTime":356.71,"body":"57"},{"startTime":356.71,"endTime":361.138,"body":"yesterday."},{"startTime":361.138,"endTime":365.566,"body":"That's"},{"startTime":365.566,"endTime":369.994,"body":"a"},{"startTime":369.994,"endTime":374.422,"body":"rise"},{"startTime":374.422,"endTime":378.85,"body":"over"},{"startTime":378.85,"endTime":383.278,"body":"the"},{"startTime":383.278,"endTime":387.706,"body":"last"},{"startTime":387.706,"endTime":392.134,"body":"10"},{"startTime":392.134,"endTime":396.562,"body":"days"},{"startTime":396.562,"endTime":400.99,"body":"and"},{"startTime":400.99,"endTime":405.418,"body":"that"},{"startTime":405.418,"endTime":409.846,"body":"probably"},{"startTime":409.846,"endTime":414.274,"body":"corresponds"},{"startTime":414.274,"endTime":418.702,"body":"well"},{"startTime":418.702,"endTime":423.13,"body":"with"},{"startTime":423.13,"endTime":427.558,"body":"what's"},{"startTime":427.558,"endTime":431.986,"body":"happened"},{"startTime":431.986,"endTime":436.414,"body":"in"},{"startTime":436.414,"endTime":440.842,"body":"the"},{"startTime":440.842,"endTime":445.27,"body":"industry"},{"startTime":445.27,"endTime":449.698,"body":"in"},{"startTime":449.698,"endTime":454.126,"body":"terms"},{"startTime":454.126,"endTime":458.554,"body":"of"},{"startTime":458.554,"endTime":462.982,"body":"performance"},{"startTime":462.982,"endTime":467.41,"body":"the"},{"startTime":467.41,"endTime":471.838,"body":"last"},{"startTime":471.838,"endTime":476.266,"body":"couple"},{"startTime":476.266,"endTime":480.694,"body":"of"},{"startTime":480.694,"endTime":485.122,"body":"weeks"},{"startTime":485.122,"endTime":489.55,"body":"as"},{"startTime":489.55,"endTime":493.978,"body":"well."},{"startTime":493.978,"endTime":498.406,"body":"So"},{"startTime":498.406,"endTime":502.834,"body":"that's"},{"startTime":502.834,"endTime":507.262,"body":"encouraging."},{"startTime":179.59,"endTime":185.442,"body":"\rObviouslyJune"},{"startTime":185.442,"endTime":188.368,"body":"was,"},{"startTime":188.368,"endTime":191.294,"body":"from"},{"startTime":191.294,"endTime":194.22,"body":"my"},{"startTime":194.22,"endTime":197.146,"body":"perspective"},{"startTime":197.146,"endTime":200.072,"body":"at"},{"startTime":200.072,"endTime":202.998,"body":"least,"},{"startTime":202.998,"endTime":205.924,"body":"I"},{"startTime":205.924,"endTime":208.85,"body":"think"},{"startTime":208.85,"endTime":211.776,"body":"it"},{"startTime":211.776,"endTime":214.702,"body":"was"},{"startTime":214.702,"endTime":217.628,"body":"a"},{"startTime":217.628,"endTime":220.554,"body":"mixed"},{"startTime":220.554,"endTime":223.48,"body":"month"},{"startTime":223.48,"endTime":226.406,"body":"where"},{"startTime":226.406,"endTime":229.332,"body":"perhaps"},{"startTime":229.332,"endTime":232.258,"body":"how"},{"startTime":232.258,"endTime":235.184,"body":"you"},{"startTime":235.184,"endTime":238.11,"body":"dealt"},{"startTime":238.11,"endTime":241.036,"body":"with"},{"startTime":241.036,"endTime":243.962,"body":"the"},{"startTime":243.962,"endTime":246.888,"body":"energy"},{"startTime":246.888,"endTime":249.814,"body":"shock"},{"startTime":249.814,"endTime":252.74,"body":"mid-month,"},{"startTime":252.74,"endTime":255.666,"body":"I"},{"startTime":255.666,"endTime":258.592,"body":"guess"},{"startTime":258.592,"endTime":261.518,"body":"it"},{"startTime":261.518,"endTime":264.444,"body":"was,"},{"startTime":264.444,"endTime":267.37,"body":"when"},{"startTime":267.37,"endTime":270.296,"body":"we"},{"startTime":270.296,"endTime":273.222,"body":"had"},{"startTime":273.222,"endTime":276.148,"body":"the"},{"startTime":276.148,"endTime":279.074,"body":"surprise"},{"startTime":279.074,"endTime":282,"body":"attack"},{"startTime":282,"endTime":284.926,"body":"on"},{"startTime":284.926,"endTime":287.852,"body":"Iran."},{"startTime":287.852,"endTime":290.778,"body":"That"},{"startTime":290.778,"endTime":293.704,"body":"sent"},{"startTime":293.704,"endTime":296.63,"body":"oil"},{"startTime":296.63,"endTime":299.556,"body":"prices"},{"startTime":299.556,"endTime":302.482,"body":"surging,"},{"startTime":302.482,"endTime":305.408,"body":"catching,"},{"startTime":305.408,"endTime":308.334,"body":"I"},{"startTime":308.334,"endTime":311.26,"body":"think,"},{"startTime":311.26,"endTime":314.186,"body":"a"},{"startTime":314.186,"endTime":317.112,"body":"lot"},{"startTime":317.112,"endTime":320.038,"body":"of"},{"startTime":320.038,"endTime":322.964,"body":"trend"},{"startTime":322.964,"endTime":325.89,"body":"followers"},{"startTime":325.89,"endTime":328.816,"body":"on"},{"startTime":328.816,"endTime":331.742,"body":"the"},{"startTime":331.742,"endTime":334.668,"body":"wrong"},{"startTime":334.668,"endTime":337.594,"body":"side,"},{"startTime":337.594,"endTime":340.52,"body":"And"},{"startTime":340.52,"endTime":343.446,"body":"of"},{"startTime":343.446,"endTime":346.372,"body":"course,"},{"startTime":346.372,"endTime":349.298,"body":"those"},{"startTime":349.298,"endTime":352.224,"body":"who"},{"startTime":352.224,"endTime":355.15,"body":"were"},{"startTime":355.15,"endTime":358.076,"body":"quick"},{"startTime":358.076,"endTime":361.002,"body":"enough"},{"startTime":361.002,"endTime":363.928,"body":"to"},{"startTime":363.928,"endTime":366.854,"body":"get"},{"startTime":366.854,"endTime":369.78,"body":"out"},{"startTime":369.78,"endTime":372.706,"body":"of"},{"startTime":372.706,"endTime":375.632,"body":"those"},{"startTime":375.632,"endTime":378.558,"body":"short"},{"startTime":378.558,"endTime":381.484,"body":"positions,"},{"startTime":381.484,"endTime":384.41,"body":"they"},{"startTime":384.41,"endTime":387.336,"body":"didn't"},{"startTime":387.336,"endTime":390.262,"body":"get"},{"startTime":390.262,"endTime":393.188,"body":"any"},{"startTime":393.188,"endTime":396.114,"body":"benefit"},{"startTime":396.114,"endTime":399.04,"body":"from"},{"startTime":399.04,"endTime":401.966,"body":"the"},{"startTime":401.966,"endTime":404.892,"body":"collapse"},{"startTime":404.892,"endTime":407.818,"body":"in"},{"startTime":407.818,"endTime":410.744,"body":"oil"},{"startTime":410.744,"endTime":413.67,"body":"price"},{"startTime":413.67,"endTime":416.596,"body":"only"},{"startTime":416.596,"endTime":419.522,"body":"a"},{"startTime":419.522,"endTime":422.448,"body":"few"},{"startTime":422.448,"endTime":425.374,"body":"days"},{"startTime":425.374,"endTime":428.3,"body":"later"},{"startTime":428.3,"endTime":431.226,"body":"when"},{"startTime":431.226,"endTime":434.152,"body":"the"},{"startTime":434.152,"endTime":437.078,"body":"US"},{"startTime":437.078,"endTime":440.004,"body":"got"},{"startTime":440.004,"endTime":442.93,"body":"involved."},{"startTime":442.93,"endTime":445.856,"body":"Hopefully"},{"startTime":445.856,"endTime":448.782,"body":"we've"},{"startTime":448.782,"endTime":451.708,"body":"seen"},{"startTime":451.708,"endTime":454.634,"body":"an"},{"startTime":454.634,"endTime":457.56,"body":"end"},{"startTime":457.56,"endTime":460.486,"body":"to"},{"startTime":460.486,"endTime":463.412,"body":"that"},{"startTime":463.412,"endTime":466.338,"body":"conflict."},{"startTime":466.338,"endTime":469.264,"body":"But"},{"startTime":469.264,"endTime":472.19,"body":"other"},{"startTime":472.19,"endTime":475.116,"body":"than"},{"startTime":475.116,"endTime":478.042,"body":"that,"},{"startTime":478.042,"endTime":480.968,"body":"I"},{"startTime":480.968,"endTime":483.894,"body":"think"},{"startTime":483.894,"endTime":486.82,"body":"the"},{"startTime":486.82,"endTime":489.746,"body":"month,"},{"startTime":489.746,"endTime":492.672,"body":"as"},{"startTime":492.672,"endTime":495.598,"body":"a"},{"startTime":495.598,"endTime":498.524,"body":"whole,"},{"startTime":498.524,"endTime":501.45,"body":"was"},{"startTime":501.45,"endTime":504.376,"body":"overall"},{"startTime":504.376,"endTime":507.302,"body":"positive."},{"startTime":179.59,"endTime":194.832,"body":"\rButI"},{"startTime":194.832,"endTime":202.453,"body":"would"},{"startTime":202.453,"endTime":210.074,"body":"say"},{"startTime":210.074,"endTime":217.695,"body":"managers"},{"startTime":217.695,"endTime":225.316,"body":"probably"},{"startTime":225.316,"endTime":232.937,"body":"are"},{"startTime":232.937,"endTime":240.558,"body":"going"},{"startTime":240.558,"endTime":248.179,"body":"to"},{"startTime":248.179,"endTime":255.8,"body":"come"},{"startTime":255.8,"endTime":263.421,"body":"in"},{"startTime":263.421,"endTime":271.042,"body":"plus/minus"},{"startTime":271.042,"endTime":278.663,"body":"a"},{"startTime":278.663,"endTime":286.284,"body":"couple"},{"startTime":286.284,"endTime":293.905,"body":"of"},{"startTime":293.905,"endTime":301.526,"body":"percent,"},{"startTime":301.526,"endTime":309.147,"body":"for"},{"startTime":309.147,"endTime":316.768,"body":"the"},{"startTime":316.768,"endTime":324.389,"body":"most"},{"startTime":324.389,"endTime":332.01,"body":"part,"},{"startTime":332.01,"endTime":339.631,"body":"depending"},{"startTime":339.631,"endTime":347.252,"body":"a"},{"startTime":347.252,"endTime":354.873,"body":"little"},{"startTime":354.873,"endTime":362.494,"body":"bit"},{"startTime":362.494,"endTime":370.115,"body":"on"},{"startTime":370.115,"endTime":377.736,"body":"speed,"},{"startTime":377.736,"endTime":385.357,"body":"depending"},{"startTime":385.357,"endTime":392.978,"body":"a"},{"startTime":392.978,"endTime":400.599,"body":"little"},{"startTime":400.599,"endTime":408.22,"body":"bit"},{"startTime":408.22,"endTime":415.841,"body":"on"},{"startTime":415.841,"endTime":423.462,"body":"positioning,"},{"startTime":423.462,"endTime":431.083,"body":"as"},{"startTime":431.083,"endTime":438.704,"body":"I"},{"startTime":438.704,"endTime":446.325,"body":"said,"},{"startTime":446.325,"endTime":453.946,"body":"in"},{"startTime":453.946,"endTime":461.567,"body":"particular"},{"startTime":461.567,"endTime":469.188,"body":"in"},{"startTime":469.188,"endTime":476.809,"body":"the"},{"startTime":476.809,"endTime":484.43,"body":"energy"},{"startTime":484.43,"endTime":492.051,"body":"sector,"},{"startTime":492.051,"endTime":499.672,"body":"most"},{"startTime":499.672,"endTime":507.293,"body":"likely."},{"startTime":179.59,"endTime":186.278,"body":"\rInterms"},{"startTime":186.278,"endTime":189.622,"body":"of"},{"startTime":189.622,"endTime":192.966,"body":"indices,"},{"startTime":192.966,"endTime":196.31,"body":"the"},{"startTime":196.31,"endTime":199.654,"body":"BTOP"},{"startTime":199.654,"endTime":202.998,"body":"50"},{"startTime":202.998,"endTime":206.342,"body":"index"},{"startTime":206.342,"endTime":209.686,"body":"has"},{"startTime":209.686,"endTime":213.03,"body":"started"},{"startTime":213.03,"endTime":216.374,"body":"out"},{"startTime":216.374,"endTime":219.718,"body":"July,"},{"startTime":219.718,"endTime":223.062,"body":"up"},{"startTime":223.062,"endTime":226.406,"body":"30"},{"startTime":226.406,"endTime":229.75,"body":"basis"},{"startTime":229.75,"endTime":233.094,"body":"points,"},{"startTime":233.094,"endTime":236.438,"body":"still"},{"startTime":236.438,"endTime":239.782,"body":"down"},{"startTime":239.782,"endTime":243.126,"body":"3.16%"},{"startTime":243.126,"endTime":246.47,"body":"for"},{"startTime":246.47,"endTime":249.814,"body":"the"},{"startTime":249.814,"endTime":253.158,"body":"year."},{"startTime":253.158,"endTime":256.502,"body":"The"},{"startTime":256.502,"endTime":259.846,"body":"SocGen"},{"startTime":259.846,"endTime":263.19,"body":"CTA"},{"startTime":263.19,"endTime":266.534,"body":"index"},{"startTime":266.534,"endTime":269.878,"body":"down"},{"startTime":269.878,"endTime":273.222,"body":"21"},{"startTime":273.222,"endTime":276.566,"body":"basis"},{"startTime":276.566,"endTime":279.91,"body":"points"},{"startTime":279.91,"endTime":283.254,"body":"so"},{"startTime":283.254,"endTime":286.598,"body":"far"},{"startTime":286.598,"endTime":289.942,"body":"in"},{"startTime":289.942,"endTime":293.286,"body":"July,"},{"startTime":293.286,"endTime":296.63,"body":"down"},{"startTime":296.63,"endTime":299.974,"body":"7.8%"},{"startTime":299.974,"endTime":303.318,"body":"of"},{"startTime":303.318,"endTime":306.662,"body":"the"},{"startTime":306.662,"endTime":310.006,"body":"year."},{"startTime":310.006,"endTime":313.35,"body":"SocGen"},{"startTime":313.35,"endTime":316.694,"body":"Trend"},{"startTime":316.694,"endTime":320.038,"body":"almost"},{"startTime":320.038,"endTime":323.382,"body":"flat,"},{"startTime":323.382,"endTime":326.726,"body":"down"},{"startTime":326.726,"endTime":330.07,"body":"11"},{"startTime":330.07,"endTime":333.414,"body":"basis"},{"startTime":333.414,"endTime":336.758,"body":"points"},{"startTime":336.758,"endTime":340.102,"body":"but"},{"startTime":340.102,"endTime":343.446,"body":"down"},{"startTime":343.446,"endTime":346.79,"body":"10%"},{"startTime":346.79,"endTime":350.134,"body":"for"},{"startTime":350.134,"endTime":353.478,"body":"the"},{"startTime":353.478,"endTime":356.822,"body":"year"},{"startTime":356.822,"endTime":360.166,"body":"or"},{"startTime":360.166,"endTime":363.51,"body":"so."},{"startTime":363.51,"endTime":366.854,"body":"And"},{"startTime":366.854,"endTime":370.198,"body":"the"},{"startTime":370.198,"endTime":373.542,"body":"Short-Term"},{"startTime":373.542,"endTime":376.886,"body":"Traders"},{"startTime":376.886,"endTime":380.23,"body":"Index,"},{"startTime":380.23,"endTime":383.574,"body":"interestingly"},{"startTime":383.574,"endTime":386.918,"body":"enough,"},{"startTime":386.918,"endTime":390.262,"body":"it's"},{"startTime":390.262,"endTime":393.606,"body":"slightly"},{"startTime":393.606,"endTime":396.95,"body":"up"},{"startTime":396.95,"endTime":400.294,"body":"for"},{"startTime":400.294,"endTime":403.638,"body":"the"},{"startTime":403.638,"endTime":406.982,"body":"month"},{"startTime":406.982,"endTime":410.326,"body":"of"},{"startTime":410.326,"endTime":413.67,"body":"July,"},{"startTime":413.67,"endTime":417.014,"body":"16"},{"startTime":417.014,"endTime":420.358,"body":"basis"},{"startTime":420.358,"endTime":423.702,"body":"points,"},{"startTime":423.702,"endTime":427.046,"body":"but"},{"startTime":427.046,"endTime":430.39,"body":"it"},{"startTime":430.39,"endTime":433.734,"body":"is"},{"startTime":433.734,"endTime":437.078,"body":"now"},{"startTime":437.078,"endTime":440.422,"body":"down"},{"startTime":440.422,"endTime":443.766,"body":"5.15%"},{"startTime":443.766,"endTime":447.11,"body":"for"},{"startTime":447.11,"endTime":450.454,"body":"the"},{"startTime":450.454,"endTime":453.798,"body":"year"},{"startTime":453.798,"endTime":457.142,"body":"and,"},{"startTime":457.142,"endTime":460.486,"body":"on"},{"startTime":460.486,"endTime":463.83,"body":"a"},{"startTime":463.83,"endTime":467.174,"body":"vol"},{"startTime":467.174,"endTime":470.518,"body":"adjusted"},{"startTime":470.518,"endTime":473.862,"body":"basis,"},{"startTime":473.862,"endTime":477.206,"body":"that's"},{"startTime":477.206,"endTime":480.55,"body":"pretty"},{"startTime":480.55,"endTime":483.894,"body":"much"},{"startTime":483.894,"endTime":487.238,"body":"as"},{"startTime":487.238,"endTime":490.582,"body":"bad"},{"startTime":490.582,"endTime":493.926,"body":"as"},{"startTime":493.926,"endTime":497.27,"body":"the"},{"startTime":497.27,"endTime":500.614,"body":"SocGen"},{"startTime":500.614,"endTime":503.958,"body":"Trend"},{"startTime":503.958,"endTime":507.302,"body":"index."},{"startTime":179.59,"endTime":188.82,"body":"\rSo,despite"},{"startTime":188.82,"endTime":193.435,"body":"the"},{"startTime":193.435,"endTime":198.05,"body":"fact"},{"startTime":198.05,"endTime":202.665,"body":"that,"},{"startTime":202.665,"endTime":207.28,"body":"as"},{"startTime":207.28,"endTime":211.895,"body":"you"},{"startTime":211.895,"endTime":216.51,"body":"referred"},{"startTime":216.51,"endTime":221.125,"body":"to"},{"startTime":221.125,"endTime":225.74,"body":"in"},{"startTime":225.74,"endTime":230.355,"body":"your"},{"startTime":230.355,"endTime":234.97,"body":"segment,"},{"startTime":234.97,"endTime":239.585,"body":"about"},{"startTime":239.585,"endTime":244.2,"body":"a"},{"startTime":244.2,"endTime":248.815,"body":"very,"},{"startTime":248.815,"endTime":253.43,"body":"very"},{"startTime":253.43,"endTime":258.045,"body":"fast"},{"startTime":258.045,"endTime":262.66,"body":"recovery"},{"startTime":262.66,"endTime":267.275,"body":"(meaning"},{"startTime":267.275,"endTime":271.89,"body":"markets"},{"startTime":271.89,"endTime":276.505,"body":"have"},{"startTime":276.505,"endTime":281.12,"body":"changed"},{"startTime":281.12,"endTime":285.735,"body":"direction"},{"startTime":285.735,"endTime":290.35,"body":"very"},{"startTime":290.35,"endTime":294.965,"body":"quickly),"},{"startTime":294.965,"endTime":299.58,"body":"it"},{"startTime":299.58,"endTime":304.195,"body":"doesn't"},{"startTime":304.195,"endTime":308.81,"body":"seem"},{"startTime":308.81,"endTime":313.425,"body":"to"},{"startTime":313.425,"endTime":318.04,"body":"have"},{"startTime":318.04,"endTime":322.655,"body":"benefited"},{"startTime":322.655,"endTime":327.27,"body":"short-term"},{"startTime":327.27,"endTime":331.885,"body":"models"},{"startTime":331.885,"endTime":336.5,"body":"as"},{"startTime":336.5,"endTime":341.115,"body":"much"},{"startTime":341.115,"endTime":345.73,"body":"as"},{"startTime":345.73,"endTime":350.345,"body":"you"},{"startTime":350.345,"endTime":354.96,"body":"might"},{"startTime":354.96,"endTime":359.575,"body":"think"},{"startTime":359.575,"endTime":364.19,"body":"in"},{"startTime":364.19,"endTime":368.805,"body":"a"},{"startTime":368.805,"endTime":373.42,"body":"range"},{"startTime":373.42,"endTime":378.035,"body":"bound"},{"startTime":378.035,"endTime":382.65,"body":"erratic"},{"startTime":382.65,"endTime":387.265,"body":"market"},{"startTime":387.265,"endTime":391.88,"body":"as"},{"startTime":391.88,"endTime":396.495,"body":"we've"},{"startTime":396.495,"endTime":401.11,"body":"seen"},{"startTime":401.11,"endTime":405.725,"body":"because"},{"startTime":405.725,"endTime":410.34,"body":"that"},{"startTime":410.34,"endTime":414.955,"body":"certainly"},{"startTime":414.955,"endTime":419.57,"body":"isn't"},{"startTime":419.57,"endTime":424.185,"body":"a"},{"startTime":424.185,"endTime":428.8,"body":"market"},{"startTime":428.8,"endTime":433.415,"body":"that"},{"startTime":433.415,"endTime":438.03,"body":"you"},{"startTime":438.03,"endTime":442.645,"body":"would"},{"startTime":442.645,"endTime":447.26,"body":"expect"},{"startTime":447.26,"endTime":451.875,"body":"longer-term"},{"startTime":451.875,"endTime":456.49,"body":"managers"},{"startTime":456.49,"endTime":461.105,"body":"to"},{"startTime":461.105,"endTime":465.72,"body":"do"},{"startTime":465.72,"endTime":470.335,"body":"well"},{"startTime":470.335,"endTime":474.95,"body":"in,"},{"startTime":474.95,"endTime":479.565,"body":"and"},{"startTime":479.565,"endTime":484.18,"body":"in"},{"startTime":484.18,"endTime":488.795,"body":"fact,"},{"startTime":488.795,"endTime":493.41,"body":"of"},{"startTime":493.41,"endTime":498.025,"body":"course,"},{"startTime":498.025,"endTime":502.64,"body":"they"},{"startTime":502.64,"endTime":507.255,"body":"haven't."},{"startTime":179.59,"endTime":191.956,"body":"\rOnthe"},{"startTime":191.956,"endTime":198.139,"body":"traditional"},{"startTime":198.139,"endTime":204.322,"body":"market"},{"startTime":204.322,"endTime":210.505,"body":"side,"},{"startTime":210.505,"endTime":216.688,"body":"MSCI"},{"startTime":216.688,"endTime":222.871,"body":"World"},{"startTime":222.871,"endTime":229.054,"body":"up"},{"startTime":229.054,"endTime":235.237,"body":"91"},{"startTime":235.237,"endTime":241.42,"body":"basis"},{"startTime":241.42,"endTime":247.603,"body":"points,"},{"startTime":247.603,"endTime":253.786,"body":"up"},{"startTime":253.786,"endTime":259.969,"body":"9.5%"},{"startTime":259.969,"endTime":266.152,"body":"so"},{"startTime":266.152,"endTime":272.335,"body":"far"},{"startTime":272.335,"endTime":278.518,"body":"this"},{"startTime":278.518,"endTime":284.701,"body":"year."},{"startTime":284.701,"endTime":290.884,"body":"And"},{"startTime":290.884,"endTime":297.067,"body":"the"},{"startTime":297.067,"endTime":303.25,"body":"S&P"},{"startTime":303.25,"endTime":309.433,"body":"US"},{"startTime":309.433,"endTime":315.616,"body":"Aggregate"},{"startTime":315.616,"endTime":321.799,"body":"Bond"},{"startTime":321.799,"endTime":327.982,"body":"index"},{"startTime":327.982,"endTime":334.165,"body":"is"},{"startTime":334.165,"endTime":340.348,"body":"down"},{"startTime":340.348,"endTime":346.531,"body":"slightly"},{"startTime":346.531,"endTime":352.714,"body":"in"},{"startTime":352.714,"endTime":358.897,"body":"July,"},{"startTime":358.897,"endTime":365.08,"body":"43"},{"startTime":365.08,"endTime":371.263,"body":"basis"},{"startTime":371.263,"endTime":377.446,"body":"points,"},{"startTime":377.446,"endTime":383.629,"body":"up"},{"startTime":383.629,"endTime":389.812,"body":"3.44%"},{"startTime":389.812,"endTime":395.995,"body":"so"},{"startTime":395.995,"endTime":402.178,"body":"far"},{"startTime":402.178,"endTime":408.361,"body":"this"},{"startTime":408.361,"endTime":414.544,"body":"year."},{"startTime":414.544,"endTime":420.727,"body":"And"},{"startTime":420.727,"endTime":426.91,"body":"the"},{"startTime":426.91,"endTime":433.093,"body":"S&P"},{"startTime":433.093,"endTime":439.276,"body":"500"},{"startTime":439.276,"endTime":445.459,"body":"Total"},{"startTime":445.459,"endTime":451.642,"body":"return"},{"startTime":451.642,"endTime":457.825,"body":"up"},{"startTime":457.825,"endTime":464.008,"body":"1.2%"},{"startTime":464.008,"endTime":470.191,"body":"and"},{"startTime":470.191,"endTime":476.374,"body":"up"},{"startTime":476.374,"endTime":482.557,"body":"6.76%"},{"startTime":482.557,"endTime":488.74,"body":"so"},{"startTime":488.74,"endTime":494.923,"body":"far"},{"startTime":494.923,"endTime":501.106,"body":"this"},{"startTime":501.106,"endTime":507.289,"body":"year."},{"startTime":179.59,"endTime":189.994,"body":"\rOfcourse"},{"startTime":189.994,"endTime":195.196,"body":"there"},{"startTime":195.196,"endTime":200.398,"body":"were"},{"startTime":200.398,"endTime":205.6,"body":"some"},{"startTime":205.6,"endTime":210.802,"body":"interesting"},{"startTime":210.802,"endTime":216.004,"body":"moves."},{"startTime":216.004,"endTime":221.206,"body":"I"},{"startTime":221.206,"endTime":226.408,"body":"don't"},{"startTime":226.408,"endTime":231.61,"body":"know"},{"startTime":231.61,"endTime":236.812,"body":"how"},{"startTime":236.812,"endTime":242.014,"body":"closely"},{"startTime":242.014,"endTime":247.216,"body":"you"},{"startTime":247.216,"endTime":252.418,"body":"follow"},{"startTime":252.418,"endTime":257.62,"body":"this,"},{"startTime":257.62,"endTime":262.822,"body":"Alan,"},{"startTime":262.822,"endTime":268.024,"body":"but"},{"startTime":268.024,"endTime":273.226,"body":"there"},{"startTime":273.226,"endTime":278.428,"body":"were"},{"startTime":278.428,"endTime":283.63,"body":"a"},{"startTime":283.63,"endTime":288.832,"body":"couple"},{"startTime":288.832,"endTime":294.034,"body":"of"},{"startTime":294.034,"endTime":299.236,"body":"big"},{"startTime":299.236,"endTime":304.438,"body":"swings,"},{"startTime":304.438,"endTime":309.64,"body":"actually,"},{"startTime":309.64,"endTime":314.842,"body":"in"},{"startTime":314.842,"endTime":320.044,"body":"the"},{"startTime":320.044,"endTime":325.246,"body":"month"},{"startTime":325.246,"endTime":330.448,"body":"of"},{"startTime":330.448,"endTime":335.65,"body":"June"},{"startTime":335.65,"endTime":340.852,"body":"and"},{"startTime":340.852,"endTime":346.054,"body":"not"},{"startTime":346.054,"endTime":351.256,"body":"least"},{"startTime":351.256,"endTime":356.458,"body":"the"},{"startTime":356.458,"endTime":361.66,"body":"one"},{"startTime":361.66,"endTime":366.862,"body":"that"},{"startTime":366.862,"endTime":372.064,"body":"took"},{"startTime":372.064,"endTime":377.266,"body":"all"},{"startTime":377.266,"endTime":382.468,"body":"the"},{"startTime":382.468,"endTime":387.67,"body":"headlines"},{"startTime":387.67,"endTime":392.872,"body":"probably,"},{"startTime":392.872,"endTime":398.074,"body":"platinum"},{"startTime":398.074,"endTime":403.276,"body":"up"},{"startTime":403.276,"endTime":408.478,"body":"almost"},{"startTime":408.478,"endTime":413.68,"body":"27%"},{"startTime":413.68,"endTime":418.882,"body":"in"},{"startTime":418.882,"endTime":424.084,"body":"June"},{"startTime":424.084,"endTime":429.286,"body":"and"},{"startTime":429.286,"endTime":434.488,"body":"I"},{"startTime":434.488,"endTime":439.69,"body":"think,"},{"startTime":439.69,"endTime":444.892,"body":"according"},{"startTime":444.892,"endTime":450.094,"body":"to"},{"startTime":450.094,"endTime":455.296,"body":"some"},{"startTime":455.296,"endTime":460.498,"body":"long-term"},{"startTime":460.498,"endTime":465.7,"body":"timeframes,"},{"startTime":465.7,"endTime":470.902,"body":"breaking"},{"startTime":470.902,"endTime":476.104,"body":"out"},{"startTime":476.104,"endTime":481.306,"body":"to"},{"startTime":481.306,"endTime":486.508,"body":"the"},{"startTime":486.508,"endTime":491.71,"body":"upside."},{"startTime":491.71,"endTime":496.912,"body":"So,"},{"startTime":496.912,"endTime":502.114,"body":"that's"},{"startTime":502.114,"endTime":507.316,"body":"interesting."},{"startTime":179.59,"endTime":191.506,"body":"\rOfcourse"},{"startTime":191.506,"endTime":197.464,"body":"to"},{"startTime":197.464,"endTime":203.422,"body":"the"},{"startTime":203.422,"endTime":209.38,"body":"downside,"},{"startTime":209.38,"endTime":215.338,"body":"we"},{"startTime":215.338,"endTime":221.296,"body":"also"},{"startTime":221.296,"endTime":227.254,"body":"had"},{"startTime":227.254,"endTime":233.212,"body":"significant"},{"startTime":233.212,"endTime":239.17,"body":"downside"},{"startTime":239.17,"endTime":245.128,"body":"moves,"},{"startTime":245.128,"endTime":251.086,"body":"12%"},{"startTime":251.086,"endTime":257.044,"body":"in"},{"startTime":257.044,"endTime":263.002,"body":"coffee"},{"startTime":263.002,"endTime":268.96,"body":"for"},{"startTime":268.96,"endTime":274.918,"body":"example"},{"startTime":274.918,"endTime":280.876,"body":"and"},{"startTime":280.876,"endTime":286.834,"body":"cocoa"},{"startTime":286.834,"endTime":292.792,"body":"also"},{"startTime":292.792,"endTime":298.75,"body":"got"},{"startTime":298.75,"endTime":304.708,"body":"hit"},{"startTime":304.708,"endTime":310.666,"body":"in"},{"startTime":310.666,"endTime":316.624,"body":"the"},{"startTime":316.624,"endTime":322.582,"body":"month"},{"startTime":322.582,"endTime":328.54,"body":"of"},{"startTime":328.54,"endTime":334.498,"body":"June."},{"startTime":334.498,"endTime":340.456,"body":"And"},{"startTime":340.456,"endTime":346.414,"body":"of"},{"startTime":346.414,"endTime":352.372,"body":"course"},{"startTime":352.372,"endTime":358.33,"body":"all"},{"startTime":358.33,"endTime":364.288,"body":"the"},{"startTime":364.288,"endTime":370.246,"body":"equities"},{"startTime":370.246,"endTime":376.204,"body":"did"},{"startTime":376.204,"endTime":382.162,"body":"really"},{"startTime":382.162,"endTime":388.12,"body":"well"},{"startTime":388.12,"endTime":394.078,"body":"and"},{"startTime":394.078,"endTime":400.036,"body":"oil,"},{"startTime":400.036,"endTime":405.994,"body":"in"},{"startTime":405.994,"endTime":411.952,"body":"the"},{"startTime":411.952,"endTime":417.91,"body":"end,"},{"startTime":417.91,"endTime":423.868,"body":"actually"},{"startTime":423.868,"endTime":429.826,"body":"also"},{"startTime":429.826,"endTime":435.784,"body":"at"},{"startTime":435.784,"endTime":441.742,"body":"the"},{"startTime":441.742,"endTime":447.7,"body":"end"},{"startTime":447.7,"endTime":453.658,"body":"of"},{"startTime":453.658,"endTime":459.616,"body":"the"},{"startTime":459.616,"endTime":465.574,"body":"month"},{"startTime":465.574,"endTime":471.532,"body":"had"},{"startTime":471.532,"endTime":477.49,"body":"done"},{"startTime":477.49,"endTime":483.448,"body":"pretty"},{"startTime":483.448,"endTime":489.406,"body":"well."},{"startTime":489.406,"endTime":495.364,"body":"So"},{"startTime":495.364,"endTime":501.322,"body":"interesting"},{"startTime":501.322,"endTime":507.28,"body":"stuff."},{"startTime":179.59,"endTime":245.136,"body":"\rWhat'syour"},{"startTime":245.136,"endTime":277.909,"body":"kind"},{"startTime":277.909,"endTime":310.682,"body":"of"},{"startTime":310.682,"endTime":343.455,"body":"takeaway"},{"startTime":343.455,"endTime":376.228,"body":"on"},{"startTime":376.228,"endTime":409.001,"body":"trend"},{"startTime":409.001,"endTime":441.774,"body":"at"},{"startTime":441.774,"endTime":474.547,"body":"the"},{"startTime":474.547,"endTime":507.32,"body":"moment?"},{"startTime":507.32,"endTime":508.27,"body":"Yeah,"},{"startTime":508.27,"endTime":509.22,"body":"obviously"},{"startTime":509.22,"endTime":510.17,"body":"we'll"},{"startTime":510.17,"endTime":511.12,"body":"get"},{"startTime":511.12,"endTime":512.07,"body":"into"},{"startTime":512.07,"endTime":513.02,"body":"the"},{"startTime":513.02,"endTime":513.97,"body":"overall"},{"startTime":513.97,"endTime":514.92,"body":"performance"},{"startTime":514.92,"endTime":515.87,"body":"a"},{"startTime":515.87,"endTime":516.82,"body":"bit"},{"startTime":516.82,"endTime":517.77,"body":"later"},{"startTime":517.77,"endTime":518.72,"body":"in"},{"startTime":518.72,"endTime":519.67,"body":"relation"},{"startTime":519.67,"endTime":520.62,"body":"to"},{"startTime":520.62,"endTime":521.57,"body":"a"},{"startTime":521.57,"endTime":522.52,"body":"couple"},{"startTime":522.52,"endTime":523.47,"body":"of"},{"startTime":523.47,"endTime":524.42,"body":"papers,"},{"startTime":524.42,"endTime":525.37,"body":"but"},{"startTime":525.37,"endTime":526.32,"body":"June,"},{"startTime":526.32,"endTime":527.27,"body":"I"},{"startTime":527.27,"endTime":528.22,"body":"mean"},{"startTime":528.22,"endTime":529.17,"body":"my"},{"startTime":529.17,"endTime":530.12,"body":"perspective"},{"startTime":530.12,"endTime":531.07,"body":"was"},{"startTime":531.07,"endTime":532.02,"body":"I"},{"startTime":532.02,"endTime":532.97,"body":"would"},{"startTime":532.97,"endTime":533.92,"body":"say"},{"startTime":533.92,"endTime":534.87,"body":"generally"},{"startTime":534.87,"endTime":535.82,"body":"slightly"},{"startTime":535.82,"endTime":536.77,"body":"positive"},{"startTime":536.77,"endTime":537.72,"body":"overall"},{"startTime":537.72,"endTime":538.67,"body":"looking"},{"startTime":538.67,"endTime":539.62,"body":"at"},{"startTime":539.62,"endTime":540.57,"body":"across"},{"startTime":540.57,"endTime":541.52,"body":"the"},{"startTime":541.52,"endTime":542.47,"body":"range"},{"startTime":542.47,"endTime":543.42,"body":"of"},{"startTime":543.42,"endTime":544.37,"body":"managers."},{"startTime":544.37,"endTime":545.32,"body":"Certainly,"},{"startTime":545.32,"endTime":546.27,"body":"we"},{"startTime":546.27,"endTime":547.22,"body":"saw"},{"startTime":547.22,"endTime":548.17,"body":"the"},{"startTime":548.17,"endTime":549.12,"body":"trend"},{"startTime":549.12,"endTime":550.07,"body":"in"},{"startTime":550.07,"endTime":551.02,"body":"the"},{"startTime":551.02,"endTime":551.97,"body":"dollar"},{"startTime":551.97,"endTime":552.92,"body":"was"},{"startTime":552.92,"endTime":553.87,"body":"probably"},{"startTime":553.87,"endTime":554.82,"body":"a"},{"startTime":554.82,"endTime":555.77,"body":"dominant"},{"startTime":555.77,"endTime":556.72,"body":"theme,"},{"startTime":556.72,"endTime":557.67,"body":"particularly"},{"startTime":557.67,"endTime":558.62,"body":"against"},{"startTime":558.62,"endTime":559.57,"body":"European"},{"startTime":559.57,"endTime":560.52,"body":"currencies."},{"startTime":560.52,"endTime":561.47,"body":"Euro"},{"startTime":561.47,"endTime":562.42,"body":"up"},{"startTime":562.42,"endTime":563.37,"body":"above"},{"startTime":563.37,"endTime":564.32,"body":"117"},{"startTime":564.32,"endTime":565.27,"body":"-"},{"startTime":565.27,"endTime":566.22,"body":"capable"},{"startTime":566.22,"endTime":567.17,"body":"trending"},{"startTime":567.17,"endTime":568.12,"body":"higher,"},{"startTime":568.12,"endTime":569.07,"body":"dollar/Swiss"},{"startTime":569.07,"endTime":570.02,"body":"at"},{"startTime":570.02,"endTime":570.97,"body":"multi"},{"startTime":570.97,"endTime":571.92,"body":"year"},{"startTime":571.92,"endTime":572.87,"body":"lows."},{"startTime":507.32,"endTime":510.866,"body":"\rSocertainly,"},{"startTime":510.866,"endTime":512.639,"body":"the"},{"startTime":512.639,"endTime":514.412,"body":"trend"},{"startTime":514.412,"endTime":516.185,"body":"extending"},{"startTime":516.185,"endTime":517.958,"body":"there"},{"startTime":517.958,"endTime":519.731,"body":"and"},{"startTime":519.731,"endTime":521.504,"body":"obviously"},{"startTime":521.504,"endTime":523.277,"body":"in"},{"startTime":523.277,"endTime":525.05,"body":"equities"},{"startTime":525.05,"endTime":526.823,"body":"as"},{"startTime":526.823,"endTime":528.596,"body":"well."},{"startTime":528.596,"endTime":530.369,"body":"But"},{"startTime":530.369,"endTime":532.142,"body":"then"},{"startTime":532.142,"endTime":533.915,"body":"elsewhere,"},{"startTime":533.915,"endTime":535.688,"body":"you"},{"startTime":535.688,"endTime":537.461,"body":"know,"},{"startTime":537.461,"endTime":539.234,"body":"a"},{"startTime":539.234,"endTime":541.007,"body":"whole"},{"startTime":541.007,"endTime":542.78,"body":"range,"},{"startTime":542.78,"endTime":544.553,"body":"as"},{"startTime":544.553,"endTime":546.326,"body":"you"},{"startTime":546.326,"endTime":548.099,"body":"say,"},{"startTime":548.099,"endTime":549.872,"body":"depending"},{"startTime":549.872,"endTime":551.645,"body":"on"},{"startTime":551.645,"endTime":553.418,"body":"how"},{"startTime":553.418,"endTime":555.191,"body":"oil"},{"startTime":555.191,"endTime":556.964,"body":"went"},{"startTime":556.964,"endTime":558.737,"body":"and"},{"startTime":558.737,"endTime":560.51,"body":"lots"},{"startTime":560.51,"endTime":562.283,"body":"of"},{"startTime":562.283,"endTime":564.056,"body":"choppiness"},{"startTime":564.056,"endTime":565.829,"body":"in"},{"startTime":565.829,"endTime":567.602,"body":"some"},{"startTime":567.602,"endTime":569.375,"body":"of"},{"startTime":569.375,"endTime":571.148,"body":"the"},{"startTime":571.148,"endTime":572.921,"body":"commodities."},{"startTime":507.32,"endTime":509.37,"body":"\rSo,the"},{"startTime":509.37,"endTime":510.395,"body":"noticeable"},{"startTime":510.395,"endTime":511.42,"body":"thing,"},{"startTime":511.42,"endTime":512.445,"body":"I"},{"startTime":512.445,"endTime":513.47,"body":"would"},{"startTime":513.47,"endTime":514.495,"body":"say,"},{"startTime":514.495,"endTime":515.52,"body":"is"},{"startTime":515.52,"endTime":516.545,"body":"realized"},{"startTime":516.545,"endTime":517.57,"body":"volatility"},{"startTime":517.57,"endTime":518.595,"body":"has"},{"startTime":518.595,"endTime":519.62,"body":"come"},{"startTime":519.62,"endTime":520.645,"body":"down"},{"startTime":520.645,"endTime":521.67,"body":"quite"},{"startTime":521.67,"endTime":522.695,"body":"a"},{"startTime":522.695,"endTime":523.72,"body":"bit"},{"startTime":523.72,"endTime":524.745,"body":"where"},{"startTime":524.745,"endTime":525.77,"body":"you"},{"startTime":525.77,"endTime":526.795,"body":"can"},{"startTime":526.795,"endTime":527.82,"body":"track"},{"startTime":527.82,"endTime":528.845,"body":"daily"},{"startTime":528.845,"endTime":529.87,"body":"return"},{"startTime":529.87,"endTime":530.895,"body":"data."},{"startTime":530.895,"endTime":531.92,"body":"So,"},{"startTime":531.92,"endTime":532.945,"body":"I'm"},{"startTime":532.945,"endTime":533.97,"body":"guessing"},{"startTime":533.97,"endTime":534.995,"body":"that's"},{"startTime":534.995,"endTime":536.02,"body":"probably"},{"startTime":536.02,"endTime":537.045,"body":"not"},{"startTime":537.045,"endTime":538.07,"body":"unusual"},{"startTime":538.07,"endTime":539.095,"body":"in"},{"startTime":539.095,"endTime":540.12,"body":"the"},{"startTime":540.12,"endTime":541.145,"body":"aftermath"},{"startTime":541.145,"endTime":542.17,"body":"of"},{"startTime":542.17,"endTime":543.195,"body":"the"},{"startTime":543.195,"endTime":544.22,"body":"spike"},{"startTime":544.22,"endTime":545.245,"body":"and"},{"startTime":545.245,"endTime":546.27,"body":"volatility"},{"startTime":546.27,"endTime":547.295,"body":"that"},{"startTime":547.295,"endTime":548.32,"body":"we"},{"startTime":548.32,"endTime":549.345,"body":"saw"},{"startTime":549.345,"endTime":550.37,"body":"in"},{"startTime":550.37,"endTime":551.395,"body":"April,"},{"startTime":551.395,"endTime":552.42,"body":"that"},{"startTime":552.42,"endTime":553.445,"body":"positions"},{"startTime":553.445,"endTime":554.47,"body":"have"},{"startTime":554.47,"endTime":555.495,"body":"been"},{"startTime":555.495,"endTime":556.52,"body":"scaled"},{"startTime":556.52,"endTime":557.545,"body":"back"},{"startTime":557.545,"endTime":558.57,"body":"and"},{"startTime":558.57,"endTime":559.595,"body":"resized."},{"startTime":559.595,"endTime":560.62,"body":"So"},{"startTime":560.62,"endTime":561.645,"body":"that's"},{"startTime":561.645,"endTime":562.67,"body":"sort"},{"startTime":562.67,"endTime":563.695,"body":"of"},{"startTime":563.695,"endTime":564.72,"body":"a"},{"startTime":564.72,"endTime":565.745,"body":"feature"},{"startTime":565.745,"endTime":566.77,"body":"that"},{"startTime":566.77,"endTime":567.795,"body":"I"},{"startTime":567.795,"endTime":568.82,"body":"would"},{"startTime":568.82,"endTime":569.845,"body":"note"},{"startTime":569.845,"endTime":570.87,"body":"at"},{"startTime":570.87,"endTime":571.895,"body":"the"},{"startTime":571.895,"endTime":572.92,"body":"moment."},{"startTime":573.81,"endTime":574.167,"body":"Well,"},{"startTime":574.167,"endTime":574.524,"body":"before"},{"startTime":574.524,"endTime":574.881,"body":"we"},{"startTime":574.881,"endTime":575.238,"body":"jump"},{"startTime":575.238,"endTime":575.595,"body":"into"},{"startTime":575.595,"endTime":575.952,"body":"the"},{"startTime":575.952,"endTime":576.309,"body":"papers"},{"startTime":576.309,"endTime":576.666,"body":"you"},{"startTime":576.666,"endTime":577.023,"body":"mentioned"},{"startTime":577.023,"endTime":577.38,"body":"where"},{"startTime":577.38,"endTime":577.737,"body":"we're"},{"startTime":577.737,"endTime":578.094,"body":"going"},{"startTime":578.094,"endTime":578.451,"body":"to"},{"startTime":578.451,"endTime":578.808,"body":"do"},{"startTime":578.808,"endTime":579.165,"body":"much"},{"startTime":579.165,"endTime":579.522,"body":"more"},{"startTime":579.522,"endTime":579.879,"body":"of"},{"startTime":579.879,"endTime":580.236,"body":"a"},{"startTime":580.236,"endTime":580.593,"body":"deep"},{"startTime":580.593,"endTime":580.95,"body":"dive."},{"startTime":580.95,"endTime":581.307,"body":"We"},{"startTime":581.307,"endTime":581.664,"body":"certainly"},{"startTime":581.664,"endTime":582.021,"body":"don't"},{"startTime":582.021,"endTime":582.378,"body":"want"},{"startTime":582.378,"endTime":582.735,"body":"to"},{"startTime":582.735,"endTime":583.092,"body":"leave"},{"startTime":583.092,"endTime":583.449,"body":"out"},{"startTime":583.449,"endTime":583.806,"body":"one"},{"startTime":583.806,"endTime":584.163,"body":"of"},{"startTime":584.163,"endTime":584.52,"body":"the"},{"startTime":584.52,"endTime":584.877,"body":"exciting"},{"startTime":584.877,"endTime":585.234,"body":"segments"},{"startTime":585.234,"endTime":585.591,"body":"we"},{"startTime":585.591,"endTime":585.948,"body":"have"},{"startTime":585.948,"endTime":586.305,"body":"in"},{"startTime":586.305,"endTime":586.662,"body":"our"},{"startTime":586.662,"endTime":587.019,"body":"conversations."},{"startTime":587.019,"endTime":587.376,"body":"And"},{"startTime":587.376,"endTime":587.733,"body":"that's"},{"startTime":587.733,"endTime":588.09,"body":"your"},{"startTime":588.09,"endTime":588.447,"body":"global"},{"startTime":588.447,"endTime":588.804,"body":"macro"},{"startTime":588.804,"endTime":589.161,"body":"overview"},{"startTime":589.161,"endTime":589.518,"body":"at"},{"startTime":589.518,"endTime":589.875,"body":"the"},{"startTime":589.875,"endTime":590.232,"body":"moment."},{"startTime":590.232,"endTime":590.589,"body":"I"},{"startTime":590.589,"endTime":590.946,"body":"mean"},{"startTime":590.946,"endTime":591.303,"body":"it"},{"startTime":591.303,"endTime":591.66,"body":"just"},{"startTime":591.66,"endTime":592.017,"body":"keeps"},{"startTime":592.017,"endTime":592.374,"body":"giving,"},{"startTime":592.374,"endTime":592.731,"body":"if"},{"startTime":592.731,"endTime":593.088,"body":"you're"},{"startTime":593.088,"endTime":593.445,"body":"a"},{"startTime":593.445,"endTime":593.802,"body":"global"},{"startTime":593.802,"endTime":594.159,"body":"macro"},{"startTime":594.159,"endTime":594.516,"body":"kind"},{"startTime":594.516,"endTime":594.873,"body":"of"},{"startTime":594.873,"endTime":595.23,"body":"watcher."},{"startTime":595.23,"endTime":595.587,"body":"So,"},{"startTime":595.587,"endTime":595.944,"body":"what's"},{"startTime":595.944,"endTime":596.301,"body":"your"},{"startTime":596.301,"endTime":596.658,"body":"current"},{"startTime":596.658,"endTime":597.015,"body":"assessment?"},{"startTime":597.06,"endTime":599.628,"body":"Yeah,"},{"startTime":599.628,"endTime":602.196,"body":"well,"},{"startTime":602.196,"endTime":604.764,"body":"I"},{"startTime":604.764,"endTime":607.332,"body":"want"},{"startTime":607.332,"endTime":609.9,"body":"to"},{"startTime":609.9,"endTime":612.468,"body":"just…"},{"startTime":612.468,"endTime":615.036,"body":"I"},{"startTime":615.036,"endTime":617.604,"body":"mean"},{"startTime":617.604,"endTime":620.172,"body":"I"},{"startTime":620.172,"endTime":622.74,"body":"always"},{"startTime":622.74,"endTime":625.308,"body":"have"},{"startTime":625.308,"endTime":627.876,"body":"to"},{"startTime":627.876,"endTime":630.444,"body":"kind"},{"startTime":630.444,"endTime":633.012,"body":"of"},{"startTime":633.012,"endTime":635.58,"body":"zero"},{"startTime":635.58,"endTime":638.148,"body":"in"},{"startTime":638.148,"endTime":640.716,"body":"on"},{"startTime":640.716,"endTime":643.284,"body":"one"},{"startTime":643.284,"endTime":645.852,"body":"aspect,"},{"startTime":645.852,"endTime":648.42,"body":"and"},{"startTime":648.42,"endTime":650.988,"body":"last"},{"startTime":650.988,"endTime":653.556,"body":"time"},{"startTime":653.556,"endTime":656.124,"body":"it"},{"startTime":656.124,"endTime":658.692,"body":"was"},{"startTime":658.692,"endTime":661.26,"body":"bonds."},{"startTime":661.26,"endTime":663.828,"body":"And"},{"startTime":663.828,"endTime":666.396,"body":"I"},{"startTime":666.396,"endTime":668.964,"body":"just"},{"startTime":668.964,"endTime":671.532,"body":"wanted"},{"startTime":671.532,"endTime":674.1,"body":"to"},{"startTime":674.1,"endTime":676.668,"body":"continue"},{"startTime":676.668,"endTime":679.236,"body":"on"},{"startTime":679.236,"endTime":681.804,"body":"that"},{"startTime":681.804,"endTime":684.372,"body":"theme."},{"startTime":684.372,"endTime":686.94,"body":"You"},{"startTime":686.94,"endTime":689.508,"body":"know,"},{"startTime":689.508,"endTime":692.076,"body":"it"},{"startTime":692.076,"endTime":694.644,"body":"must"},{"startTime":694.644,"endTime":697.212,"body":"have"},{"startTime":697.212,"endTime":699.78,"body":"been"},{"startTime":699.78,"endTime":702.348,"body":"a"},{"startTime":702.348,"endTime":704.916,"body":"couple"},{"startTime":704.916,"endTime":707.484,"body":"of"},{"startTime":707.484,"endTime":710.052,"body":"months"},{"startTime":710.052,"endTime":712.62,"body":"ago"},{"startTime":712.62,"endTime":715.188,"body":"now,"},{"startTime":715.188,"endTime":717.756,"body":"or"},{"startTime":717.756,"endTime":720.324,"body":"maybe"},{"startTime":720.324,"endTime":722.892,"body":"a"},{"startTime":722.892,"endTime":725.46,"body":"month"},{"startTime":725.46,"endTime":728.028,"body":"ago,"},{"startTime":728.028,"endTime":730.596,"body":"I"},{"startTime":730.596,"endTime":733.164,"body":"wrote"},{"startTime":733.164,"endTime":735.732,"body":"a"},{"startTime":735.732,"endTime":738.3,"body":"piece,"},{"startTime":738.3,"endTime":740.868,"body":"All"},{"startTime":740.868,"endTime":743.436,"body":"Roads"},{"startTime":743.436,"endTime":746.004,"body":"Lead"},{"startTime":746.004,"endTime":748.572,"body":"to"},{"startTime":748.572,"endTime":751.14,"body":"Higher"},{"startTime":751.14,"endTime":753.708,"body":"Yields."},{"startTime":753.708,"endTime":756.276,"body":"And"},{"startTime":756.276,"endTime":758.844,"body":"obviously,"},{"startTime":758.844,"endTime":761.412,"body":"as"},{"startTime":761.412,"endTime":763.98,"body":"soon"},{"startTime":763.98,"endTime":766.548,"body":"as"},{"startTime":766.548,"endTime":769.116,"body":"you"},{"startTime":769.116,"endTime":771.684,"body":"write"},{"startTime":771.684,"endTime":774.252,"body":"something"},{"startTime":774.252,"endTime":776.82,"body":"like"},{"startTime":776.82,"endTime":779.388,"body":"that,"},{"startTime":779.388,"endTime":781.956,"body":"you"},{"startTime":781.956,"endTime":784.524,"body":"brace"},{"startTime":784.524,"endTime":787.092,"body":"yourself"},{"startTime":787.092,"endTime":789.66,"body":"for"},{"startTime":789.66,"endTime":792.228,"body":"yields"},{"startTime":792.228,"endTime":794.796,"body":"to"},{"startTime":794.796,"endTime":797.364,"body":"fall"},{"startTime":797.364,"endTime":799.932,"body":"precipitously."},{"startTime":799.932,"endTime":802.5,"body":"But"},{"startTime":802.5,"endTime":805.068,"body":"I"},{"startTime":805.068,"endTime":807.636,"body":"mean,"},{"startTime":807.636,"endTime":810.204,"body":"they"},{"startTime":810.204,"endTime":812.772,"body":"haven't"},{"startTime":812.772,"endTime":815.34,"body":"done"},{"startTime":815.34,"endTime":817.908,"body":"that,"},{"startTime":817.908,"endTime":820.476,"body":"but"},{"startTime":820.476,"endTime":823.044,"body":"they"},{"startTime":823.044,"endTime":825.612,"body":"have"},{"startTime":825.612,"endTime":828.18,"body":"corrected"},{"startTime":828.18,"endTime":830.748,"body":"a"},{"startTime":830.748,"endTime":833.316,"body":"bit."},{"startTime":833.316,"endTime":835.884,"body":"And"},{"startTime":835.884,"endTime":838.452,"body":"you"},{"startTime":838.452,"endTime":841.02,"body":"mentioned"},{"startTime":841.02,"endTime":843.588,"body":"the"},{"startTime":843.588,"endTime":846.156,"body":"Beautiful"},{"startTime":846.156,"endTime":848.724,"body":"Bill."},{"startTime":848.724,"endTime":851.292,"body":"It"},{"startTime":851.292,"endTime":853.86,"body":"has"},{"startTime":853.86,"endTime":856.428,"body":"been"},{"startTime":856.428,"endTime":858.996,"body":"a"},{"startTime":858.996,"endTime":861.564,"body":"little"},{"startTime":861.564,"endTime":864.132,"body":"bit"},{"startTime":864.132,"endTime":866.7,"body":"of"},{"startTime":866.7,"endTime":869.268,"body":"a"},{"startTime":869.268,"endTime":871.836,"body":"surprise"},{"startTime":871.836,"endTime":874.404,"body":"that"},{"startTime":874.404,"endTime":876.972,"body":"the"},{"startTime":876.972,"endTime":879.54,"body":"bond"},{"startTime":879.54,"endTime":882.108,"body":"market"},{"startTime":882.108,"endTime":884.676,"body":"has"},{"startTime":884.676,"endTime":887.244,"body":"been"},{"startTime":887.244,"endTime":889.812,"body":"relatively"},{"startTime":889.812,"endTime":892.38,"body":"calm"},{"startTime":892.38,"endTime":894.948,"body":"about"},{"startTime":894.948,"endTime":897.516,"body":"that,"},{"startTime":897.516,"endTime":900.084,"body":"I"},{"startTime":900.084,"endTime":902.652,"body":"would"},{"startTime":902.652,"endTime":905.22,"body":"say."},{"startTime":905.22,"endTime":907.788,"body":"Obviously"},{"startTime":907.788,"endTime":910.356,"body":"we"},{"startTime":910.356,"endTime":912.924,"body":"had"},{"startTime":912.924,"endTime":915.492,"body":"payrolls"},{"startTime":915.492,"endTime":918.06,"body":"yesterday"},{"startTime":918.06,"endTime":920.628,"body":"and"},{"startTime":920.628,"endTime":923.196,"body":"yields"},{"startTime":923.196,"endTime":925.764,"body":"went"},{"startTime":925.764,"endTime":928.332,"body":"up"},{"startTime":928.332,"endTime":930.9,"body":"on"},{"startTime":930.9,"endTime":933.468,"body":"the"},{"startTime":933.468,"endTime":936.036,"body":"back"},{"startTime":936.036,"endTime":938.604,"body":"of"},{"startTime":938.604,"endTime":941.172,"body":"that."},{"startTime":941.172,"endTime":943.74,"body":"Payrolls"},{"startTime":943.74,"endTime":946.308,"body":"were"},{"startTime":946.308,"endTime":948.876,"body":"stronger"},{"startTime":948.876,"endTime":951.444,"body":"than"},{"startTime":951.444,"endTime":954.012,"body":"expected,"},{"startTime":954.012,"endTime":956.58,"body":"but"},{"startTime":956.58,"endTime":959.148,"body":"generally,"},{"startTime":959.148,"endTime":961.716,"body":"yields"},{"startTime":961.716,"endTime":964.284,"body":"prior"},{"startTime":964.284,"endTime":966.852,"body":"to"},{"startTime":966.852,"endTime":969.42,"body":"that"},{"startTime":969.42,"endTime":971.988,"body":"had"},{"startTime":971.988,"endTime":974.556,"body":"come"},{"startTime":974.556,"endTime":977.124,"body":"off"},{"startTime":977.124,"endTime":979.692,"body":"highs"},{"startTime":979.692,"endTime":982.26,"body":"by"},{"startTime":982.26,"endTime":984.828,"body":"about"},{"startTime":984.828,"endTime":987.396,"body":"50"},{"startTime":987.396,"endTime":989.964,"body":"basis"},{"startTime":989.964,"endTime":992.532,"body":"points."},{"startTime":597.06,"endTime":608.864,"body":"\rNow,partly"},{"startTime":608.864,"endTime":614.766,"body":"that"},{"startTime":614.766,"endTime":620.668,"body":"was"},{"startTime":620.668,"endTime":626.57,"body":"interest"},{"startTime":626.57,"endTime":632.472,"body":"rate"},{"startTime":632.472,"endTime":638.374,"body":"expectations."},{"startTime":638.374,"endTime":644.276,"body":"We'd"},{"startTime":644.276,"endTime":650.178,"body":"had"},{"startTime":650.178,"endTime":656.08,"body":"Waller"},{"startTime":656.08,"endTime":661.982,"body":"out"},{"startTime":661.982,"endTime":667.884,"body":"and"},{"startTime":667.884,"endTime":673.786,"body":"Bowman,"},{"startTime":673.786,"endTime":679.688,"body":"two"},{"startTime":679.688,"endTime":685.59,"body":"Fed"},{"startTime":685.59,"endTime":691.492,"body":"governors"},{"startTime":691.492,"endTime":697.394,"body":"who"},{"startTime":697.394,"endTime":703.296,"body":"seem"},{"startTime":703.296,"endTime":709.198,"body":"to"},{"startTime":709.198,"endTime":715.1,"body":"be"},{"startTime":715.1,"endTime":721.002,"body":"more"},{"startTime":721.002,"endTime":726.904,"body":"amenable"},{"startTime":726.904,"endTime":732.806,"body":"to"},{"startTime":732.806,"endTime":738.708,"body":"Trump's"},{"startTime":738.708,"endTime":744.61,"body":"persuasions"},{"startTime":744.61,"endTime":750.512,"body":"around"},{"startTime":750.512,"endTime":756.414,"body":"cutting"},{"startTime":756.414,"endTime":762.316,"body":"rates."},{"startTime":762.316,"endTime":768.218,"body":"So,"},{"startTime":768.218,"endTime":774.12,"body":"they"},{"startTime":774.12,"endTime":780.022,"body":"had"},{"startTime":780.022,"endTime":785.924,"body":"been"},{"startTime":785.924,"endTime":791.826,"body":"kind"},{"startTime":791.826,"endTime":797.728,"body":"of"},{"startTime":797.728,"endTime":803.63,"body":"saying"},{"startTime":803.63,"endTime":809.532,"body":"they"},{"startTime":809.532,"endTime":815.434,"body":"were"},{"startTime":815.434,"endTime":821.336,"body":"open"},{"startTime":821.336,"endTime":827.238,"body":"to"},{"startTime":827.238,"endTime":833.14,"body":"rate"},{"startTime":833.14,"endTime":839.042,"body":"cuts"},{"startTime":839.042,"endTime":844.944,"body":"in"},{"startTime":844.944,"endTime":850.846,"body":"July."},{"startTime":850.846,"endTime":856.748,"body":"But"},{"startTime":856.748,"endTime":862.65,"body":"that"},{"startTime":862.65,"endTime":868.552,"body":"aside,"},{"startTime":868.552,"endTime":874.454,"body":"even"},{"startTime":874.454,"endTime":880.356,"body":"the"},{"startTime":880.356,"endTime":886.258,"body":"rate"},{"startTime":886.258,"endTime":892.16,"body":"expectation"},{"startTime":892.16,"endTime":898.062,"body":"angle"},{"startTime":898.062,"endTime":903.964,"body":"aside,"},{"startTime":903.964,"endTime":909.866,"body":"term"},{"startTime":909.866,"endTime":915.768,"body":"premia"},{"startTime":915.768,"endTime":921.67,"body":"have"},{"startTime":921.67,"endTime":927.572,"body":"come"},{"startTime":927.572,"endTime":933.474,"body":"down"},{"startTime":933.474,"endTime":939.376,"body":"and"},{"startTime":939.376,"endTime":945.278,"body":"the"},{"startTime":945.278,"endTime":951.18,"body":"curve"},{"startTime":951.18,"endTime":957.082,"body":"has"},{"startTime":957.082,"endTime":962.984,"body":"flattened"},{"startTime":962.984,"endTime":968.886,"body":"a"},{"startTime":968.886,"endTime":974.788,"body":"little"},{"startTime":974.788,"endTime":980.69,"body":"bit"},{"startTime":980.69,"endTime":986.592,"body":"as"},{"startTime":986.592,"endTime":992.494,"body":"well."},{"startTime":597.06,"endTime":607.072,"body":"\rSo,I'm"},{"startTime":607.072,"endTime":612.078,"body":"just"},{"startTime":612.078,"endTime":617.084,"body":"wondering,"},{"startTime":617.084,"endTime":622.09,"body":"is"},{"startTime":622.09,"endTime":627.096,"body":"the"},{"startTime":627.096,"endTime":632.102,"body":"curve"},{"startTime":632.102,"endTime":637.108,"body":"steepner"},{"startTime":637.108,"endTime":642.114,"body":"maybe"},{"startTime":642.114,"endTime":647.12,"body":"widely"},{"startTime":647.12,"endTime":652.126,"body":"held"},{"startTime":652.126,"endTime":657.132,"body":"in"},{"startTime":657.132,"endTime":662.138,"body":"the"},{"startTime":662.138,"endTime":667.144,"body":"market?"},{"startTime":667.144,"endTime":672.15,"body":"Maybe"},{"startTime":672.15,"endTime":677.156,"body":"it's"},{"startTime":677.156,"endTime":682.162,"body":"a"},{"startTime":682.162,"endTime":687.168,"body":"trade"},{"startTime":687.168,"endTime":692.174,"body":"a"},{"startTime":692.174,"endTime":697.18,"body":"lot"},{"startTime":697.18,"endTime":702.186,"body":"of"},{"startTime":702.186,"endTime":707.192,"body":"people"},{"startTime":707.192,"endTime":712.198,"body":"have"},{"startTime":712.198,"endTime":717.204,"body":"on,"},{"startTime":717.204,"endTime":722.21,"body":"and"},{"startTime":722.21,"endTime":727.216,"body":"that's"},{"startTime":727.216,"endTime":732.222,"body":"why"},{"startTime":732.222,"endTime":737.228,"body":"we"},{"startTime":737.228,"endTime":742.234,"body":"haven't"},{"startTime":742.234,"endTime":747.24,"body":"seen"},{"startTime":747.24,"endTime":752.246,"body":"much"},{"startTime":752.246,"endTime":757.252,"body":"reaction"},{"startTime":757.252,"endTime":762.258,"body":"in"},{"startTime":762.258,"endTime":767.264,"body":"the"},{"startTime":767.264,"endTime":772.27,"body":"long"},{"startTime":772.27,"endTime":777.276,"body":"end."},{"startTime":777.276,"endTime":782.282,"body":"Because"},{"startTime":782.282,"endTime":787.288,"body":"certainly"},{"startTime":787.288,"endTime":792.294,"body":"taking"},{"startTime":792.294,"endTime":797.3,"body":"the"},{"startTime":797.3,"endTime":802.306,"body":"bigger"},{"startTime":802.306,"endTime":807.312,"body":"picture,"},{"startTime":807.312,"endTime":812.318,"body":"the"},{"startTime":812.318,"endTime":817.324,"body":"development"},{"startTime":817.324,"endTime":822.33,"body":"with"},{"startTime":822.33,"endTime":827.336,"body":"respect"},{"startTime":827.336,"endTime":832.342,"body":"to"},{"startTime":832.342,"endTime":837.348,"body":"fiscal"},{"startTime":837.348,"endTime":842.354,"body":"policy"},{"startTime":842.354,"endTime":847.36,"body":"and"},{"startTime":847.36,"endTime":852.366,"body":"the"},{"startTime":852.366,"endTime":857.372,"body":"Big"},{"startTime":857.372,"endTime":862.378,"body":"Beautiful"},{"startTime":862.378,"endTime":867.384,"body":"Bill,"},{"startTime":867.384,"endTime":872.39,"body":"it's"},{"startTime":872.39,"endTime":877.396,"body":"kind"},{"startTime":877.396,"endTime":882.402,"body":"of"},{"startTime":882.402,"endTime":887.408,"body":"consistent"},{"startTime":887.408,"endTime":892.414,"body":"with"},{"startTime":892.414,"endTime":897.42,"body":"the"},{"startTime":897.42,"endTime":902.426,"body":"trend"},{"startTime":902.426,"endTime":907.432,"body":"that"},{"startTime":907.432,"endTime":912.438,"body":"we've"},{"startTime":912.438,"endTime":917.444,"body":"seen"},{"startTime":917.444,"endTime":922.45,"body":"on"},{"startTime":922.45,"endTime":927.456,"body":"a"},{"startTime":927.456,"endTime":932.462,"body":"multiyear,"},{"startTime":932.462,"endTime":937.468,"body":"multi"},{"startTime":937.468,"endTime":942.474,"body":"decade"},{"startTime":942.474,"endTime":947.48,"body":"basis,"},{"startTime":947.48,"endTime":952.486,"body":"and"},{"startTime":952.486,"endTime":957.492,"body":"that's"},{"startTime":957.492,"endTime":962.498,"body":"just"},{"startTime":962.498,"endTime":967.504,"body":"of"},{"startTime":967.504,"endTime":972.51,"body":"ever"},{"startTime":972.51,"endTime":977.516,"body":"larger"},{"startTime":977.516,"endTime":982.522,"body":"and"},{"startTime":982.522,"endTime":987.528,"body":"larger"},{"startTime":987.528,"endTime":992.534,"body":"deficits."},{"startTime":597.06,"endTime":618.438,"body":"\rAndin"},{"startTime":618.438,"endTime":629.127,"body":"that"},{"startTime":629.127,"endTime":639.816,"body":"piece"},{"startTime":639.816,"endTime":650.505,"body":"I"},{"startTime":650.505,"endTime":661.194,"body":"mentioned,"},{"startTime":661.194,"endTime":671.883,"body":"I"},{"startTime":671.883,"endTime":682.572,"body":"had"},{"startTime":682.572,"endTime":693.261,"body":"a"},{"startTime":693.261,"endTime":703.95,"body":"chart"},{"startTime":703.95,"endTime":714.639,"body":"where"},{"startTime":714.639,"endTime":725.328,"body":"if"},{"startTime":725.328,"endTime":736.017,"body":"you"},{"startTime":736.017,"endTime":746.706,"body":"basically"},{"startTime":746.706,"endTime":757.395,"body":"look"},{"startTime":757.395,"endTime":768.084,"body":"at"},{"startTime":768.084,"endTime":778.773,"body":"the"},{"startTime":778.773,"endTime":789.462,"body":"relationship"},{"startTime":789.462,"endTime":800.151,"body":"on"},{"startTime":800.151,"endTime":810.84,"body":"an"},{"startTime":810.84,"endTime":821.529,"body":"annual"},{"startTime":821.529,"endTime":832.218,"body":"basis"},{"startTime":832.218,"endTime":842.907,"body":"between"},{"startTime":842.907,"endTime":853.596,"body":"the"},{"startTime":853.596,"endTime":864.285,"body":"fiscal"},{"startTime":864.285,"endTime":874.974,"body":"deficit"},{"startTime":874.974,"endTime":885.663,"body":"and"},{"startTime":885.663,"endTime":896.352,"body":"the"},{"startTime":896.352,"endTime":907.041,"body":"level"},{"startTime":907.041,"endTime":917.73,"body":"of"},{"startTime":917.73,"endTime":928.419,"body":"unemployment,"},{"startTime":928.419,"endTime":939.108,"body":"it's"},{"startTime":939.108,"endTime":949.797,"body":"a"},{"startTime":949.797,"endTime":960.486,"body":"pretty"},{"startTime":960.486,"endTime":971.175,"body":"clear"},{"startTime":971.175,"endTime":981.864,"body":"relationship"},{"startTime":981.864,"endTime":992.553,"body":"historically."},{"startTime":597.06,"endTime":616.352,"body":"\rGenerally,as"},{"startTime":616.352,"endTime":625.998,"body":"unemployment"},{"startTime":625.998,"endTime":635.644,"body":"increases,"},{"startTime":635.644,"endTime":645.29,"body":"you"},{"startTime":645.29,"endTime":654.936,"body":"get"},{"startTime":654.936,"endTime":664.582,"body":"a"},{"startTime":664.582,"endTime":674.228,"body":"higher"},{"startTime":674.228,"endTime":683.874,"body":"fiscal"},{"startTime":683.874,"endTime":693.52,"body":"deficit,"},{"startTime":693.52,"endTime":703.166,"body":"which"},{"startTime":703.166,"endTime":712.812,"body":"makes"},{"startTime":712.812,"endTime":722.458,"body":"sense"},{"startTime":722.458,"endTime":732.104,"body":"because"},{"startTime":732.104,"endTime":741.75,"body":"in"},{"startTime":741.75,"endTime":751.396,"body":"times"},{"startTime":751.396,"endTime":761.042,"body":"of"},{"startTime":761.042,"endTime":770.688,"body":"recession"},{"startTime":770.688,"endTime":780.334,"body":"you've"},{"startTime":780.334,"endTime":789.98,"body":"got"},{"startTime":789.98,"endTime":799.626,"body":"less"},{"startTime":799.626,"endTime":809.272,"body":"revenues"},{"startTime":809.272,"endTime":818.918,"body":"and"},{"startTime":818.918,"endTime":828.564,"body":"you"},{"startTime":828.564,"endTime":838.21,"body":"tend"},{"startTime":838.21,"endTime":847.856,"body":"to"},{"startTime":847.856,"endTime":857.502,"body":"pay"},{"startTime":857.502,"endTime":867.148,"body":"out"},{"startTime":867.148,"endTime":876.794,"body":"more"},{"startTime":876.794,"endTime":886.44,"body":"in"},{"startTime":886.44,"endTime":896.086,"body":"welfare."},{"startTime":896.086,"endTime":905.732,"body":"But"},{"startTime":905.732,"endTime":915.378,"body":"what's"},{"startTime":915.378,"endTime":925.024,"body":"noticeable"},{"startTime":925.024,"endTime":934.67,"body":"is"},{"startTime":934.67,"endTime":944.316,"body":"that"},{"startTime":944.316,"endTime":953.962,"body":"there's"},{"startTime":953.962,"endTime":963.608,"body":"been"},{"startTime":963.608,"endTime":973.254,"body":"a"},{"startTime":973.254,"endTime":982.9,"body":"structural"},{"startTime":982.9,"endTime":992.546,"body":"shift."},{"startTime":597.06,"endTime":612.88,"body":"\rSo,the"},{"startTime":612.88,"endTime":620.79,"body":"kind"},{"startTime":620.79,"endTime":628.7,"body":"of"},{"startTime":628.7,"endTime":636.61,"body":"deficits"},{"startTime":636.61,"endTime":644.52,"body":"that"},{"startTime":644.52,"endTime":652.43,"body":"we're"},{"startTime":652.43,"endTime":660.34,"body":"seeing"},{"startTime":660.34,"endTime":668.25,"body":"now,"},{"startTime":668.25,"endTime":676.16,"body":"7%,"},{"startTime":676.16,"endTime":684.07,"body":"8%,"},{"startTime":684.07,"endTime":691.98,"body":"used"},{"startTime":691.98,"endTime":699.89,"body":"to"},{"startTime":699.89,"endTime":707.8,"body":"be"},{"startTime":707.8,"endTime":715.71,"body":"associated"},{"startTime":715.71,"endTime":723.62,"body":"with"},{"startTime":723.62,"endTime":731.53,"body":"kind"},{"startTime":731.53,"endTime":739.44,"body":"of"},{"startTime":739.44,"endTime":747.35,"body":"economic"},{"startTime":747.35,"endTime":755.26,"body":"crises,"},{"startTime":755.26,"endTime":763.17,"body":"whereas"},{"startTime":763.17,"endTime":771.08,"body":"now"},{"startTime":771.08,"endTime":778.99,"body":"we're"},{"startTime":778.99,"endTime":786.9,"body":"getting"},{"startTime":786.9,"endTime":794.81,"body":"this"},{"startTime":794.81,"endTime":802.72,"body":"kind"},{"startTime":802.72,"endTime":810.63,"body":"of"},{"startTime":810.63,"endTime":818.54,"body":"level"},{"startTime":818.54,"endTime":826.45,"body":"of"},{"startTime":826.45,"endTime":834.36,"body":"deficit"},{"startTime":834.36,"endTime":842.27,"body":"with"},{"startTime":842.27,"endTime":850.18,"body":"the"},{"startTime":850.18,"endTime":858.09,"body":"unemployment"},{"startTime":858.09,"endTime":866,"body":"rate"},{"startTime":866,"endTime":873.91,"body":"close"},{"startTime":873.91,"endTime":881.82,"body":"to"},{"startTime":881.82,"endTime":889.73,"body":"full"},{"startTime":889.73,"endTime":897.64,"body":"employment."},{"startTime":897.64,"endTime":905.55,"body":"So,"},{"startTime":905.55,"endTime":913.46,"body":"the"},{"startTime":913.46,"endTime":921.37,"body":"question"},{"startTime":921.37,"endTime":929.28,"body":"is,"},{"startTime":929.28,"endTime":937.19,"body":"what's"},{"startTime":937.19,"endTime":945.1,"body":"going"},{"startTime":945.1,"endTime":953.01,"body":"to"},{"startTime":953.01,"endTime":960.92,"body":"happen"},{"startTime":960.92,"endTime":968.83,"body":"in"},{"startTime":968.83,"endTime":976.74,"body":"the"},{"startTime":976.74,"endTime":984.65,"body":"next"},{"startTime":984.65,"endTime":992.56,"body":"downturn?"},{"startTime":597.06,"endTime":616.352,"body":"\rSocuriously,"},{"startTime":616.352,"endTime":625.998,"body":"if"},{"startTime":625.998,"endTime":635.644,"body":"we"},{"startTime":635.644,"endTime":645.29,"body":"do"},{"startTime":645.29,"endTime":654.936,"body":"see"},{"startTime":654.936,"endTime":664.582,"body":"weaker"},{"startTime":664.582,"endTime":674.228,"body":"economic"},{"startTime":674.228,"endTime":683.874,"body":"growth,"},{"startTime":683.874,"endTime":693.52,"body":"that"},{"startTime":693.52,"endTime":703.166,"body":"probably"},{"startTime":703.166,"endTime":712.812,"body":"does"},{"startTime":712.812,"endTime":722.458,"body":"take"},{"startTime":722.458,"endTime":732.104,"body":"the"},{"startTime":732.104,"endTime":741.75,"body":"heat"},{"startTime":741.75,"endTime":751.396,"body":"out"},{"startTime":751.396,"endTime":761.042,"body":"of"},{"startTime":761.042,"endTime":770.688,"body":"the"},{"startTime":770.688,"endTime":780.334,"body":"bond"},{"startTime":780.334,"endTime":789.98,"body":"market"},{"startTime":789.98,"endTime":799.626,"body":"in"},{"startTime":799.626,"endTime":809.272,"body":"terms"},{"startTime":809.272,"endTime":818.918,"body":"of"},{"startTime":818.918,"endTime":828.564,"body":"fears"},{"startTime":828.564,"endTime":838.21,"body":"of"},{"startTime":838.21,"endTime":847.856,"body":"higher"},{"startTime":847.856,"endTime":857.502,"body":"bond"},{"startTime":857.502,"endTime":867.148,"body":"yields"},{"startTime":867.148,"endTime":876.794,"body":"in"},{"startTime":876.794,"endTime":886.44,"body":"the"},{"startTime":886.44,"endTime":896.086,"body":"short-term,"},{"startTime":896.086,"endTime":905.732,"body":"but"},{"startTime":905.732,"endTime":915.378,"body":"it"},{"startTime":915.378,"endTime":925.024,"body":"would"},{"startTime":925.024,"endTime":934.67,"body":"probably"},{"startTime":934.67,"endTime":944.316,"body":"push"},{"startTime":944.316,"endTime":953.962,"body":"up"},{"startTime":953.962,"endTime":963.608,"body":"the"},{"startTime":963.608,"endTime":973.254,"body":"deficit"},{"startTime":973.254,"endTime":982.9,"body":"even"},{"startTime":982.9,"endTime":992.546,"body":"more."},{"startTime":597.06,"endTime":606.824,"body":"\rSo,when"},{"startTime":606.824,"endTime":611.706,"body":"you"},{"startTime":611.706,"endTime":616.588,"body":"get"},{"startTime":616.588,"endTime":621.47,"body":"the"},{"startTime":621.47,"endTime":626.352,"body":"subsequent"},{"startTime":626.352,"endTime":631.234,"body":"recovery"},{"startTime":631.234,"endTime":636.116,"body":"and"},{"startTime":636.116,"endTime":640.998,"body":"you'd"},{"startTime":640.998,"endTime":645.88,"body":"have"},{"startTime":645.88,"endTime":650.762,"body":"to"},{"startTime":650.762,"endTime":655.644,"body":"think"},{"startTime":655.644,"endTime":660.526,"body":"that"},{"startTime":660.526,"endTime":665.408,"body":"these"},{"startTime":665.408,"endTime":670.29,"body":"pressures"},{"startTime":670.29,"endTime":675.172,"body":"will"},{"startTime":675.172,"endTime":680.054,"body":"come"},{"startTime":680.054,"endTime":684.936,"body":"back."},{"startTime":684.936,"endTime":689.818,"body":"So,"},{"startTime":689.818,"endTime":694.7,"body":"at"},{"startTime":694.7,"endTime":699.582,"body":"some"},{"startTime":699.582,"endTime":704.464,"body":"point,"},{"startTime":704.464,"endTime":709.346,"body":"you"},{"startTime":709.346,"endTime":714.228,"body":"would"},{"startTime":714.228,"endTime":719.11,"body":"see"},{"startTime":719.11,"endTime":723.992,"body":"the"},{"startTime":723.992,"endTime":728.874,"body":"pressure"},{"startTime":728.874,"endTime":733.756,"body":"for"},{"startTime":733.756,"endTime":738.638,"body":"higher"},{"startTime":738.638,"endTime":743.52,"body":"yields."},{"startTime":743.52,"endTime":748.402,"body":"It"},{"startTime":748.402,"endTime":753.284,"body":"is"},{"startTime":753.284,"endTime":758.166,"body":"something"},{"startTime":758.166,"endTime":763.048,"body":"I"},{"startTime":763.048,"endTime":767.93,"body":"spoke"},{"startTime":767.93,"endTime":772.812,"body":"to"},{"startTime":772.812,"endTime":777.694,"body":"Barry"},{"startTime":777.694,"endTime":782.576,"body":"Eichengreen"},{"startTime":782.576,"endTime":787.458,"body":"about."},{"startTime":787.458,"endTime":792.34,"body":"I"},{"startTime":792.34,"endTime":797.222,"body":"definitely"},{"startTime":797.222,"endTime":802.104,"body":"recommend"},{"startTime":802.104,"endTime":806.986,"body":"that"},{"startTime":806.986,"endTime":811.868,"body":"conversation"},{"startTime":811.868,"endTime":816.75,"body":"I"},{"startTime":816.75,"endTime":821.632,"body":"had"},{"startTime":821.632,"endTime":826.514,"body":"with"},{"startTime":826.514,"endTime":831.396,"body":"him"},{"startTime":831.396,"endTime":836.278,"body":"on"},{"startTime":836.278,"endTime":841.16,"body":"the"},{"startTime":841.16,"endTime":846.042,"body":"Macro"},{"startTime":846.042,"endTime":850.924,"body":"series,"},{"startTime":850.924,"endTime":855.806,"body":"a"},{"startTime":855.806,"endTime":860.688,"body":"few"},{"startTime":860.688,"endTime":865.57,"body":"weeks"},{"startTime":865.57,"endTime":870.452,"body":"ago,"},{"startTime":870.452,"endTime":875.334,"body":"because"},{"startTime":875.334,"endTime":880.216,"body":"he"},{"startTime":880.216,"endTime":885.098,"body":"wrote"},{"startTime":885.098,"endTime":889.98,"body":"a"},{"startTime":889.98,"endTime":894.862,"body":"paper"},{"startTime":894.862,"endTime":899.744,"body":"about"},{"startTime":899.744,"endTime":904.626,"body":"this"},{"startTime":904.626,"endTime":909.508,"body":"two"},{"startTime":909.508,"endTime":914.39,"body":"years"},{"startTime":914.39,"endTime":919.272,"body":"ago"},{"startTime":919.272,"endTime":924.154,"body":"and"},{"startTime":924.154,"endTime":929.036,"body":"presented"},{"startTime":929.036,"endTime":933.918,"body":"it"},{"startTime":933.918,"endTime":938.8,"body":"at"},{"startTime":938.8,"endTime":943.682,"body":"Jackson"},{"startTime":943.682,"endTime":948.564,"body":"Hole."},{"startTime":948.564,"endTime":953.446,"body":"So,"},{"startTime":953.446,"endTime":958.328,"body":"I"},{"startTime":958.328,"endTime":963.21,"body":"was"},{"startTime":963.21,"endTime":968.092,"body":"very"},{"startTime":968.092,"endTime":972.974,"body":"curious"},{"startTime":972.974,"endTime":977.856,"body":"to"},{"startTime":977.856,"endTime":982.738,"body":"get"},{"startTime":982.738,"endTime":987.62,"body":"his"},{"startTime":987.62,"endTime":992.502,"body":"perspective."},{"startTime":597.06,"endTime":605.752,"body":"\rHe'sliterally"},{"startTime":605.752,"endTime":610.098,"body":"in"},{"startTime":610.098,"endTime":614.444,"body":"the"},{"startTime":614.444,"endTime":618.79,"body":"room"},{"startTime":618.79,"endTime":623.136,"body":"with"},{"startTime":623.136,"endTime":627.482,"body":"Powell"},{"startTime":627.482,"endTime":631.828,"body":"and"},{"startTime":631.828,"endTime":636.174,"body":"all"},{"startTime":636.174,"endTime":640.52,"body":"of"},{"startTime":640.52,"endTime":644.866,"body":"these"},{"startTime":644.866,"endTime":649.212,"body":"central"},{"startTime":649.212,"endTime":653.558,"body":"bankers."},{"startTime":653.558,"endTime":657.904,"body":"His"},{"startTime":657.904,"endTime":662.25,"body":"perspective"},{"startTime":662.25,"endTime":666.596,"body":"was,"},{"startTime":666.596,"endTime":670.942,"body":"at"},{"startTime":670.942,"endTime":675.288,"body":"the"},{"startTime":675.288,"endTime":679.634,"body":"time,"},{"startTime":679.634,"endTime":683.98,"body":"central"},{"startTime":683.98,"endTime":688.326,"body":"bankers"},{"startTime":688.326,"endTime":692.672,"body":"expected"},{"startTime":692.672,"endTime":697.018,"body":"governments"},{"startTime":697.018,"endTime":701.364,"body":"to"},{"startTime":701.364,"endTime":705.71,"body":"make"},{"startTime":705.71,"endTime":710.056,"body":"more"},{"startTime":710.056,"endTime":714.402,"body":"progress"},{"startTime":714.402,"endTime":718.748,"body":"on"},{"startTime":718.748,"endTime":723.094,"body":"addressing"},{"startTime":723.094,"endTime":727.44,"body":"deficits."},{"startTime":727.44,"endTime":731.786,"body":"You"},{"startTime":731.786,"endTime":736.132,"body":"were"},{"startTime":736.132,"endTime":740.478,"body":"seeing"},{"startTime":740.478,"endTime":744.824,"body":"deficits"},{"startTime":744.824,"endTime":749.17,"body":"of"},{"startTime":749.17,"endTime":753.516,"body":"maybe"},{"startTime":753.516,"endTime":757.862,"body":"5%"},{"startTime":757.862,"endTime":762.208,"body":"to"},{"startTime":762.208,"endTime":766.554,"body":"6%"},{"startTime":766.554,"endTime":770.9,"body":"back"},{"startTime":770.9,"endTime":775.246,"body":"then,"},{"startTime":775.246,"endTime":779.592,"body":"this"},{"startTime":779.592,"endTime":783.938,"body":"is"},{"startTime":783.938,"endTime":788.284,"body":"two"},{"startTime":788.284,"endTime":792.63,"body":"years"},{"startTime":792.63,"endTime":796.976,"body":"ago,"},{"startTime":796.976,"endTime":801.322,"body":"which"},{"startTime":801.322,"endTime":805.668,"body":"were"},{"startTime":805.668,"endTime":810.014,"body":"seen"},{"startTime":810.014,"endTime":814.36,"body":"as"},{"startTime":814.36,"endTime":818.706,"body":"high,"},{"startTime":818.706,"endTime":823.052,"body":"but"},{"startTime":823.052,"endTime":827.398,"body":"the"},{"startTime":827.398,"endTime":831.744,"body":"expectation"},{"startTime":831.744,"endTime":836.09,"body":"was"},{"startTime":836.09,"endTime":840.436,"body":"that"},{"startTime":840.436,"endTime":844.782,"body":"that"},{"startTime":844.782,"endTime":849.128,"body":"was"},{"startTime":849.128,"endTime":853.474,"body":"going"},{"startTime":853.474,"endTime":857.82,"body":"to"},{"startTime":857.82,"endTime":862.166,"body":"be"},{"startTime":862.166,"endTime":866.512,"body":"addressed."},{"startTime":866.512,"endTime":870.858,"body":"But"},{"startTime":870.858,"endTime":875.204,"body":"actually,"},{"startTime":875.204,"endTime":879.55,"body":"they've"},{"startTime":879.55,"endTime":883.896,"body":"just"},{"startTime":883.896,"endTime":888.242,"body":"got"},{"startTime":888.242,"endTime":892.588,"body":"even"},{"startTime":892.588,"endTime":896.934,"body":"bigger."},{"startTime":896.934,"endTime":901.28,"body":"So,"},{"startTime":901.28,"endTime":905.626,"body":"he"},{"startTime":905.626,"endTime":909.972,"body":"had"},{"startTime":909.972,"endTime":914.318,"body":"got"},{"startTime":914.318,"endTime":918.664,"body":"much"},{"startTime":918.664,"endTime":923.01,"body":"more"},{"startTime":923.01,"endTime":927.356,"body":"pessimistic."},{"startTime":927.356,"endTime":931.702,"body":"I"},{"startTime":931.702,"endTime":936.048,"body":"thought"},{"startTime":936.048,"endTime":940.394,"body":"it"},{"startTime":940.394,"endTime":944.74,"body":"was"},{"startTime":944.74,"endTime":949.086,"body":"quite"},{"startTime":949.086,"endTime":953.432,"body":"noteworthy"},{"startTime":953.432,"endTime":957.778,"body":"that"},{"startTime":957.778,"endTime":962.124,"body":"he"},{"startTime":962.124,"endTime":966.47,"body":"had"},{"startTime":966.47,"endTime":970.816,"body":"got"},{"startTime":970.816,"endTime":975.162,"body":"much"},{"startTime":975.162,"endTime":979.508,"body":"more"},{"startTime":979.508,"endTime":983.854,"body":"pessimistic"},{"startTime":983.854,"endTime":988.2,"body":"on"},{"startTime":988.2,"endTime":992.546,"body":"it."},{"startTime":597.06,"endTime":607.748,"body":"\rAndthe"},{"startTime":607.748,"endTime":613.092,"body":"other"},{"startTime":613.092,"endTime":618.436,"body":"thing"},{"startTime":618.436,"endTime":623.78,"body":"I'd"},{"startTime":623.78,"endTime":629.124,"body":"point"},{"startTime":629.124,"endTime":634.468,"body":"to,"},{"startTime":634.468,"endTime":639.812,"body":"if"},{"startTime":639.812,"endTime":645.156,"body":"you"},{"startTime":645.156,"endTime":650.5,"body":"look"},{"startTime":650.5,"endTime":655.844,"body":"at"},{"startTime":655.844,"endTime":661.188,"body":"the"},{"startTime":661.188,"endTime":666.532,"body":"experience"},{"startTime":666.532,"endTime":671.876,"body":"of"},{"startTime":671.876,"endTime":677.22,"body":"the"},{"startTime":677.22,"endTime":682.564,"body":"UK"},{"startTime":682.564,"endTime":687.908,"body":"this"},{"startTime":687.908,"endTime":693.252,"body":"week,"},{"startTime":693.252,"endTime":698.596,"body":"Labor,"},{"startTime":698.596,"endTime":703.94,"body":"there"},{"startTime":703.94,"endTime":709.284,"body":"was"},{"startTime":709.284,"endTime":714.628,"body":"a"},{"startTime":714.628,"endTime":719.972,"body":"highly"},{"startTime":719.972,"endTime":725.316,"body":"anticipated"},{"startTime":725.316,"endTime":730.66,"body":"welfare"},{"startTime":730.66,"endTime":736.004,"body":"reform"},{"startTime":736.004,"endTime":741.348,"body":"where"},{"startTime":741.348,"endTime":746.692,"body":"they"},{"startTime":746.692,"endTime":752.036,"body":"were"},{"startTime":752.036,"endTime":757.38,"body":"going"},{"startTime":757.38,"endTime":762.724,"body":"to"},{"startTime":762.724,"endTime":768.068,"body":"really"},{"startTime":768.068,"endTime":773.412,"body":"announce"},{"startTime":773.412,"endTime":778.756,"body":"quite"},{"startTime":778.756,"endTime":784.1,"body":"significant"},{"startTime":784.1,"endTime":789.444,"body":"reforms"},{"startTime":789.444,"endTime":794.788,"body":"and"},{"startTime":794.788,"endTime":800.132,"body":"cutbacks"},{"startTime":800.132,"endTime":805.476,"body":"on"},{"startTime":805.476,"endTime":810.82,"body":"welfare."},{"startTime":810.82,"endTime":816.164,"body":"Basically,"},{"startTime":816.164,"endTime":821.508,"body":"there"},{"startTime":821.508,"endTime":826.852,"body":"was"},{"startTime":826.852,"endTime":832.196,"body":"a"},{"startTime":832.196,"endTime":837.54,"body":"huge"},{"startTime":837.54,"endTime":842.884,"body":"U"},{"startTime":842.884,"endTime":848.228,"body":"turn"},{"startTime":848.228,"endTime":853.572,"body":"and"},{"startTime":853.572,"endTime":858.916,"body":"now"},{"startTime":858.916,"endTime":864.26,"body":"it's"},{"startTime":864.26,"endTime":869.604,"body":"kind"},{"startTime":869.604,"endTime":874.948,"body":"of"},{"startTime":874.948,"endTime":880.292,"body":"the"},{"startTime":880.292,"endTime":885.636,"body":"can's"},{"startTime":885.636,"endTime":890.98,"body":"been"},{"startTime":890.98,"endTime":896.324,"body":"kicked"},{"startTime":896.324,"endTime":901.668,"body":"down"},{"startTime":901.668,"endTime":907.012,"body":"the"},{"startTime":907.012,"endTime":912.356,"body":"road"},{"startTime":912.356,"endTime":917.7,"body":"again."},{"startTime":917.7,"endTime":923.044,"body":"The"},{"startTime":923.044,"endTime":928.388,"body":"expectation"},{"startTime":928.388,"endTime":933.732,"body":"now"},{"startTime":933.732,"endTime":939.076,"body":"is"},{"startTime":939.076,"endTime":944.42,"body":"that"},{"startTime":944.42,"endTime":949.764,"body":"they'll"},{"startTime":949.764,"endTime":955.108,"body":"probably"},{"startTime":955.108,"endTime":960.452,"body":"have"},{"startTime":960.452,"endTime":965.796,"body":"to"},{"startTime":965.796,"endTime":971.14,"body":"raise"},{"startTime":971.14,"endTime":976.484,"body":"taxes"},{"startTime":976.484,"endTime":981.828,"body":"in"},{"startTime":981.828,"endTime":987.172,"body":"the"},{"startTime":987.172,"endTime":992.516,"body":"autumn."},{"startTime":597.06,"endTime":605.474,"body":"\rButit"},{"startTime":605.474,"endTime":609.681,"body":"does"},{"startTime":609.681,"endTime":613.888,"body":"highlight,"},{"startTime":613.888,"endTime":618.095,"body":"again,"},{"startTime":618.095,"endTime":622.302,"body":"the"},{"startTime":622.302,"endTime":626.509,"body":"political"},{"startTime":626.509,"endTime":630.716,"body":"backdrop"},{"startTime":630.716,"endTime":634.923,"body":"to"},{"startTime":634.923,"endTime":639.13,"body":"this"},{"startTime":639.13,"endTime":643.337,"body":"is"},{"startTime":643.337,"endTime":647.544,"body":"now"},{"startTime":647.544,"endTime":651.751,"body":"is"},{"startTime":651.751,"endTime":655.958,"body":"that"},{"startTime":655.958,"endTime":660.165,"body":"there"},{"startTime":660.165,"endTime":664.372,"body":"is"},{"startTime":664.372,"endTime":668.579,"body":"zero"},{"startTime":668.579,"endTime":672.786,"body":"appetite"},{"startTime":672.786,"endTime":676.993,"body":"for"},{"startTime":676.993,"endTime":681.2,"body":"austerity,"},{"startTime":681.2,"endTime":685.407,"body":"there's"},{"startTime":685.407,"endTime":689.614,"body":"zero"},{"startTime":689.614,"endTime":693.821,"body":"appetite"},{"startTime":693.821,"endTime":698.028,"body":"for"},{"startTime":698.028,"endTime":702.235,"body":"a"},{"startTime":702.235,"endTime":706.442,"body":"political"},{"startTime":706.442,"endTime":710.649,"body":"will,"},{"startTime":710.649,"endTime":714.856,"body":"political"},{"startTime":714.856,"endTime":719.063,"body":"consensus"},{"startTime":719.063,"endTime":723.27,"body":"to"},{"startTime":723.27,"endTime":727.477,"body":"address"},{"startTime":727.477,"endTime":731.684,"body":"deficits."},{"startTime":731.684,"endTime":735.891,"body":"I"},{"startTime":735.891,"endTime":740.098,"body":"think"},{"startTime":740.098,"endTime":744.305,"body":"that"},{"startTime":744.305,"endTime":748.512,"body":"stems"},{"startTime":748.512,"endTime":752.719,"body":"from"},{"startTime":752.719,"endTime":756.926,"body":"the"},{"startTime":756.926,"endTime":761.133,"body":"2010s"},{"startTime":761.133,"endTime":765.34,"body":"when"},{"startTime":765.34,"endTime":769.547,"body":"we"},{"startTime":769.547,"endTime":773.754,"body":"had"},{"startTime":773.754,"endTime":777.961,"body":"zero"},{"startTime":777.961,"endTime":782.168,"body":"rates"},{"startTime":782.168,"endTime":786.375,"body":"for"},{"startTime":786.375,"endTime":790.582,"body":"so"},{"startTime":790.582,"endTime":794.789,"body":"long."},{"startTime":794.789,"endTime":798.996,"body":"So,"},{"startTime":798.996,"endTime":803.203,"body":"when"},{"startTime":803.203,"endTime":807.41,"body":"Covid"},{"startTime":807.41,"endTime":811.617,"body":"came"},{"startTime":811.617,"endTime":815.824,"body":"along"},{"startTime":815.824,"endTime":820.031,"body":"it"},{"startTime":820.031,"endTime":824.238,"body":"was"},{"startTime":824.238,"endTime":828.445,"body":"easy"},{"startTime":828.445,"endTime":832.652,"body":"to"},{"startTime":832.652,"endTime":836.859,"body":"spend"},{"startTime":836.859,"endTime":841.066,"body":"freely."},{"startTime":841.066,"endTime":845.273,"body":"When"},{"startTime":845.273,"endTime":849.48,"body":"the"},{"startTime":849.48,"endTime":853.687,"body":"cost"},{"startTime":853.687,"endTime":857.894,"body":"of"},{"startTime":857.894,"endTime":862.101,"body":"living"},{"startTime":862.101,"endTime":866.308,"body":"crisis"},{"startTime":866.308,"endTime":870.515,"body":"came"},{"startTime":870.515,"endTime":874.722,"body":"along,"},{"startTime":874.722,"endTime":878.929,"body":"people"},{"startTime":878.929,"endTime":883.136,"body":"expected"},{"startTime":883.136,"endTime":887.343,"body":"more"},{"startTime":887.343,"endTime":891.55,"body":"handouts"},{"startTime":891.55,"endTime":895.757,"body":"and"},{"startTime":895.757,"endTime":899.964,"body":"got"},{"startTime":899.964,"endTime":904.171,"body":"them."},{"startTime":904.171,"endTime":908.378,"body":"So"},{"startTime":908.378,"endTime":912.585,"body":"now,"},{"startTime":912.585,"endTime":916.792,"body":"you"},{"startTime":916.792,"endTime":920.999,"body":"kind"},{"startTime":920.999,"endTime":925.206,"body":"of"},{"startTime":925.206,"endTime":929.413,"body":"got"},{"startTime":929.413,"endTime":933.62,"body":"a"},{"startTime":933.62,"endTime":937.827,"body":"fiscal"},{"startTime":937.827,"endTime":942.034,"body":"addiction"},{"startTime":942.034,"endTime":946.241,"body":"that"},{"startTime":946.241,"endTime":950.448,"body":"stemmed"},{"startTime":950.448,"endTime":954.655,"body":"in"},{"startTime":954.655,"endTime":958.862,"body":"the"},{"startTime":958.862,"endTime":963.069,"body":"last"},{"startTime":963.069,"endTime":967.276,"body":"decade,"},{"startTime":967.276,"endTime":971.483,"body":"but"},{"startTime":971.483,"endTime":975.69,"body":"it's"},{"startTime":975.69,"endTime":979.897,"body":"proven"},{"startTime":979.897,"endTime":984.104,"body":"difficult"},{"startTime":984.104,"endTime":988.311,"body":"to"},{"startTime":988.311,"endTime":992.518,"body":"change."},{"startTime":597.06,"endTime":607.332,"body":"\rSo,I"},{"startTime":607.332,"endTime":612.468,"body":"think"},{"startTime":612.468,"endTime":617.604,"body":"all"},{"startTime":617.604,"endTime":622.74,"body":"of"},{"startTime":622.74,"endTime":627.876,"body":"those"},{"startTime":627.876,"endTime":633.012,"body":"points"},{"startTime":633.012,"endTime":638.148,"body":"still"},{"startTime":638.148,"endTime":643.284,"body":"point"},{"startTime":643.284,"endTime":648.42,"body":"to"},{"startTime":648.42,"endTime":653.556,"body":"higher"},{"startTime":653.556,"endTime":658.692,"body":"bond"},{"startTime":658.692,"endTime":663.828,"body":"yields"},{"startTime":663.828,"endTime":668.964,"body":"at"},{"startTime":668.964,"endTime":674.1,"body":"some"},{"startTime":674.1,"endTime":679.236,"body":"point."},{"startTime":679.236,"endTime":684.372,"body":"And"},{"startTime":684.372,"endTime":689.508,"body":"obviously,"},{"startTime":689.508,"endTime":694.644,"body":"since"},{"startTime":694.644,"endTime":699.78,"body":"I"},{"startTime":699.78,"endTime":704.916,"body":"was"},{"startTime":704.916,"endTime":710.052,"body":"last"},{"startTime":710.052,"endTime":715.188,"body":"on,"},{"startTime":715.188,"endTime":720.324,"body":"we've"},{"startTime":720.324,"endTime":725.46,"body":"had"},{"startTime":725.46,"endTime":730.596,"body":"even"},{"startTime":730.596,"endTime":735.732,"body":"more"},{"startTime":735.732,"endTime":740.868,"body":"noise"},{"startTime":740.868,"endTime":746.004,"body":"from"},{"startTime":746.004,"endTime":751.14,"body":"Trump"},{"startTime":751.14,"endTime":756.276,"body":"about"},{"startTime":756.276,"endTime":761.412,"body":"a"},{"startTime":761.412,"endTime":766.548,"body":"potential"},{"startTime":766.548,"endTime":771.684,"body":"early"},{"startTime":771.684,"endTime":776.82,"body":"announcement"},{"startTime":776.82,"endTime":781.956,"body":"of"},{"startTime":781.956,"endTime":787.092,"body":"the"},{"startTime":787.092,"endTime":792.228,"body":"new"},{"startTime":792.228,"endTime":797.364,"body":"Fed"},{"startTime":797.364,"endTime":802.5,"body":"chairman."},{"startTime":802.5,"endTime":807.636,"body":"You"},{"startTime":807.636,"endTime":812.772,"body":"know,"},{"startTime":812.772,"endTime":817.908,"body":"there’s"},{"startTime":817.908,"endTime":823.044,"body":"lots"},{"startTime":823.044,"endTime":828.18,"body":"of"},{"startTime":828.18,"endTime":833.316,"body":"speculation"},{"startTime":833.316,"endTime":838.452,"body":"around"},{"startTime":838.452,"endTime":843.588,"body":"who"},{"startTime":843.588,"endTime":848.724,"body":"that"},{"startTime":848.724,"endTime":853.86,"body":"might"},{"startTime":853.86,"endTime":858.996,"body":"be."},{"startTime":858.996,"endTime":864.132,"body":"There's"},{"startTime":864.132,"endTime":869.268,"body":"a"},{"startTime":869.268,"endTime":874.404,"body":"whole"},{"startTime":874.404,"endTime":879.54,"body":"range"},{"startTime":879.54,"endTime":884.676,"body":"of"},{"startTime":884.676,"endTime":889.812,"body":"names,"},{"startTime":889.812,"endTime":894.948,"body":"all"},{"startTime":894.948,"endTime":900.084,"body":"kind"},{"startTime":900.084,"endTime":905.22,"body":"of"},{"startTime":905.22,"endTime":910.356,"body":"well"},{"startTime":910.356,"endTime":915.492,"body":"known."},{"startTime":915.492,"endTime":920.628,"body":"But"},{"startTime":920.628,"endTime":925.764,"body":"clearly,"},{"startTime":925.764,"endTime":930.9,"body":"you'd"},{"startTime":930.9,"endTime":936.036,"body":"have"},{"startTime":936.036,"endTime":941.172,"body":"to"},{"startTime":941.172,"endTime":946.308,"body":"think"},{"startTime":946.308,"endTime":951.444,"body":"that"},{"startTime":951.444,"endTime":956.58,"body":"it's"},{"startTime":956.58,"endTime":961.716,"body":"not"},{"startTime":961.716,"endTime":966.852,"body":"going"},{"startTime":966.852,"endTime":971.988,"body":"to"},{"startTime":971.988,"endTime":977.124,"body":"be"},{"startTime":977.124,"endTime":982.26,"body":"a"},{"startTime":982.26,"endTime":987.396,"body":"positive"},{"startTime":987.396,"endTime":992.532,"body":"outcome."},{"startTime":597.06,"endTime":992.56,"body":"\r"},{"startTime":597.06,"endTime":614.766,"body":"Imeanyou"},{"startTime":614.766,"endTime":620.668,"body":"can"},{"startTime":620.668,"endTime":626.57,"body":"make"},{"startTime":626.57,"endTime":632.472,"body":"the"},{"startTime":632.472,"endTime":638.374,"body":"point"},{"startTime":638.374,"endTime":644.276,"body":"that,"},{"startTime":644.276,"endTime":650.178,"body":"okay,"},{"startTime":650.178,"endTime":656.08,"body":"the"},{"startTime":656.08,"endTime":661.982,"body":"chair"},{"startTime":661.982,"endTime":667.884,"body":"is"},{"startTime":667.884,"endTime":673.786,"body":"only"},{"startTime":673.786,"endTime":679.688,"body":"one"},{"startTime":679.688,"endTime":685.59,"body":"vote"},{"startTime":685.59,"endTime":691.492,"body":"and"},{"startTime":691.492,"endTime":697.394,"body":"ultimately,"},{"startTime":697.394,"endTime":703.296,"body":"it's"},{"startTime":703.296,"endTime":709.198,"body":"the"},{"startTime":709.198,"endTime":715.1,"body":"whole"},{"startTime":715.1,"endTime":721.002,"body":"FOMC"},{"startTime":721.002,"endTime":726.904,"body":"committee"},{"startTime":726.904,"endTime":732.806,"body":"votes"},{"startTime":732.806,"endTime":738.708,"body":"on"},{"startTime":738.708,"endTime":744.61,"body":"rates."},{"startTime":744.61,"endTime":750.512,"body":"But"},{"startTime":750.512,"endTime":756.414,"body":"it"},{"startTime":756.414,"endTime":762.316,"body":"is"},{"startTime":762.316,"endTime":768.218,"body":"an"},{"startTime":768.218,"endTime":774.12,"body":"influential"},{"startTime":774.12,"endTime":780.022,"body":"seat"},{"startTime":780.022,"endTime":785.924,"body":"and"},{"startTime":785.924,"endTime":791.826,"body":"all"},{"startTime":791.826,"endTime":797.728,"body":"it"},{"startTime":797.728,"endTime":803.63,"body":"takes"},{"startTime":803.63,"endTime":809.532,"body":"is"},{"startTime":809.532,"endTime":815.434,"body":"just"},{"startTime":815.434,"endTime":821.336,"body":"one"},{"startTime":821.336,"endTime":827.238,"body":"influential"},{"startTime":827.238,"endTime":833.14,"body":"chair"},{"startTime":833.14,"endTime":839.042,"body":"to"},{"startTime":839.042,"endTime":844.944,"body":"tilt"},{"startTime":844.944,"endTime":850.846,"body":"the"},{"startTime":850.846,"endTime":856.748,"body":"narrative,"},{"startTime":856.748,"endTime":862.65,"body":"tilt"},{"startTime":862.65,"endTime":868.552,"body":"the"},{"startTime":868.552,"endTime":874.454,"body":"balance"},{"startTime":874.454,"endTime":880.356,"body":"of"},{"startTime":880.356,"endTime":886.258,"body":"the"},{"startTime":886.258,"endTime":892.16,"body":"discussion"},{"startTime":892.16,"endTime":898.062,"body":"towards"},{"startTime":898.062,"endTime":903.964,"body":"a"},{"startTime":903.964,"endTime":909.866,"body":"much"},{"startTime":909.866,"endTime":915.768,"body":"more"},{"startTime":915.768,"endTime":921.67,"body":"dovish"},{"startTime":921.67,"endTime":927.572,"body":"Fed."},{"startTime":927.572,"endTime":933.474,"body":"So,"},{"startTime":933.474,"endTime":939.376,"body":"I"},{"startTime":939.376,"endTime":945.278,"body":"do"},{"startTime":945.278,"endTime":951.18,"body":"think"},{"startTime":951.18,"endTime":957.082,"body":"that's"},{"startTime":957.082,"endTime":962.984,"body":"another"},{"startTime":962.984,"endTime":968.886,"body":"very"},{"startTime":968.886,"endTime":974.788,"body":"negative"},{"startTime":974.788,"endTime":980.69,"body":"aspect"},{"startTime":980.69,"endTime":986.592,"body":"to"},{"startTime":986.592,"endTime":992.494,"body":"it."},{"startTime":597.06,"endTime":609.614,"body":"\rAndone"},{"startTime":609.614,"endTime":615.891,"body":"other"},{"startTime":615.891,"endTime":622.168,"body":"thing"},{"startTime":622.168,"endTime":628.445,"body":"that"},{"startTime":628.445,"endTime":634.722,"body":"I"},{"startTime":634.722,"endTime":640.999,"body":"thought"},{"startTime":640.999,"endTime":647.276,"body":"was"},{"startTime":647.276,"endTime":653.553,"body":"interesting,"},{"startTime":653.553,"endTime":659.83,"body":"the"},{"startTime":659.83,"endTime":666.107,"body":"FT"},{"startTime":666.107,"endTime":672.384,"body":"had"},{"startTime":672.384,"endTime":678.661,"body":"a"},{"startTime":678.661,"endTime":684.938,"body":"report,"},{"startTime":684.938,"endTime":691.215,"body":"a"},{"startTime":691.215,"endTime":697.492,"body":"couple"},{"startTime":697.492,"endTime":703.769,"body":"of"},{"startTime":703.769,"endTime":710.046,"body":"weeks"},{"startTime":710.046,"endTime":716.323,"body":"ago"},{"startTime":716.323,"endTime":722.6,"body":"or"},{"startTime":722.6,"endTime":728.877,"body":"last"},{"startTime":728.877,"endTime":735.154,"body":"week,"},{"startTime":735.154,"endTime":741.431,"body":"highlighting"},{"startTime":741.431,"endTime":747.708,"body":"the"},{"startTime":747.708,"endTime":753.985,"body":"outflows"},{"startTime":753.985,"endTime":760.262,"body":"from"},{"startTime":760.262,"endTime":766.539,"body":"the"},{"startTime":766.539,"endTime":772.816,"body":"long"},{"startTime":772.816,"endTime":779.093,"body":"end"},{"startTime":779.093,"endTime":785.37,"body":"of"},{"startTime":785.37,"endTime":791.647,"body":"the"},{"startTime":791.647,"endTime":797.924,"body":"US"},{"startTime":797.924,"endTime":804.201,"body":"bond"},{"startTime":804.201,"endTime":810.478,"body":"market."},{"startTime":810.478,"endTime":816.755,"body":"So,"},{"startTime":816.755,"endTime":823.032,"body":"I"},{"startTime":823.032,"endTime":829.309,"body":"think"},{"startTime":829.309,"endTime":835.586,"body":"it"},{"startTime":835.586,"endTime":841.863,"body":"was"},{"startTime":841.863,"endTime":848.14,"body":"about"},{"startTime":848.14,"endTime":854.417,"body":"$11"},{"startTime":854.417,"endTime":860.694,"body":"billion"},{"startTime":860.694,"endTime":866.971,"body":"in"},{"startTime":866.971,"endTime":873.248,"body":"outflows"},{"startTime":873.248,"endTime":879.525,"body":"of"},{"startTime":879.525,"endTime":885.802,"body":"long-term"},{"startTime":885.802,"endTime":892.079,"body":"bonds"},{"startTime":892.079,"endTime":898.356,"body":"across"},{"startTime":898.356,"endTime":904.633,"body":"government"},{"startTime":904.633,"endTime":910.91,"body":"and"},{"startTime":910.91,"endTime":917.187,"body":"corporate"},{"startTime":917.187,"endTime":923.464,"body":"bonds."},{"startTime":923.464,"endTime":929.741,"body":"So,"},{"startTime":929.741,"endTime":936.018,"body":"kind"},{"startTime":936.018,"endTime":942.295,"body":"of"},{"startTime":942.295,"endTime":948.572,"body":"curious"},{"startTime":948.572,"endTime":954.849,"body":"that"},{"startTime":954.849,"endTime":961.126,"body":"yields"},{"startTime":961.126,"endTime":967.403,"body":"haven't"},{"startTime":967.403,"endTime":973.68,"body":"moved"},{"startTime":973.68,"endTime":979.957,"body":"given"},{"startTime":979.957,"endTime":986.234,"body":"that"},{"startTime":986.234,"endTime":992.511,"body":"backdrop."},{"startTime":597.06,"endTime":615.454,"body":"\rWehave"},{"startTime":615.454,"endTime":624.651,"body":"had"},{"startTime":624.651,"endTime":633.848,"body":"the"},{"startTime":633.848,"endTime":643.045,"body":"positive"},{"startTime":643.045,"endTime":652.242,"body":"development"},{"startTime":652.242,"endTime":661.439,"body":"of"},{"startTime":661.439,"endTime":670.636,"body":"the"},{"startTime":670.636,"endTime":679.833,"body":"liquidity"},{"startTime":679.833,"endTime":689.03,"body":"ratio,"},{"startTime":689.03,"endTime":698.227,"body":"the"},{"startTime":698.227,"endTime":707.424,"body":"banking"},{"startTime":707.424,"endTime":716.621,"body":"where"},{"startTime":716.621,"endTime":725.818,"body":"banks"},{"startTime":725.818,"endTime":735.015,"body":"will"},{"startTime":735.015,"endTime":744.212,"body":"have"},{"startTime":744.212,"endTime":753.409,"body":"to"},{"startTime":753.409,"endTime":762.606,"body":"hold"},{"startTime":762.606,"endTime":771.803,"body":"less"},{"startTime":771.803,"endTime":781,"body":"capital"},{"startTime":781,"endTime":790.197,"body":"against"},{"startTime":790.197,"endTime":799.394,"body":"holding"},{"startTime":799.394,"endTime":808.591,"body":"bonds."},{"startTime":808.591,"endTime":817.788,"body":"I"},{"startTime":817.788,"endTime":826.985,"body":"mean"},{"startTime":826.985,"endTime":836.182,"body":"that"},{"startTime":836.182,"endTime":845.379,"body":"has"},{"startTime":845.379,"endTime":854.576,"body":"progressed,"},{"startTime":854.576,"endTime":863.773,"body":"it"},{"startTime":863.773,"endTime":872.97,"body":"hasn't"},{"startTime":872.97,"endTime":882.167,"body":"come"},{"startTime":882.167,"endTime":891.364,"body":"through"},{"startTime":891.364,"endTime":900.561,"body":"yet."},{"startTime":900.561,"endTime":909.758,"body":"So"},{"startTime":909.758,"endTime":918.955,"body":"that"},{"startTime":918.955,"endTime":928.152,"body":"could"},{"startTime":928.152,"endTime":937.349,"body":"be"},{"startTime":937.349,"endTime":946.546,"body":"one"},{"startTime":946.546,"endTime":955.743,"body":"positive"},{"startTime":955.743,"endTime":964.94,"body":"development"},{"startTime":964.94,"endTime":974.137,"body":"in"},{"startTime":974.137,"endTime":983.334,"body":"the"},{"startTime":983.334,"endTime":992.531,"body":"background."},{"startTime":597.06,"endTime":613.888,"body":"\rButwhen"},{"startTime":613.888,"endTime":622.302,"body":"I"},{"startTime":622.302,"endTime":630.716,"body":"look"},{"startTime":630.716,"endTime":639.13,"body":"across"},{"startTime":639.13,"endTime":647.544,"body":"all"},{"startTime":647.544,"endTime":655.958,"body":"the"},{"startTime":655.958,"endTime":664.372,"body":"major"},{"startTime":664.372,"endTime":672.786,"body":"drivers,"},{"startTime":672.786,"endTime":681.2,"body":"the"},{"startTime":681.2,"endTime":689.614,"body":"big"},{"startTime":689.614,"endTime":698.028,"body":"picture,"},{"startTime":698.028,"endTime":706.442,"body":"the"},{"startTime":706.442,"endTime":714.856,"body":"fiscal"},{"startTime":714.856,"endTime":723.27,"body":"situation,"},{"startTime":723.27,"endTime":731.684,"body":"it"},{"startTime":731.684,"endTime":740.098,"body":"is"},{"startTime":740.098,"endTime":748.512,"body":"somewhat"},{"startTime":748.512,"endTime":756.926,"body":"surprising"},{"startTime":756.926,"endTime":765.34,"body":"we"},{"startTime":765.34,"endTime":773.754,"body":"haven't"},{"startTime":773.754,"endTime":782.168,"body":"seen"},{"startTime":782.168,"endTime":790.582,"body":"more"},{"startTime":790.582,"endTime":798.996,"body":"of"},{"startTime":798.996,"endTime":807.41,"body":"reaction"},{"startTime":807.41,"endTime":815.824,"body":"this"},{"startTime":815.824,"endTime":824.238,"body":"week."},{"startTime":824.238,"endTime":832.652,"body":"Maybe"},{"startTime":832.652,"endTime":841.066,"body":"it's"},{"startTime":841.066,"endTime":849.48,"body":"a"},{"startTime":849.48,"endTime":857.894,"body":"widely"},{"startTime":857.894,"endTime":866.308,"body":"held"},{"startTime":866.308,"endTime":874.722,"body":"position,"},{"startTime":874.722,"endTime":883.136,"body":"but"},{"startTime":883.136,"endTime":891.55,"body":"I"},{"startTime":891.55,"endTime":899.964,"body":"do"},{"startTime":899.964,"endTime":908.378,"body":"think"},{"startTime":908.378,"endTime":916.792,"body":"the"},{"startTime":916.792,"endTime":925.206,"body":"structural"},{"startTime":925.206,"endTime":933.62,"body":"trend"},{"startTime":933.62,"endTime":942.034,"body":"is"},{"startTime":942.034,"endTime":950.448,"body":"still"},{"startTime":950.448,"endTime":958.862,"body":"for"},{"startTime":958.862,"endTime":967.276,"body":"higher"},{"startTime":967.276,"endTime":975.69,"body":"yields"},{"startTime":975.69,"endTime":984.104,"body":"over"},{"startTime":984.104,"endTime":992.518,"body":"time."},{"startTime":993.44,"endTime":993.801,"body":"Yeah,"},{"startTime":993.801,"endTime":994.162,"body":"well,"},{"startTime":994.162,"endTime":994.523,"body":"I"},{"startTime":994.523,"endTime":994.884,"body":"mean"},{"startTime":994.884,"endTime":995.245,"body":"one"},{"startTime":995.245,"endTime":995.606,"body":"thing"},{"startTime":995.606,"endTime":995.967,"body":"that"},{"startTime":995.967,"endTime":996.328,"body":"kind"},{"startTime":996.328,"endTime":996.689,"body":"of"},{"startTime":996.689,"endTime":997.05,"body":"supports"},{"startTime":997.05,"endTime":997.411,"body":"that"},{"startTime":997.411,"endTime":997.772,"body":"is,"},{"startTime":997.772,"endTime":998.133,"body":"I"},{"startTime":998.133,"endTime":998.494,"body":"guess"},{"startTime":998.494,"endTime":998.855,"body":"with"},{"startTime":998.855,"endTime":999.216,"body":"this"},{"startTime":999.216,"endTime":999.577,"body":"new"},{"startTime":999.577,"endTime":999.938,"body":"bill"},{"startTime":999.938,"endTime":1000.299,"body":"issuance"},{"startTime":1000.299,"endTime":1000.66,"body":"and"},{"startTime":1000.66,"endTime":1001.021,"body":"also,"},{"startTime":1001.021,"endTime":1001.382,"body":"I"},{"startTime":1001.382,"endTime":1001.743,"body":"think,"},{"startTime":1001.743,"endTime":1002.104,"body":"issuance"},{"startTime":1002.104,"endTime":1002.465,"body":"has"},{"startTime":1002.465,"endTime":1002.826,"body":"been"},{"startTime":1002.826,"endTime":1003.187,"body":"pretty"},{"startTime":1003.187,"endTime":1003.548,"body":"low"},{"startTime":1003.548,"endTime":1003.909,"body":"so"},{"startTime":1003.909,"endTime":1004.27,"body":"far"},{"startTime":1004.27,"endTime":1004.631,"body":"this"},{"startTime":1004.631,"endTime":1004.992,"body":"year."},{"startTime":1004.992,"endTime":1005.353,"body":"I"},{"startTime":1005.353,"endTime":1005.714,"body":"would"},{"startTime":1005.714,"endTime":1006.075,"body":"imagine"},{"startTime":1006.075,"endTime":1006.436,"body":"they"},{"startTime":1006.436,"endTime":1006.797,"body":"would"},{"startTime":1006.797,"endTime":1007.158,"body":"have"},{"startTime":1007.158,"endTime":1007.519,"body":"to"},{"startTime":1007.519,"endTime":1007.88,"body":"issue"},{"startTime":1007.88,"endTime":1008.241,"body":"a"},{"startTime":1008.241,"endTime":1008.602,"body":"lot"},{"startTime":1008.602,"endTime":1008.963,"body":"more"},{"startTime":1008.963,"endTime":1009.324,"body":"extra"},{"startTime":1009.324,"endTime":1009.685,"body":"Treasuries,"},{"startTime":1009.685,"endTime":1010.046,"body":"probably"},{"startTime":1010.046,"endTime":1010.407,"body":"bills,"},{"startTime":1010.407,"endTime":1010.768,"body":"in"},{"startTime":1010.768,"endTime":1011.129,"body":"the"},{"startTime":1011.129,"endTime":1011.49,"body":"autumn"},{"startTime":1011.49,"endTime":1011.851,"body":"than"},{"startTime":1011.851,"endTime":1012.212,"body":"relative"},{"startTime":1012.212,"endTime":1012.573,"body":"to"},{"startTime":1012.573,"endTime":1012.934,"body":"what"},{"startTime":1012.934,"endTime":1013.295,"body":"they"},{"startTime":1013.295,"endTime":1013.656,"body":"would"},{"startTime":1013.656,"endTime":1014.017,"body":"otherwise"},{"startTime":1014.017,"endTime":1014.378,"body":"have."},{"startTime":1014.378,"endTime":1014.739,"body":"And"},{"startTime":1014.739,"endTime":1015.1,"body":"that"},{"startTime":1015.1,"endTime":1015.461,"body":"should"},{"startTime":1015.461,"endTime":1015.822,"body":"put"},{"startTime":1015.822,"endTime":1016.183,"body":"pressure"},{"startTime":1016.183,"endTime":1016.544,"body":"on"},{"startTime":1016.544,"endTime":1016.905,"body":"rates"},{"startTime":1016.905,"endTime":1017.266,"body":"to"},{"startTime":1017.266,"endTime":1017.627,"body":"the"},{"startTime":1017.627,"endTime":1017.988,"body":"upside"},{"startTime":1017.988,"endTime":1018.349,"body":"and"},{"startTime":1018.349,"endTime":1018.71,"body":"maybe"},{"startTime":1018.71,"endTime":1019.071,"body":"that"},{"startTime":1019.071,"endTime":1019.432,"body":"might"},{"startTime":1019.432,"endTime":1019.793,"body":"even"},{"startTime":1019.793,"endTime":1020.154,"body":"give"},{"startTime":1020.154,"endTime":1020.515,"body":"some"},{"startTime":1020.515,"endTime":1020.876,"body":"support"},{"startTime":1020.876,"endTime":1021.237,"body":"to"},{"startTime":1021.237,"endTime":1021.598,"body":"the"},{"startTime":1021.598,"endTime":1021.959,"body":"dollar,"},{"startTime":1021.959,"endTime":1022.32,"body":"which"},{"startTime":1022.32,"endTime":1022.681,"body":"had"},{"startTime":1022.681,"endTime":1023.042,"body":"a"},{"startTime":1023.042,"endTime":1023.403,"body":"horrible"},{"startTime":1023.403,"endTime":1023.764,"body":"start"},{"startTime":1023.764,"endTime":1024.125,"body":"to"},{"startTime":1024.125,"endTime":1024.486,"body":"this"},{"startTime":1024.486,"endTime":1024.847,"body":"year,"},{"startTime":1024.847,"endTime":1025.208,"body":"I"},{"startTime":1025.208,"endTime":1025.569,"body":"think"},{"startTime":1025.569,"endTime":1025.93,"body":"the"},{"startTime":1025.93,"endTime":1026.291,"body":"worst"},{"startTime":1026.291,"endTime":1026.652,"body":"out"},{"startTime":1026.652,"endTime":1027.013,"body":"in"},{"startTime":1027.013,"endTime":1027.374,"body":"50"},{"startTime":1027.374,"endTime":1027.735,"body":"years,"},{"startTime":1027.735,"endTime":1028.096,"body":"if,"},{"startTime":1028.096,"endTime":1028.457,"body":"if"},{"startTime":1028.457,"endTime":1028.818,"body":"I"},{"startTime":1028.818,"endTime":1029.179,"body":"remember"},{"startTime":1029.179,"endTime":1029.54,"body":"correctly."},{"startTime":1030.299,"endTime":1031.149,"body":"Yeah,"},{"startTime":1031.149,"endTime":1031.999,"body":"that's"},{"startTime":1031.999,"endTime":1032.849,"body":"right."},{"startTime":1032.849,"endTime":1033.699,"body":"It"},{"startTime":1033.699,"endTime":1034.549,"body":"has"},{"startTime":1034.549,"endTime":1035.399,"body":"had…"},{"startTime":1035.399,"endTime":1036.249,"body":"if"},{"startTime":1036.249,"endTime":1037.099,"body":"you're"},{"startTime":1037.099,"endTime":1037.949,"body":"just"},{"startTime":1037.949,"endTime":1038.799,"body":"measuring"},{"startTime":1038.799,"endTime":1039.649,"body":"things"},{"startTime":1039.649,"endTime":1040.499,"body":"on"},{"startTime":1040.499,"endTime":1041.349,"body":"a"},{"startTime":1041.349,"endTime":1042.199,"body":"calendar"},{"startTime":1042.199,"endTime":1043.049,"body":"year"},{"startTime":1043.049,"endTime":1043.899,"body":"basis,"},{"startTime":1043.899,"endTime":1044.749,"body":"it"},{"startTime":1044.749,"endTime":1045.599,"body":"is"},{"startTime":1045.599,"endTime":1046.449,"body":"the"},{"startTime":1046.449,"endTime":1047.299,"body":"worst"},{"startTime":1047.299,"endTime":1048.149,"body":"start,"},{"startTime":1048.149,"endTime":1048.999,"body":"I"},{"startTime":1048.999,"endTime":1049.849,"body":"believe."},{"startTime":1049.849,"endTime":1050.699,"body":"Interestingly,"},{"startTime":1050.699,"endTime":1051.549,"body":"just"},{"startTime":1051.549,"endTime":1052.399,"body":"on"},{"startTime":1052.399,"endTime":1053.249,"body":"that,"},{"startTime":1053.249,"endTime":1054.099,"body":"obviously"},{"startTime":1054.099,"endTime":1054.949,"body":"there's"},{"startTime":1054.949,"endTime":1055.799,"body":"a"},{"startTime":1055.799,"endTime":1056.649,"body":"lot"},{"startTime":1056.649,"endTime":1057.499,"body":"of"},{"startTime":1057.499,"endTime":1058.349,"body":"talk"},{"startTime":1058.349,"endTime":1059.199,"body":"in"},{"startTime":1059.199,"endTime":1060.049,"body":"April"},{"startTime":1060.049,"endTime":1060.899,"body":"and"},{"startTime":1060.899,"endTime":1061.749,"body":"May"},{"startTime":1061.749,"endTime":1062.599,"body":"around"},{"startTime":1062.599,"endTime":1063.449,"body":"the"},{"startTime":1063.449,"endTime":1064.299,"body":"weakness"},{"startTime":1064.299,"endTime":1065.149,"body":"of"},{"startTime":1065.149,"endTime":1065.999,"body":"the"},{"startTime":1065.999,"endTime":1066.849,"body":"dollar"},{"startTime":1066.849,"endTime":1067.699,"body":"at"},{"startTime":1067.699,"endTime":1068.549,"body":"the"},{"startTime":1068.549,"endTime":1069.399,"body":"same"},{"startTime":1069.399,"endTime":1070.249,"body":"time"},{"startTime":1070.249,"endTime":1071.099,"body":"of"},{"startTime":1071.099,"endTime":1071.949,"body":"the"},{"startTime":1071.949,"endTime":1072.799,"body":"bond"},{"startTime":1072.799,"endTime":1073.649,"body":"market"},{"startTime":1073.649,"endTime":1074.499,"body":"strains"},{"startTime":1074.499,"endTime":1075.349,"body":"and"},{"startTime":1075.349,"endTime":1076.199,"body":"the"},{"startTime":1076.199,"endTime":1077.049,"body":"tariffs."},{"startTime":1077.049,"endTime":1077.899,"body":"The"},{"startTime":1077.899,"endTime":1078.749,"body":"suggestion"},{"startTime":1078.749,"endTime":1079.599,"body":"was"},{"startTime":1079.599,"endTime":1080.449,"body":"foreigners"},{"startTime":1080.449,"endTime":1081.299,"body":"were"},{"startTime":1081.299,"endTime":1082.149,"body":"selling"},{"startTime":1082.149,"endTime":1082.999,"body":"US"},{"startTime":1082.999,"endTime":1083.849,"body":"assets"},{"startTime":1083.849,"endTime":1084.699,"body":"and"},{"startTime":1084.699,"endTime":1085.549,"body":"that"},{"startTime":1085.549,"endTime":1086.399,"body":"was"},{"startTime":1086.399,"endTime":1087.249,"body":"the"},{"startTime":1087.249,"endTime":1088.099,"body":"source"},{"startTime":1088.099,"endTime":1088.949,"body":"of"},{"startTime":1088.949,"endTime":1089.799,"body":"the"},{"startTime":1089.799,"endTime":1090.649,"body":"dollar"},{"startTime":1090.649,"endTime":1091.499,"body":"weakness."},{"startTime":1030.299,"endTime":1032.153,"body":"\rTheBIS"},{"startTime":1032.153,"endTime":1033.08,"body":"had"},{"startTime":1033.08,"endTime":1034.007,"body":"a"},{"startTime":1034.007,"endTime":1034.934,"body":"report"},{"startTime":1034.934,"endTime":1035.861,"body":"out"},{"startTime":1035.861,"endTime":1036.788,"body":"a"},{"startTime":1036.788,"endTime":1037.715,"body":"couple"},{"startTime":1037.715,"endTime":1038.642,"body":"of"},{"startTime":1038.642,"endTime":1039.569,"body":"weeks"},{"startTime":1039.569,"endTime":1040.496,"body":"ago"},{"startTime":1040.496,"endTime":1041.423,"body":"and"},{"startTime":1041.423,"endTime":1042.35,"body":"they've"},{"startTime":1042.35,"endTime":1043.277,"body":"looked"},{"startTime":1043.277,"endTime":1044.204,"body":"at"},{"startTime":1044.204,"endTime":1045.131,"body":"this."},{"startTime":1045.131,"endTime":1046.058,"body":"They"},{"startTime":1046.058,"endTime":1046.985,"body":"concluded"},{"startTime":1046.985,"endTime":1047.912,"body":"that"},{"startTime":1047.912,"endTime":1048.839,"body":"it"},{"startTime":1048.839,"endTime":1049.766,"body":"was"},{"startTime":1049.766,"endTime":1050.693,"body":"more"},{"startTime":1050.693,"endTime":1051.62,"body":"hedging"},{"startTime":1051.62,"endTime":1052.547,"body":"pressure"},{"startTime":1052.547,"endTime":1053.474,"body":"than"},{"startTime":1053.474,"endTime":1054.401,"body":"actual"},{"startTime":1054.401,"endTime":1055.328,"body":"sales"},{"startTime":1055.328,"endTime":1056.255,"body":"of"},{"startTime":1056.255,"endTime":1057.182,"body":"dollar"},{"startTime":1057.182,"endTime":1058.109,"body":"assets."},{"startTime":1058.109,"endTime":1059.036,"body":"So,"},{"startTime":1059.036,"endTime":1059.963,"body":"if"},{"startTime":1059.963,"endTime":1060.89,"body":"you"},{"startTime":1060.89,"endTime":1061.817,"body":"look"},{"startTime":1061.817,"endTime":1062.744,"body":"across"},{"startTime":1062.744,"endTime":1063.671,"body":"the"},{"startTime":1063.671,"endTime":1064.598,"body":"patterns,"},{"startTime":1064.598,"endTime":1065.525,"body":"the"},{"startTime":1065.525,"endTime":1066.452,"body":"timing"},{"startTime":1066.452,"endTime":1067.379,"body":"of"},{"startTime":1067.379,"endTime":1068.306,"body":"the"},{"startTime":1068.306,"endTime":1069.233,"body":"dollar"},{"startTime":1069.233,"endTime":1070.16,"body":"selling"},{"startTime":1070.16,"endTime":1071.087,"body":"was"},{"startTime":1071.087,"endTime":1072.014,"body":"more"},{"startTime":1072.014,"endTime":1072.941,"body":"in"},{"startTime":1072.941,"endTime":1073.868,"body":"the"},{"startTime":1073.868,"endTime":1074.795,"body":"Asian"},{"startTime":1074.795,"endTime":1075.722,"body":"time"},{"startTime":1075.722,"endTime":1076.649,"body":"zone"},{"startTime":1076.649,"endTime":1077.576,"body":"and"},{"startTime":1077.576,"endTime":1078.503,"body":"also"},{"startTime":1078.503,"endTime":1079.43,"body":"cross"},{"startTime":1079.43,"endTime":1080.357,"body":"currency"},{"startTime":1080.357,"endTime":1081.284,"body":"basis"},{"startTime":1081.284,"endTime":1082.211,"body":"widened"},{"startTime":1082.211,"endTime":1083.138,"body":"a"},{"startTime":1083.138,"endTime":1084.065,"body":"bit."},{"startTime":1084.065,"endTime":1084.992,"body":"So"},{"startTime":1084.992,"endTime":1085.919,"body":"that"},{"startTime":1085.919,"endTime":1086.846,"body":"was"},{"startTime":1086.846,"endTime":1087.773,"body":"indicative"},{"startTime":1087.773,"endTime":1088.7,"body":"of"},{"startTime":1088.7,"endTime":1089.627,"body":"more"},{"startTime":1089.627,"endTime":1090.554,"body":"hedging"},{"startTime":1090.554,"endTime":1091.481,"body":"demand."},{"startTime":1030.299,"endTime":1033.359,"body":"\rSointerestingly,"},{"startTime":1033.359,"endTime":1034.889,"body":"there"},{"startTime":1034.889,"endTime":1036.419,"body":"is"},{"startTime":1036.419,"endTime":1037.949,"body":"this"},{"startTime":1037.949,"endTime":1039.479,"body":"debate,"},{"startTime":1039.479,"endTime":1041.009,"body":"are"},{"startTime":1041.009,"endTime":1042.539,"body":"people"},{"startTime":1042.539,"endTime":1044.069,"body":"selling"},{"startTime":1044.069,"endTime":1045.599,"body":"US"},{"startTime":1045.599,"endTime":1047.129,"body":"assets"},{"startTime":1047.129,"endTime":1048.659,"body":"on"},{"startTime":1048.659,"endTime":1050.189,"body":"the"},{"startTime":1050.189,"endTime":1051.719,"body":"belief"},{"startTime":1051.719,"endTime":1053.249,"body":"of"},{"startTime":1053.249,"endTime":1054.779,"body":"the"},{"startTime":1054.779,"endTime":1056.309,"body":"end"},{"startTime":1056.309,"endTime":1057.839,"body":"of"},{"startTime":1057.839,"endTime":1059.369,"body":"US"},{"startTime":1059.369,"endTime":1060.899,"body":"exceptionalism?"},{"startTime":1060.899,"endTime":1062.429,"body":"We're"},{"startTime":1062.429,"endTime":1063.959,"body":"probably"},{"startTime":1063.959,"endTime":1065.489,"body":"only"},{"startTime":1065.489,"endTime":1067.019,"body":"at"},{"startTime":1067.019,"endTime":1068.549,"body":"the"},{"startTime":1068.549,"endTime":1070.079,"body":"start"},{"startTime":1070.079,"endTime":1071.609,"body":"of"},{"startTime":1071.609,"endTime":1073.139,"body":"that"},{"startTime":1073.139,"endTime":1074.669,"body":"trade."},{"startTime":1074.669,"endTime":1076.199,"body":"If"},{"startTime":1076.199,"endTime":1077.729,"body":"it's"},{"startTime":1077.729,"endTime":1079.259,"body":"happened"},{"startTime":1079.259,"endTime":1080.789,"body":"much"},{"startTime":1080.789,"endTime":1082.319,"body":"at"},{"startTime":1082.319,"endTime":1083.849,"body":"all,"},{"startTime":1083.849,"endTime":1085.379,"body":"it"},{"startTime":1085.379,"endTime":1086.909,"body":"would"},{"startTime":1086.909,"endTime":1088.439,"body":"be"},{"startTime":1088.439,"endTime":1089.969,"body":"the"},{"startTime":1089.969,"endTime":1091.499,"body":"conclusion."},{"startTime":1093.951,"endTime":1095.112,"body":"Absolutely."},{"startTime":1095.112,"endTime":1096.273,"body":"Well,"},{"startTime":1096.273,"endTime":1097.434,"body":"let's"},{"startTime":1097.434,"endTime":1098.595,"body":"move"},{"startTime":1098.595,"endTime":1099.756,"body":"on"},{"startTime":1099.756,"endTime":1100.917,"body":"to"},{"startTime":1100.917,"endTime":1102.078,"body":"some"},{"startTime":1102.078,"endTime":1103.239,"body":"of"},{"startTime":1103.239,"endTime":1104.4,"body":"these"},{"startTime":1104.4,"endTime":1105.561,"body":"wonderful"},{"startTime":1105.561,"endTime":1106.722,"body":"papers"},{"startTime":1106.722,"endTime":1107.883,"body":"that"},{"startTime":1107.883,"endTime":1109.044,"body":"are"},{"startTime":1109.044,"endTime":1110.205,"body":"coming"},{"startTime":1110.205,"endTime":1111.366,"body":"fast"},{"startTime":1111.366,"endTime":1112.527,"body":"and"},{"startTime":1112.527,"endTime":1113.688,"body":"thick"},{"startTime":1113.688,"endTime":1114.849,"body":"at"},{"startTime":1114.849,"endTime":1116.01,"body":"the"},{"startTime":1116.01,"endTime":1117.171,"body":"moment."},{"startTime":1117.171,"endTime":1118.332,"body":"The"},{"startTime":1118.332,"endTime":1119.493,"body":"worse"},{"startTime":1119.493,"endTime":1120.654,"body":"the"},{"startTime":1120.654,"endTime":1121.815,"body":"performance"},{"startTime":1121.815,"endTime":1122.976,"body":"gets"},{"startTime":1122.976,"endTime":1124.137,"body":"in"},{"startTime":1124.137,"endTime":1125.298,"body":"our"},{"startTime":1125.298,"endTime":1126.459,"body":"industry,"},{"startTime":1126.459,"endTime":1127.62,"body":"the"},{"startTime":1127.62,"endTime":1128.781,"body":"better"},{"startTime":1128.781,"endTime":1129.942,"body":"or"},{"startTime":1129.942,"endTime":1131.103,"body":"the"},{"startTime":1131.103,"endTime":1132.264,"body":"higher"},{"startTime":1132.264,"endTime":1133.425,"body":"the"},{"startTime":1133.425,"endTime":1134.586,"body":"number"},{"startTime":1134.586,"endTime":1135.747,"body":"of"},{"startTime":1135.747,"endTime":1136.908,"body":"papers"},{"startTime":1136.908,"endTime":1138.069,"body":"being"},{"startTime":1138.069,"endTime":1139.23,"body":"produced"},{"startTime":1139.23,"endTime":1140.391,"body":"about"},{"startTime":1140.391,"endTime":1141.552,"body":"drawdowns"},{"startTime":1141.552,"endTime":1142.713,"body":"and"},{"startTime":1142.713,"endTime":1143.874,"body":"skew"},{"startTime":1143.874,"endTime":1145.035,"body":"and"},{"startTime":1145.035,"endTime":1146.196,"body":"why"},{"startTime":1146.196,"endTime":1147.357,"body":"trend"},{"startTime":1147.357,"endTime":1148.518,"body":"following"},{"startTime":1148.518,"endTime":1149.679,"body":"is"},{"startTime":1149.679,"endTime":1150.84,"body":"still"},{"startTime":1150.84,"endTime":1152.001,"body":"absolutely"},{"startTime":1152.001,"endTime":1153.162,"body":"the"},{"startTime":1153.162,"endTime":1154.323,"body":"best"},{"startTime":1154.323,"endTime":1155.484,"body":"strategy"},{"startTime":1155.484,"endTime":1156.645,"body":"to"},{"startTime":1156.645,"endTime":1157.806,"body":"be"},{"startTime":1157.806,"endTime":1158.967,"body":"in"},{"startTime":1158.967,"endTime":1160.128,"body":"which,"},{"startTime":1160.128,"endTime":1161.289,"body":"of"},{"startTime":1161.289,"endTime":1162.45,"body":"course,"},{"startTime":1162.45,"endTime":1163.611,"body":"we"},{"startTime":1163.611,"endTime":1164.772,"body":"couldn't"},{"startTime":1164.772,"endTime":1165.933,"body":"agree"},{"startTime":1165.933,"endTime":1167.094,"body":"more"},{"startTime":1167.094,"endTime":1168.255,"body":"with."},{"startTime":1093.951,"endTime":1097.253,"body":"\rButthere"},{"startTime":1097.253,"endTime":1098.904,"body":"is"},{"startTime":1098.904,"endTime":1100.555,"body":"a"},{"startTime":1100.555,"endTime":1102.206,"body":"very"},{"startTime":1102.206,"endTime":1103.857,"body":"interesting"},{"startTime":1103.857,"endTime":1105.508,"body":"paper,"},{"startTime":1105.508,"endTime":1107.159,"body":"I"},{"startTime":1107.159,"endTime":1108.81,"body":"thought,"},{"startTime":1108.81,"endTime":1110.461,"body":"with"},{"startTime":1110.461,"endTime":1112.112,"body":"a"},{"startTime":1112.112,"endTime":1113.763,"body":"few"},{"startTime":1113.763,"endTime":1115.414,"body":"things"},{"startTime":1115.414,"endTime":1117.065,"body":"that"},{"startTime":1117.065,"endTime":1118.716,"body":"hadn't"},{"startTime":1118.716,"endTime":1120.367,"body":"thought"},{"startTime":1120.367,"endTime":1122.018,"body":"about"},{"startTime":1122.018,"endTime":1123.669,"body":"for"},{"startTime":1123.669,"endTime":1125.32,"body":"a"},{"startTime":1125.32,"endTime":1126.971,"body":"little"},{"startTime":1126.971,"endTime":1128.622,"body":"while,"},{"startTime":1128.622,"endTime":1130.273,"body":"and"},{"startTime":1130.273,"endTime":1131.924,"body":"it's"},{"startTime":1131.924,"endTime":1133.575,"body":"actually"},{"startTime":1133.575,"endTime":1135.226,"body":"a"},{"startTime":1135.226,"endTime":1136.877,"body":"paper"},{"startTime":1136.877,"endTime":1138.528,"body":"from"},{"startTime":1138.528,"endTime":1140.179,"body":"Man."},{"startTime":1140.179,"endTime":1141.83,"body":"They"},{"startTime":1141.83,"endTime":1143.481,"body":"are,"},{"startTime":1143.481,"endTime":1145.132,"body":"of"},{"startTime":1145.132,"endTime":1146.783,"body":"course,"},{"startTime":1146.783,"endTime":1148.434,"body":"always"},{"startTime":1148.434,"endTime":1150.085,"body":"good"},{"startTime":1150.085,"endTime":1151.736,"body":"in"},{"startTime":1151.736,"endTime":1153.387,"body":"terms"},{"startTime":1153.387,"endTime":1155.038,"body":"of"},{"startTime":1155.038,"endTime":1156.689,"body":"delivering"},{"startTime":1156.689,"endTime":1158.34,"body":"some"},{"startTime":1158.34,"endTime":1159.991,"body":"research"},{"startTime":1159.991,"endTime":1161.642,"body":"that"},{"startTime":1161.642,"endTime":1163.293,"body":"we"},{"startTime":1163.293,"endTime":1164.944,"body":"can"},{"startTime":1164.944,"endTime":1166.595,"body":"dive"},{"startTime":1166.595,"endTime":1168.246,"body":"into."},{"startTime":1093.951,"endTime":1096.923,"body":"\rThepaper"},{"startTime":1096.923,"endTime":1098.409,"body":"came"},{"startTime":1098.409,"endTime":1099.895,"body":"out"},{"startTime":1099.895,"endTime":1101.381,"body":"very"},{"startTime":1101.381,"endTime":1102.867,"body":"recently."},{"startTime":1102.867,"endTime":1104.353,"body":"It's"},{"startTime":1104.353,"endTime":1105.839,"body":"called"},{"startTime":1105.839,"endTime":1107.325,"body":"Trend"},{"startTime":1107.325,"endTime":1108.811,"body":"Following"},{"startTime":1108.811,"endTime":1110.297,"body":"and"},{"startTime":1110.297,"endTime":1111.783,"body":"Drawdowns,"},{"startTime":1111.783,"endTime":1113.269,"body":"Is"},{"startTime":1113.269,"endTime":1114.755,"body":"This"},{"startTime":1114.755,"endTime":1116.241,"body":"Time"},{"startTime":1116.241,"endTime":1117.727,"body":"Different?"},{"startTime":1117.727,"endTime":1119.213,"body":"Russell,"},{"startTime":1119.213,"endTime":1120.699,"body":"who's"},{"startTime":1120.699,"endTime":1122.185,"body":"the"},{"startTime":1122.185,"endTime":1123.671,"body":"author,"},{"startTime":1123.671,"endTime":1125.157,"body":"the"},{"startTime":1125.157,"endTime":1126.643,"body":"CIO"},{"startTime":1126.643,"endTime":1128.129,"body":"actually"},{"startTime":1128.129,"endTime":1129.615,"body":"at"},{"startTime":1129.615,"endTime":1131.101,"body":"Man"},{"startTime":1131.101,"endTime":1132.587,"body":"AHL,"},{"startTime":1132.587,"endTime":1134.073,"body":"he"},{"startTime":1134.073,"endTime":1135.559,"body":"is"},{"startTime":1135.559,"endTime":1137.045,"body":"a"},{"startTime":1137.045,"endTime":1138.531,"body":"previous"},{"startTime":1138.531,"endTime":1140.017,"body":"guest"},{"startTime":1140.017,"endTime":1141.503,"body":"on"},{"startTime":1141.503,"endTime":1142.989,"body":"the"},{"startTime":1142.989,"endTime":1144.475,"body":"show."},{"startTime":1144.475,"endTime":1145.961,"body":"So,"},{"startTime":1145.961,"endTime":1147.447,"body":"you"},{"startTime":1147.447,"endTime":1148.933,"body":"can"},{"startTime":1148.933,"endTime":1150.419,"body":"always"},{"startTime":1150.419,"endTime":1151.905,"body":"go"},{"startTime":1151.905,"endTime":1153.391,"body":"back"},{"startTime":1153.391,"endTime":1154.877,"body":"and"},{"startTime":1154.877,"endTime":1156.363,"body":"listen"},{"startTime":1156.363,"endTime":1157.849,"body":"to"},{"startTime":1157.849,"endTime":1159.335,"body":"much"},{"startTime":1159.335,"endTime":1160.821,"body":"more"},{"startTime":1160.821,"endTime":1162.307,"body":"from"},{"startTime":1162.307,"endTime":1163.793,"body":"him"},{"startTime":1163.793,"endTime":1165.279,"body":"in"},{"startTime":1165.279,"endTime":1166.765,"body":"that"},{"startTime":1166.765,"endTime":1168.251,"body":"episode."},{"startTime":1093.951,"endTime":1098.455,"body":"\rI'dlove"},{"startTime":1098.455,"endTime":1100.707,"body":"to"},{"startTime":1100.707,"endTime":1102.959,"body":"hear"},{"startTime":1102.959,"endTime":1105.211,"body":"your"},{"startTime":1105.211,"endTime":1107.463,"body":"thoughts"},{"startTime":1107.463,"endTime":1109.715,"body":"about"},{"startTime":1109.715,"endTime":1111.967,"body":"it."},{"startTime":1111.967,"endTime":1114.219,"body":"Maybe"},{"startTime":1114.219,"endTime":1116.471,"body":"you"},{"startTime":1116.471,"endTime":1118.723,"body":"would"},{"startTime":1118.723,"endTime":1120.975,"body":"take"},{"startTime":1120.975,"endTime":1123.227,"body":"us"},{"startTime":1123.227,"endTime":1125.479,"body":"through"},{"startTime":1125.479,"endTime":1127.731,"body":"the"},{"startTime":1127.731,"endTime":1129.983,"body":"core"},{"startTime":1129.983,"endTime":1132.235,"body":"messages"},{"startTime":1132.235,"endTime":1134.487,"body":"from"},{"startTime":1134.487,"endTime":1136.739,"body":"the"},{"startTime":1136.739,"endTime":1138.991,"body":"paper."},{"startTime":1138.991,"endTime":1141.243,"body":"I've"},{"startTime":1141.243,"endTime":1143.495,"body":"got"},{"startTime":1143.495,"endTime":1145.747,"body":"a"},{"startTime":1145.747,"endTime":1147.999,"body":"few"},{"startTime":1147.999,"endTime":1150.251,"body":"observations"},{"startTime":1150.251,"endTime":1152.503,"body":"as"},{"startTime":1152.503,"endTime":1154.755,"body":"well,"},{"startTime":1154.755,"endTime":1157.007,"body":"Alan,"},{"startTime":1157.007,"endTime":1159.259,"body":"but"},{"startTime":1159.259,"endTime":1161.511,"body":"very"},{"startTime":1161.511,"endTime":1163.763,"body":"interesting,"},{"startTime":1163.763,"endTime":1166.015,"body":"I"},{"startTime":1166.015,"endTime":1168.267,"body":"thought."},{"startTime":1168.281,"endTime":1178.902,"body":"Yeah,"},{"startTime":1178.902,"endTime":1189.523,"body":"sure,"},{"startTime":1189.523,"endTime":1200.144,"body":"as"},{"startTime":1200.144,"endTime":1210.765,"body":"you"},{"startTime":1210.765,"endTime":1221.386,"body":"say,"},{"startTime":1221.386,"endTime":1232.007,"body":"these"},{"startTime":1232.007,"endTime":1242.628,"body":"papers"},{"startTime":1242.628,"endTime":1253.249,"body":"do"},{"startTime":1253.249,"endTime":1263.87,"body":"tend"},{"startTime":1263.87,"endTime":1274.491,"body":"to"},{"startTime":1274.491,"endTime":1285.112,"body":"come"},{"startTime":1285.112,"endTime":1295.733,"body":"out"},{"startTime":1295.733,"endTime":1306.354,"body":"in"},{"startTime":1306.354,"endTime":1316.975,"body":"times"},{"startTime":1316.975,"endTime":1327.596,"body":"of"},{"startTime":1327.596,"endTime":1338.217,"body":"difficult"},{"startTime":1338.217,"endTime":1348.838,"body":"performance"},{"startTime":1348.838,"endTime":1359.459,"body":"for"},{"startTime":1359.459,"endTime":1370.08,"body":"trend"},{"startTime":1370.08,"endTime":1380.701,"body":"following."},{"startTime":1380.701,"endTime":1391.322,"body":"It's"},{"startTime":1391.322,"endTime":1401.943,"body":"a"},{"startTime":1401.943,"endTime":1412.564,"body":"good"},{"startTime":1412.564,"endTime":1423.185,"body":"kind"},{"startTime":1423.185,"endTime":1433.806,"body":"of"},{"startTime":1433.806,"endTime":1444.427,"body":"comprehensive"},{"startTime":1444.427,"endTime":1455.048,"body":"rebuttal,"},{"startTime":1455.048,"endTime":1465.669,"body":"I"},{"startTime":1465.669,"endTime":1476.29,"body":"guess,"},{"startTime":1476.29,"endTime":1486.911,"body":"of"},{"startTime":1486.911,"endTime":1497.532,"body":"some"},{"startTime":1497.532,"endTime":1508.153,"body":"of"},{"startTime":1508.153,"endTime":1518.774,"body":"the"},{"startTime":1518.774,"endTime":1529.395,"body":"typical"},{"startTime":1529.395,"endTime":1540.016,"body":"kind"},{"startTime":1540.016,"endTime":1550.637,"body":"of"},{"startTime":1550.637,"endTime":1561.258,"body":"points"},{"startTime":1561.258,"endTime":1571.879,"body":"made"},{"startTime":1571.879,"endTime":1582.5,"body":"against"},{"startTime":1582.5,"endTime":1593.121,"body":"trend"},{"startTime":1593.121,"endTime":1603.742,"body":"following"},{"startTime":1603.742,"endTime":1614.363,"body":"in"},{"startTime":1614.363,"endTime":1624.984,"body":"times"},{"startTime":1624.984,"endTime":1635.605,"body":"of"},{"startTime":1635.605,"endTime":1646.226,"body":"drawdown."},{"startTime":1168.281,"endTime":1646.241,"body":"\r"},{"startTime":1168.281,"endTime":1200.144,"body":"Imeanto"},{"startTime":1200.144,"endTime":1210.765,"body":"start"},{"startTime":1210.765,"endTime":1221.386,"body":"off"},{"startTime":1221.386,"endTime":1232.007,"body":"with"},{"startTime":1232.007,"endTime":1242.628,"body":"the"},{"startTime":1242.628,"endTime":1253.249,"body":"premise"},{"startTime":1253.249,"endTime":1263.87,"body":"that,"},{"startTime":1263.87,"endTime":1274.491,"body":"for"},{"startTime":1274.491,"endTime":1285.112,"body":"sure,"},{"startTime":1285.112,"endTime":1295.733,"body":"there"},{"startTime":1295.733,"endTime":1306.354,"body":"have"},{"startTime":1306.354,"endTime":1316.975,"body":"been"},{"startTime":1316.975,"endTime":1327.596,"body":"some"},{"startTime":1327.596,"endTime":1338.217,"body":"systematic"},{"startTime":1338.217,"endTime":1348.838,"body":"strategies"},{"startTime":1348.838,"endTime":1359.459,"body":"that,"},{"startTime":1359.459,"endTime":1370.08,"body":"over"},{"startTime":1370.08,"endTime":1380.701,"body":"time,"},{"startTime":1380.701,"endTime":1391.322,"body":"have"},{"startTime":1391.322,"endTime":1401.943,"body":"seen"},{"startTime":1401.943,"endTime":1412.564,"body":"a"},{"startTime":1412.564,"endTime":1423.185,"body":"deterioration"},{"startTime":1423.185,"endTime":1433.806,"body":"in"},{"startTime":1433.806,"endTime":1444.427,"body":"performance"},{"startTime":1444.427,"endTime":1455.048,"body":"and"},{"startTime":1455.048,"endTime":1465.669,"body":"effectively"},{"startTime":1465.669,"endTime":1476.29,"body":"stopped"},{"startTime":1476.29,"endTime":1486.911,"body":"working."},{"startTime":1486.911,"endTime":1497.532,"body":"So,"},{"startTime":1497.532,"endTime":1508.153,"body":"the"},{"startTime":1508.153,"endTime":1518.774,"body":"question"},{"startTime":1518.774,"endTime":1529.395,"body":"might"},{"startTime":1529.395,"endTime":1540.016,"body":"be"},{"startTime":1540.016,"endTime":1550.637,"body":"is"},{"startTime":1550.637,"endTime":1561.258,"body":"that"},{"startTime":1561.258,"endTime":1571.879,"body":"potentially"},{"startTime":1571.879,"endTime":1582.5,"body":"happening"},{"startTime":1582.5,"endTime":1593.121,"body":"to"},{"startTime":1593.121,"endTime":1603.742,"body":"trend"},{"startTime":1603.742,"endTime":1614.363,"body":"following"},{"startTime":1614.363,"endTime":1624.984,"body":"at"},{"startTime":1624.984,"endTime":1635.605,"body":"the"},{"startTime":1635.605,"endTime":1646.226,"body":"moment?"},{"startTime":1168.281,"endTime":1190.005,"body":"\rSo,they"},{"startTime":1190.005,"endTime":1200.867,"body":"address"},{"startTime":1200.867,"endTime":1211.729,"body":"that,"},{"startTime":1211.729,"endTime":1222.591,"body":"and"},{"startTime":1222.591,"endTime":1233.453,"body":"they"},{"startTime":1233.453,"endTime":1244.315,"body":"also"},{"startTime":1244.315,"endTime":1255.177,"body":"look"},{"startTime":1255.177,"endTime":1266.039,"body":"at"},{"startTime":1266.039,"endTime":1276.901,"body":"the"},{"startTime":1276.901,"endTime":1287.763,"body":"explanation"},{"startTime":1287.763,"endTime":1298.625,"body":"for"},{"startTime":1298.625,"endTime":1309.487,"body":"the"},{"startTime":1309.487,"endTime":1320.349,"body":"poor"},{"startTime":1320.349,"endTime":1331.211,"body":"performance"},{"startTime":1331.211,"endTime":1342.073,"body":"this"},{"startTime":1342.073,"endTime":1352.935,"body":"time,"},{"startTime":1352.935,"endTime":1363.797,"body":"etc."},{"startTime":1363.797,"endTime":1374.659,"body":"I"},{"startTime":1374.659,"endTime":1385.521,"body":"mean,"},{"startTime":1385.521,"endTime":1396.383,"body":"in"},{"startTime":1396.383,"endTime":1407.245,"body":"terms"},{"startTime":1407.245,"endTime":1418.107,"body":"of"},{"startTime":1418.107,"endTime":1428.969,"body":"strategies,"},{"startTime":1428.969,"endTime":1439.831,"body":"quant"},{"startTime":1439.831,"endTime":1450.693,"body":"strategies"},{"startTime":1450.693,"endTime":1461.555,"body":"that"},{"startTime":1461.555,"endTime":1472.417,"body":"have"},{"startTime":1472.417,"endTime":1483.279,"body":"worked"},{"startTime":1483.279,"endTime":1494.141,"body":"in"},{"startTime":1494.141,"endTime":1505.003,"body":"the"},{"startTime":1505.003,"endTime":1515.865,"body":"past"},{"startTime":1515.865,"endTime":1526.727,"body":"but"},{"startTime":1526.727,"endTime":1537.589,"body":"then"},{"startTime":1537.589,"endTime":1548.451,"body":"stopped"},{"startTime":1548.451,"endTime":1559.313,"body":"working,"},{"startTime":1559.313,"endTime":1570.175,"body":"they"},{"startTime":1570.175,"endTime":1581.037,"body":"point"},{"startTime":1581.037,"endTime":1591.899,"body":"to"},{"startTime":1591.899,"endTime":1602.761,"body":"pairs"},{"startTime":1602.761,"endTime":1613.623,"body":"trading"},{"startTime":1613.623,"endTime":1624.485,"body":"as"},{"startTime":1624.485,"endTime":1635.347,"body":"an"},{"startTime":1635.347,"endTime":1646.209,"body":"idea."},{"startTime":1168.281,"endTime":1178.559,"body":"\rYoulook"},{"startTime":1178.559,"endTime":1183.698,"body":"at"},{"startTime":1183.698,"endTime":1188.837,"body":"two"},{"startTime":1188.837,"endTime":1193.976,"body":"stocks,"},{"startTime":1193.976,"endTime":1199.115,"body":"similar"},{"startTime":1199.115,"endTime":1204.254,"body":"characteristics"},{"startTime":1204.254,"endTime":1209.393,"body":"and"},{"startTime":1209.393,"endTime":1214.532,"body":"you"},{"startTime":1214.532,"endTime":1219.671,"body":"adjust"},{"startTime":1219.671,"endTime":1224.81,"body":"for"},{"startTime":1224.81,"endTime":1229.949,"body":"factors."},{"startTime":1229.949,"endTime":1235.088,"body":"That"},{"startTime":1235.088,"endTime":1240.227,"body":"was"},{"startTime":1240.227,"endTime":1245.366,"body":"something"},{"startTime":1245.366,"endTime":1250.505,"body":"that"},{"startTime":1250.505,"endTime":1255.644,"body":"was"},{"startTime":1255.644,"endTime":1260.783,"body":"a"},{"startTime":1260.783,"endTime":1265.922,"body":"successful"},{"startTime":1265.922,"endTime":1271.061,"body":"trading"},{"startTime":1271.061,"endTime":1276.2,"body":"strategy"},{"startTime":1276.2,"endTime":1281.339,"body":"back"},{"startTime":1281.339,"endTime":1286.478,"body":"in"},{"startTime":1286.478,"endTime":1291.617,"body":"the"},{"startTime":1291.617,"endTime":1296.756,"body":"‘60s,"},{"startTime":1296.756,"endTime":1301.895,"body":"‘70s,"},{"startTime":1301.895,"endTime":1307.034,"body":"‘80s,"},{"startTime":1307.034,"endTime":1312.173,"body":"stopped"},{"startTime":1312.173,"endTime":1317.312,"body":"in"},{"startTime":1317.312,"endTime":1322.451,"body":"the"},{"startTime":1322.451,"endTime":1327.59,"body":"2000s,"},{"startTime":1327.59,"endTime":1332.729,"body":"basically."},{"startTime":1332.729,"endTime":1337.868,"body":"Fast"},{"startTime":1337.868,"endTime":1343.007,"body":"trend"},{"startTime":1343.007,"endTime":1348.146,"body":"following"},{"startTime":1348.146,"endTime":1353.285,"body":"is"},{"startTime":1353.285,"endTime":1358.424,"body":"the"},{"startTime":1358.424,"endTime":1363.563,"body":"second"},{"startTime":1363.563,"endTime":1368.702,"body":"one"},{"startTime":1368.702,"endTime":1373.841,"body":"that"},{"startTime":1373.841,"endTime":1378.98,"body":"they"},{"startTime":1378.98,"endTime":1384.119,"body":"point"},{"startTime":1384.119,"endTime":1389.258,"body":"to"},{"startTime":1389.258,"endTime":1394.397,"body":"as"},{"startTime":1394.397,"endTime":1399.536,"body":"something"},{"startTime":1399.536,"endTime":1404.675,"body":"that"},{"startTime":1404.675,"endTime":1409.814,"body":"used"},{"startTime":1409.814,"endTime":1414.953,"body":"to"},{"startTime":1414.953,"endTime":1420.092,"body":"work"},{"startTime":1420.092,"endTime":1425.231,"body":"quite"},{"startTime":1425.231,"endTime":1430.37,"body":"well"},{"startTime":1430.37,"endTime":1435.509,"body":"back"},{"startTime":1435.509,"endTime":1440.648,"body":"in"},{"startTime":1440.648,"endTime":1445.787,"body":"the"},{"startTime":1445.787,"endTime":1450.926,"body":"‘70s,"},{"startTime":1450.926,"endTime":1456.065,"body":"‘80s,"},{"startTime":1456.065,"endTime":1461.204,"body":"but"},{"startTime":1461.204,"endTime":1466.343,"body":"then"},{"startTime":1466.343,"endTime":1471.482,"body":"over"},{"startTime":1471.482,"endTime":1476.621,"body":"time"},{"startTime":1476.621,"endTime":1481.76,"body":"stopped"},{"startTime":1481.76,"endTime":1486.899,"body":"working."},{"startTime":1486.899,"endTime":1492.038,"body":"But"},{"startTime":1492.038,"endTime":1497.177,"body":"equally"},{"startTime":1497.177,"endTime":1502.316,"body":"other"},{"startTime":1502.316,"endTime":1507.455,"body":"kind"},{"startTime":1507.455,"endTime":1512.594,"body":"of"},{"startTime":1512.594,"endTime":1517.733,"body":"traditional"},{"startTime":1517.733,"endTime":1522.872,"body":"quant"},{"startTime":1522.872,"endTime":1528.011,"body":"strategies"},{"startTime":1528.011,"endTime":1533.15,"body":"have"},{"startTime":1533.15,"endTime":1538.289,"body":"gone"},{"startTime":1538.289,"endTime":1543.428,"body":"through"},{"startTime":1543.428,"endTime":1548.567,"body":"periods"},{"startTime":1548.567,"endTime":1553.706,"body":"of"},{"startTime":1553.706,"endTime":1558.845,"body":"tough"},{"startTime":1558.845,"endTime":1563.984,"body":"drawdown"},{"startTime":1563.984,"endTime":1569.123,"body":"and"},{"startTime":1569.123,"endTime":1574.262,"body":"they"},{"startTime":1574.262,"endTime":1579.401,"body":"point"},{"startTime":1579.401,"endTime":1584.54,"body":"to"},{"startTime":1584.54,"endTime":1589.679,"body":"equity"},{"startTime":1589.679,"endTime":1594.818,"body":"long/short"},{"startTime":1594.818,"endTime":1599.957,"body":"strategies"},{"startTime":1599.957,"endTime":1605.096,"body":"based"},{"startTime":1605.096,"endTime":1610.235,"body":"on"},{"startTime":1610.235,"endTime":1615.374,"body":"standard"},{"startTime":1615.374,"endTime":1620.513,"body":"equity"},{"startTime":1620.513,"endTime":1625.652,"body":"factors"},{"startTime":1625.652,"endTime":1630.791,"body":"and"},{"startTime":1630.791,"endTime":1635.93,"body":"also"},{"startTime":1635.93,"endTime":1641.069,"body":"trend"},{"startTime":1641.069,"endTime":1646.208,"body":"following."},{"startTime":1168.281,"endTime":1178.449,"body":"\rSoboth"},{"startTime":1178.449,"endTime":1183.533,"body":"of"},{"startTime":1183.533,"endTime":1188.617,"body":"these"},{"startTime":1188.617,"endTime":1193.701,"body":"they"},{"startTime":1193.701,"endTime":1198.785,"body":"would"},{"startTime":1198.785,"endTime":1203.869,"body":"put"},{"startTime":1203.869,"endTime":1208.953,"body":"in"},{"startTime":1208.953,"endTime":1214.037,"body":"the"},{"startTime":1214.037,"endTime":1219.121,"body":"camp"},{"startTime":1219.121,"endTime":1224.205,"body":"of"},{"startTime":1224.205,"endTime":1229.289,"body":"yes,"},{"startTime":1229.289,"endTime":1234.373,"body":"have"},{"startTime":1234.373,"endTime":1239.457,"body":"had"},{"startTime":1239.457,"endTime":1244.541,"body":"tough"},{"startTime":1244.541,"endTime":1249.625,"body":"periods"},{"startTime":1249.625,"endTime":1254.709,"body":"and"},{"startTime":1254.709,"endTime":1259.793,"body":"kind"},{"startTime":1259.793,"endTime":1264.877,"body":"of"},{"startTime":1264.877,"endTime":1269.961,"body":"prolonged"},{"startTime":1269.961,"endTime":1275.045,"body":"drawdowns"},{"startTime":1275.045,"endTime":1280.129,"body":"at"},{"startTime":1280.129,"endTime":1285.213,"body":"times"},{"startTime":1285.213,"endTime":1290.297,"body":"in"},{"startTime":1290.297,"endTime":1295.381,"body":"the"},{"startTime":1295.381,"endTime":1300.465,"body":"last"},{"startTime":1300.465,"endTime":1305.549,"body":"number"},{"startTime":1305.549,"endTime":1310.633,"body":"of"},{"startTime":1310.633,"endTime":1315.717,"body":"years,"},{"startTime":1315.717,"endTime":1320.801,"body":"but,"},{"startTime":1320.801,"endTime":1325.885,"body":"overall,"},{"startTime":1325.885,"endTime":1330.969,"body":"still"},{"startTime":1330.969,"endTime":1336.053,"body":"look"},{"startTime":1336.053,"endTime":1341.137,"body":"fine"},{"startTime":1341.137,"endTime":1346.221,"body":"in"},{"startTime":1346.221,"endTime":1351.305,"body":"the"},{"startTime":1351.305,"endTime":1356.389,"body":"bigger"},{"startTime":1356.389,"endTime":1361.473,"body":"picture."},{"startTime":1361.473,"endTime":1366.557,"body":"And"},{"startTime":1366.557,"endTime":1371.641,"body":"I"},{"startTime":1371.641,"endTime":1376.725,"body":"mean"},{"startTime":1376.725,"endTime":1381.809,"body":"in"},{"startTime":1381.809,"endTime":1386.893,"body":"terms"},{"startTime":1386.893,"endTime":1391.977,"body":"of"},{"startTime":1391.977,"endTime":1397.061,"body":"the"},{"startTime":1397.061,"endTime":1402.145,"body":"trend"},{"startTime":1402.145,"endTime":1407.229,"body":"following,"},{"startTime":1407.229,"endTime":1412.313,"body":"the"},{"startTime":1412.313,"endTime":1417.397,"body":"look"},{"startTime":1417.397,"endTime":1422.481,"body":"at"},{"startTime":1422.481,"endTime":1427.565,"body":"the"},{"startTime":1427.565,"endTime":1432.649,"body":"drawdown"},{"startTime":1432.649,"endTime":1437.733,"body":"for"},{"startTime":1437.733,"endTime":1442.817,"body":"the"},{"startTime":1442.817,"endTime":1447.901,"body":"SocGen"},{"startTime":1447.901,"endTime":1452.985,"body":"Trend"},{"startTime":1452.985,"endTime":1458.069,"body":"index"},{"startTime":1458.069,"endTime":1463.153,"body":"down"},{"startTime":1463.153,"endTime":1468.237,"body":"18%"},{"startTime":1468.237,"endTime":1473.321,"body":"over"},{"startTime":1473.321,"endTime":1478.405,"body":"one"},{"startTime":1478.405,"endTime":1483.489,"body":"year."},{"startTime":1483.489,"endTime":1488.573,"body":"Interestingly"},{"startTime":1488.573,"endTime":1493.657,"body":"only"},{"startTime":1493.657,"endTime":1498.741,"body":"twice"},{"startTime":1498.741,"endTime":1503.825,"body":"has"},{"startTime":1503.825,"endTime":1508.909,"body":"the"},{"startTime":1508.909,"endTime":1513.993,"body":"SocGen"},{"startTime":1513.993,"endTime":1519.077,"body":"Trend"},{"startTime":1519.077,"endTime":1524.161,"body":"index"},{"startTime":1524.161,"endTime":1529.245,"body":"been"},{"startTime":1529.245,"endTime":1534.329,"body":"down"},{"startTime":1534.329,"endTime":1539.413,"body":"more"},{"startTime":1539.413,"endTime":1544.497,"body":"than"},{"startTime":1544.497,"endTime":1549.581,"body":"15%"},{"startTime":1549.581,"endTime":1554.665,"body":"over"},{"startTime":1554.665,"endTime":1559.749,"body":"12"},{"startTime":1559.749,"endTime":1564.833,"body":"months."},{"startTime":1564.833,"endTime":1569.917,"body":"The"},{"startTime":1569.917,"endTime":1575.001,"body":"last"},{"startTime":1575.001,"endTime":1580.085,"body":"one"},{"startTime":1580.085,"endTime":1585.169,"body":"was"},{"startTime":1585.169,"endTime":1590.253,"body":"down"},{"startTime":1590.253,"endTime":1595.337,"body":"16%"},{"startTime":1595.337,"endTime":1600.421,"body":"in"},{"startTime":1600.421,"endTime":1605.505,"body":"January"},{"startTime":1605.505,"endTime":1610.589,"body":"2019"},{"startTime":1610.589,"endTime":1615.673,"body":"and"},{"startTime":1615.673,"endTime":1620.757,"body":"after"},{"startTime":1620.757,"endTime":1625.841,"body":"that"},{"startTime":1625.841,"endTime":1630.925,"body":"had"},{"startTime":1630.925,"endTime":1636.009,"body":"a"},{"startTime":1636.009,"endTime":1641.093,"body":"big"},{"startTime":1641.093,"endTime":1646.177,"body":"rebound."},{"startTime":1168.281,"endTime":1646.241,"body":"\r"},{"startTime":1168.281,"endTime":1191.786,"body":"Imean,they"},{"startTime":1191.786,"endTime":1199.621,"body":"do"},{"startTime":1199.621,"endTime":1207.456,"body":"point"},{"startTime":1207.456,"endTime":1215.291,"body":"to"},{"startTime":1215.291,"endTime":1223.126,"body":"the"},{"startTime":1223.126,"endTime":1230.961,"body":"fact"},{"startTime":1230.961,"endTime":1238.796,"body":"that,"},{"startTime":1238.796,"endTime":1246.631,"body":"for"},{"startTime":1246.631,"endTime":1254.466,"body":"all"},{"startTime":1254.466,"endTime":1262.301,"body":"the"},{"startTime":1262.301,"endTime":1270.136,"body":"concerns"},{"startTime":1270.136,"endTime":1277.971,"body":"about"},{"startTime":1277.971,"endTime":1285.806,"body":"trend"},{"startTime":1285.806,"endTime":1293.641,"body":"following"},{"startTime":1293.641,"endTime":1301.476,"body":"performance,"},{"startTime":1301.476,"endTime":1309.311,"body":"those"},{"startTime":1309.311,"endTime":1317.146,"body":"losses"},{"startTime":1317.146,"endTime":1324.981,"body":"are"},{"startTime":1324.981,"endTime":1332.816,"body":"not"},{"startTime":1332.816,"endTime":1340.651,"body":"very"},{"startTime":1340.651,"endTime":1348.486,"body":"large."},{"startTime":1348.486,"endTime":1356.321,"body":"I"},{"startTime":1356.321,"endTime":1364.156,"body":"mean,"},{"startTime":1364.156,"endTime":1371.991,"body":"if"},{"startTime":1371.991,"endTime":1379.826,"body":"you"},{"startTime":1379.826,"endTime":1387.661,"body":"were"},{"startTime":1387.661,"endTime":1395.496,"body":"to"},{"startTime":1395.496,"endTime":1403.331,"body":"compare"},{"startTime":1403.331,"endTime":1411.166,"body":"it"},{"startTime":1411.166,"endTime":1419.001,"body":"to"},{"startTime":1419.001,"endTime":1426.836,"body":"the"},{"startTime":1426.836,"endTime":1434.671,"body":"kind"},{"startTime":1434.671,"endTime":1442.506,"body":"of"},{"startTime":1442.506,"endTime":1450.341,"body":"volatility"},{"startTime":1450.341,"endTime":1458.176,"body":"the"},{"startTime":1458.176,"endTime":1466.011,"body":"drawdowns"},{"startTime":1466.011,"endTime":1473.846,"body":"you"},{"startTime":1473.846,"endTime":1481.681,"body":"see"},{"startTime":1481.681,"endTime":1489.516,"body":"in"},{"startTime":1489.516,"endTime":1497.351,"body":"equities,"},{"startTime":1497.351,"endTime":1505.186,"body":"the"},{"startTime":1505.186,"endTime":1513.021,"body":"risk"},{"startTime":1513.021,"endTime":1520.856,"body":"reward"},{"startTime":1520.856,"endTime":1528.691,"body":"profile"},{"startTime":1528.691,"endTime":1536.526,"body":"is"},{"startTime":1536.526,"endTime":1544.361,"body":"better"},{"startTime":1544.361,"endTime":1552.196,"body":"or"},{"startTime":1552.196,"endTime":1560.031,"body":"at"},{"startTime":1560.031,"endTime":1567.866,"body":"least"},{"startTime":1567.866,"endTime":1575.701,"body":"the"},{"startTime":1575.701,"endTime":1583.536,"body":"downside"},{"startTime":1583.536,"endTime":1591.371,"body":"is"},{"startTime":1591.371,"endTime":1599.206,"body":"better"},{"startTime":1599.206,"endTime":1607.041,"body":"managed"},{"startTime":1607.041,"endTime":1614.876,"body":"in"},{"startTime":1614.876,"endTime":1622.711,"body":"risk"},{"startTime":1622.711,"endTime":1630.546,"body":"in"},{"startTime":1630.546,"endTime":1638.381,"body":"trend"},{"startTime":1638.381,"endTime":1646.216,"body":"following."},{"startTime":1168.281,"endTime":1183.453,"body":"\rYeah,and"},{"startTime":1183.453,"endTime":1191.039,"body":"as"},{"startTime":1191.039,"endTime":1198.625,"body":"I"},{"startTime":1198.625,"endTime":1206.211,"body":"said,"},{"startTime":1206.211,"endTime":1213.797,"body":"they"},{"startTime":1213.797,"endTime":1221.383,"body":"do"},{"startTime":1221.383,"endTime":1228.969,"body":"show"},{"startTime":1228.969,"endTime":1236.555,"body":"what"},{"startTime":1236.555,"endTime":1244.141,"body":"happens"},{"startTime":1244.141,"endTime":1251.727,"body":"after"},{"startTime":1251.727,"endTime":1259.313,"body":"a"},{"startTime":1259.313,"endTime":1266.899,"body":"drawdown."},{"startTime":1266.899,"endTime":1274.485,"body":"There"},{"startTime":1274.485,"endTime":1282.071,"body":"was"},{"startTime":1282.071,"endTime":1289.657,"body":"obviously"},{"startTime":1289.657,"endTime":1297.243,"body":"the"},{"startTime":1297.243,"endTime":1304.829,"body":"very"},{"startTime":1304.829,"endTime":1312.415,"body":"strong"},{"startTime":1312.415,"endTime":1320.001,"body":"run"},{"startTime":1320.001,"endTime":1327.587,"body":"up"},{"startTime":1327.587,"endTime":1335.173,"body":"after"},{"startTime":1335.173,"endTime":1342.759,"body":"the"},{"startTime":1342.759,"endTime":1350.345,"body":"last"},{"startTime":1350.345,"endTime":1357.931,"body":"drawdown"},{"startTime":1357.931,"endTime":1365.517,"body":"that"},{"startTime":1365.517,"endTime":1373.103,"body":"ended"},{"startTime":1373.103,"endTime":1380.689,"body":"in"},{"startTime":1380.689,"endTime":1388.275,"body":"January"},{"startTime":1388.275,"endTime":1395.861,"body":"2019."},{"startTime":1395.861,"endTime":1403.447,"body":"So,"},{"startTime":1403.447,"endTime":1411.033,"body":"from"},{"startTime":1411.033,"endTime":1418.619,"body":"January"},{"startTime":1418.619,"endTime":1426.205,"body":"2019"},{"startTime":1426.205,"endTime":1433.791,"body":"to"},{"startTime":1433.791,"endTime":1441.377,"body":"May"},{"startTime":1441.377,"endTime":1448.963,"body":"2024"},{"startTime":1448.963,"endTime":1456.549,"body":"that"},{"startTime":1456.549,"endTime":1464.135,"body":"was"},{"startTime":1464.135,"endTime":1471.721,"body":"a"},{"startTime":1471.721,"endTime":1479.307,"body":"particularly"},{"startTime":1479.307,"endTime":1486.893,"body":"strong"},{"startTime":1486.893,"endTime":1494.479,"body":"rebound,"},{"startTime":1494.479,"endTime":1502.065,"body":"but"},{"startTime":1502.065,"endTime":1509.651,"body":"normally"},{"startTime":1509.651,"endTime":1517.237,"body":"up"},{"startTime":1517.237,"endTime":1524.823,"body":"kind"},{"startTime":1524.823,"endTime":1532.409,"body":"of"},{"startTime":1532.409,"endTime":1539.995,"body":"around"},{"startTime":1539.995,"endTime":1547.581,"body":"10%"},{"startTime":1547.581,"endTime":1555.167,"body":"after"},{"startTime":1555.167,"endTime":1562.753,"body":"being"},{"startTime":1562.753,"endTime":1570.339,"body":"down"},{"startTime":1570.339,"endTime":1577.925,"body":"in"},{"startTime":1577.925,"endTime":1585.511,"body":"a"},{"startTime":1585.511,"endTime":1593.097,"body":"10%"},{"startTime":1593.097,"endTime":1600.683,"body":"drawdown"},{"startTime":1600.683,"endTime":1608.269,"body":"for"},{"startTime":1608.269,"endTime":1615.855,"body":"the"},{"startTime":1615.855,"endTime":1623.441,"body":"stock"},{"startTime":1623.441,"endTime":1631.027,"body":"SocGen"},{"startTime":1631.027,"endTime":1638.613,"body":"Trend"},{"startTime":1638.613,"endTime":1646.199,"body":"index."},{"startTime":1168.281,"endTime":1188.195,"body":"\rAndthen"},{"startTime":1188.195,"endTime":1198.152,"body":"they"},{"startTime":1198.152,"endTime":1208.109,"body":"also"},{"startTime":1208.109,"endTime":1218.066,"body":"take"},{"startTime":1218.066,"endTime":1228.023,"body":"the"},{"startTime":1228.023,"endTime":1237.98,"body":"perspective"},{"startTime":1237.98,"endTime":1247.937,"body":"of"},{"startTime":1247.937,"endTime":1257.894,"body":"what's"},{"startTime":1257.894,"endTime":1267.851,"body":"the"},{"startTime":1267.851,"endTime":1277.808,"body":"probability."},{"startTime":1277.808,"endTime":1287.765,"body":"Say,"},{"startTime":1287.765,"endTime":1297.722,"body":"you"},{"startTime":1297.722,"endTime":1307.679,"body":"take"},{"startTime":1307.679,"endTime":1317.636,"body":"a"},{"startTime":1317.636,"endTime":1327.593,"body":"strategy"},{"startTime":1327.593,"endTime":1337.55,"body":"with"},{"startTime":1337.55,"endTime":1347.507,"body":"0.5"},{"startTime":1347.507,"endTime":1357.464,"body":"Sharpe,"},{"startTime":1357.464,"endTime":1367.421,"body":"10"},{"startTime":1367.421,"endTime":1377.378,"body":"vol,"},{"startTime":1377.378,"endTime":1387.335,"body":"0"},{"startTime":1387.335,"endTime":1397.292,"body":"correlation"},{"startTime":1397.292,"endTime":1407.249,"body":"to"},{"startTime":1407.249,"endTime":1417.206,"body":"equities"},{"startTime":1417.206,"endTime":1427.163,"body":"over"},{"startTime":1427.163,"endTime":1437.12,"body":"a"},{"startTime":1437.12,"endTime":1447.077,"body":"25"},{"startTime":1447.077,"endTime":1457.034,"body":"year"},{"startTime":1457.034,"endTime":1466.991,"body":"period,"},{"startTime":1466.991,"endTime":1476.948,"body":"the"},{"startTime":1476.948,"endTime":1486.905,"body":"probability"},{"startTime":1486.905,"endTime":1496.862,"body":"of"},{"startTime":1496.862,"endTime":1506.819,"body":"a"},{"startTime":1506.819,"endTime":1516.776,"body":"20%"},{"startTime":1516.776,"endTime":1526.733,"body":"drawdown"},{"startTime":1526.733,"endTime":1536.69,"body":"is"},{"startTime":1536.69,"endTime":1546.647,"body":"nearly"},{"startTime":1546.647,"endTime":1556.604,"body":"80%."},{"startTime":1556.604,"endTime":1566.561,"body":"So,"},{"startTime":1566.561,"endTime":1576.518,"body":"that's"},{"startTime":1576.518,"endTime":1586.475,"body":"kind"},{"startTime":1586.475,"endTime":1596.432,"body":"of"},{"startTime":1596.432,"endTime":1606.389,"body":"consistent"},{"startTime":1606.389,"endTime":1616.346,"body":"with"},{"startTime":1616.346,"endTime":1626.303,"body":"what"},{"startTime":1626.303,"endTime":1636.26,"body":"we've"},{"startTime":1636.26,"endTime":1646.217,"body":"seen."},{"startTime":1168.281,"endTime":1192.791,"body":"\rSo,I"},{"startTime":1192.791,"endTime":1205.046,"body":"guess"},{"startTime":1205.046,"endTime":1217.301,"body":"just"},{"startTime":1217.301,"endTime":1229.556,"body":"making"},{"startTime":1229.556,"endTime":1241.811,"body":"the"},{"startTime":1241.811,"endTime":1254.066,"body":"point"},{"startTime":1254.066,"endTime":1266.321,"body":"that"},{"startTime":1266.321,"endTime":1278.576,"body":"for"},{"startTime":1278.576,"endTime":1290.831,"body":"this"},{"startTime":1290.831,"endTime":1303.086,"body":"kind"},{"startTime":1303.086,"endTime":1315.341,"body":"of"},{"startTime":1315.341,"endTime":1327.596,"body":"a"},{"startTime":1327.596,"endTime":1339.851,"body":"strategy,"},{"startTime":1339.851,"endTime":1352.106,"body":"at"},{"startTime":1352.106,"endTime":1364.361,"body":"this"},{"startTime":1364.361,"endTime":1376.616,"body":"level"},{"startTime":1376.616,"endTime":1388.871,"body":"of"},{"startTime":1388.871,"endTime":1401.126,"body":"Sharpe"},{"startTime":1401.126,"endTime":1413.381,"body":"ratio,"},{"startTime":1413.381,"endTime":1425.636,"body":"what"},{"startTime":1425.636,"endTime":1437.891,"body":"we're"},{"startTime":1437.891,"endTime":1450.146,"body":"seeing"},{"startTime":1450.146,"endTime":1462.401,"body":"is"},{"startTime":1462.401,"endTime":1474.656,"body":"not"},{"startTime":1474.656,"endTime":1486.911,"body":"outside"},{"startTime":1486.911,"endTime":1499.166,"body":"of"},{"startTime":1499.166,"endTime":1511.421,"body":"statistical"},{"startTime":1511.421,"endTime":1523.676,"body":"expectations."},{"startTime":1523.676,"endTime":1535.931,"body":"It's"},{"startTime":1535.931,"endTime":1548.186,"body":"very"},{"startTime":1548.186,"endTime":1560.441,"body":"much"},{"startTime":1560.441,"endTime":1572.696,"body":"part"},{"startTime":1572.696,"endTime":1584.951,"body":"of"},{"startTime":1584.951,"endTime":1597.206,"body":"the"},{"startTime":1597.206,"endTime":1609.461,"body":"normal"},{"startTime":1609.461,"endTime":1621.716,"body":"distribution"},{"startTime":1621.716,"endTime":1633.971,"body":"of"},{"startTime":1633.971,"endTime":1646.226,"body":"returns."},{"startTime":1168.281,"endTime":1184.761,"body":"\rTheydo"},{"startTime":1184.761,"endTime":1193.001,"body":"look"},{"startTime":1193.001,"endTime":1201.241,"body":"at"},{"startTime":1201.241,"endTime":1209.481,"body":"some"},{"startTime":1209.481,"endTime":1217.721,"body":"of"},{"startTime":1217.721,"endTime":1225.961,"body":"the"},{"startTime":1225.961,"endTime":1234.201,"body":"other"},{"startTime":1234.201,"endTime":1242.441,"body":"kind"},{"startTime":1242.441,"endTime":1250.681,"body":"of"},{"startTime":1250.681,"endTime":1258.921,"body":"common"},{"startTime":1258.921,"endTime":1267.161,"body":"concerns"},{"startTime":1267.161,"endTime":1275.401,"body":"about"},{"startTime":1275.401,"endTime":1283.641,"body":"trend"},{"startTime":1283.641,"endTime":1291.881,"body":"following."},{"startTime":1291.881,"endTime":1300.121,"body":"Crowdedness"},{"startTime":1300.121,"endTime":1308.361,"body":"is"},{"startTime":1308.361,"endTime":1316.601,"body":"one."},{"startTime":1316.601,"endTime":1324.841,"body":"You"},{"startTime":1324.841,"endTime":1333.081,"body":"always"},{"startTime":1333.081,"endTime":1341.321,"body":"get"},{"startTime":1341.321,"endTime":1349.561,"body":"this"},{"startTime":1349.561,"endTime":1357.801,"body":"comment,"},{"startTime":1357.801,"endTime":1366.041,"body":"is"},{"startTime":1366.041,"endTime":1374.281,"body":"there"},{"startTime":1374.281,"endTime":1382.521,"body":"too"},{"startTime":1382.521,"endTime":1390.761,"body":"much"},{"startTime":1390.761,"endTime":1399.001,"body":"money"},{"startTime":1399.001,"endTime":1407.241,"body":"in"},{"startTime":1407.241,"endTime":1415.481,"body":"trend"},{"startTime":1415.481,"endTime":1423.721,"body":"following"},{"startTime":1423.721,"endTime":1431.961,"body":"now?"},{"startTime":1431.961,"endTime":1440.201,"body":"I"},{"startTime":1440.201,"endTime":1448.441,"body":"mean,"},{"startTime":1448.441,"endTime":1456.681,"body":"they"},{"startTime":1456.681,"endTime":1464.921,"body":"looked"},{"startTime":1464.921,"endTime":1473.161,"body":"at"},{"startTime":1473.161,"endTime":1481.401,"body":"that"},{"startTime":1481.401,"endTime":1489.641,"body":"as"},{"startTime":1489.641,"endTime":1497.881,"body":"a"},{"startTime":1497.881,"endTime":1506.121,"body":"percentage"},{"startTime":1506.121,"endTime":1514.361,"body":"of"},{"startTime":1514.361,"endTime":1522.601,"body":"futures"},{"startTime":1522.601,"endTime":1530.841,"body":"volume."},{"startTime":1530.841,"endTime":1539.081,"body":"It's"},{"startTime":1539.081,"endTime":1547.321,"body":"been"},{"startTime":1547.321,"endTime":1555.561,"body":"going"},{"startTime":1555.561,"endTime":1563.801,"body":"down,"},{"startTime":1563.801,"endTime":1572.041,"body":"like"},{"startTime":1572.041,"endTime":1580.281,"body":"CTA"},{"startTime":1580.281,"endTime":1588.521,"body":"volume,"},{"startTime":1588.521,"endTime":1596.761,"body":"as"},{"startTime":1596.761,"endTime":1605.001,"body":"a"},{"startTime":1605.001,"endTime":1613.241,"body":"percentage"},{"startTime":1613.241,"endTime":1621.481,"body":"of"},{"startTime":1621.481,"endTime":1629.721,"body":"the"},{"startTime":1629.721,"endTime":1637.961,"body":"overall"},{"startTime":1637.961,"endTime":1646.201,"body":"volume."},{"startTime":1168.281,"endTime":1646.241,"body":"\r"},{"startTime":1168.281,"endTime":1206.012,"body":"Imean,the"},{"startTime":1206.012,"endTime":1218.589,"body":"tricky"},{"startTime":1218.589,"endTime":1231.166,"body":"part"},{"startTime":1231.166,"endTime":1243.743,"body":"here"},{"startTime":1243.743,"endTime":1256.32,"body":"is"},{"startTime":1256.32,"endTime":1268.897,"body":"people"},{"startTime":1268.897,"endTime":1281.474,"body":"will"},{"startTime":1281.474,"endTime":1294.051,"body":"say"},{"startTime":1294.051,"endTime":1306.628,"body":"there's"},{"startTime":1306.628,"endTime":1319.205,"body":"more"},{"startTime":1319.205,"endTime":1331.782,"body":"money"},{"startTime":1331.782,"endTime":1344.359,"body":"in"},{"startTime":1344.359,"endTime":1356.936,"body":"trend"},{"startTime":1356.936,"endTime":1369.513,"body":"following"},{"startTime":1369.513,"endTime":1382.09,"body":"now,"},{"startTime":1382.09,"endTime":1394.667,"body":"in"},{"startTime":1394.667,"endTime":1407.244,"body":"QIS"},{"startTime":1407.244,"endTime":1419.821,"body":"and"},{"startTime":1419.821,"endTime":1432.398,"body":"in-house"},{"startTime":1432.398,"endTime":1444.975,"body":"trend"},{"startTime":1444.975,"endTime":1457.552,"body":"following,"},{"startTime":1457.552,"endTime":1470.129,"body":"not"},{"startTime":1470.129,"endTime":1482.706,"body":"necessarily"},{"startTime":1482.706,"endTime":1495.283,"body":"captured"},{"startTime":1495.283,"endTime":1507.86,"body":"in"},{"startTime":1507.86,"endTime":1520.437,"body":"the"},{"startTime":1520.437,"endTime":1533.014,"body":"CTA"},{"startTime":1533.014,"endTime":1545.591,"body":"industry."},{"startTime":1545.591,"endTime":1558.168,"body":"So,"},{"startTime":1558.168,"endTime":1570.745,"body":"you"},{"startTime":1570.745,"endTime":1583.322,"body":"could"},{"startTime":1583.322,"endTime":1595.899,"body":"debate"},{"startTime":1595.899,"endTime":1608.476,"body":"that"},{"startTime":1608.476,"endTime":1621.053,"body":"a"},{"startTime":1621.053,"endTime":1633.63,"body":"little"},{"startTime":1633.63,"endTime":1646.207,"body":"bit."},{"startTime":1168.281,"endTime":1182.337,"body":"\rTheyalso"},{"startTime":1182.337,"endTime":1189.365,"body":"look"},{"startTime":1189.365,"endTime":1196.393,"body":"at"},{"startTime":1196.393,"endTime":1203.421,"body":"if"},{"startTime":1203.421,"endTime":1210.449,"body":"you"},{"startTime":1210.449,"endTime":1217.477,"body":"were"},{"startTime":1217.477,"endTime":1224.505,"body":"to"},{"startTime":1224.505,"endTime":1231.533,"body":"maybe"},{"startTime":1231.533,"endTime":1238.561,"body":"actively"},{"startTime":1238.561,"endTime":1245.589,"body":"manage"},{"startTime":1245.589,"endTime":1252.617,"body":"your"},{"startTime":1252.617,"endTime":1259.645,"body":"exposure"},{"startTime":1259.645,"endTime":1266.673,"body":"to"},{"startTime":1266.673,"endTime":1273.701,"body":"trend"},{"startTime":1273.701,"endTime":1280.729,"body":"following"},{"startTime":1280.729,"endTime":1287.757,"body":"or"},{"startTime":1287.757,"endTime":1294.785,"body":"the"},{"startTime":1294.785,"endTime":1301.813,"body":"kind"},{"startTime":1301.813,"endTime":1308.841,"body":"of"},{"startTime":1308.841,"endTime":1315.869,"body":"quant"},{"startTime":1315.869,"endTime":1322.897,"body":"strategies"},{"startTime":1322.897,"endTime":1329.925,"body":"in"},{"startTime":1329.925,"endTime":1336.953,"body":"general,"},{"startTime":1336.953,"endTime":1343.981,"body":"you"},{"startTime":1343.981,"endTime":1351.009,"body":"know,"},{"startTime":1351.009,"endTime":1358.037,"body":"if"},{"startTime":1358.037,"endTime":1365.065,"body":"you"},{"startTime":1365.065,"endTime":1372.093,"body":"were"},{"startTime":1372.093,"endTime":1379.121,"body":"to"},{"startTime":1379.121,"endTime":1386.149,"body":"cut"},{"startTime":1386.149,"endTime":1393.177,"body":"it"},{"startTime":1393.177,"endTime":1400.205,"body":"in"},{"startTime":1400.205,"endTime":1407.233,"body":"drawdown"},{"startTime":1407.233,"endTime":1414.261,"body":"and"},{"startTime":1414.261,"endTime":1421.289,"body":"then"},{"startTime":1421.289,"endTime":1428.317,"body":"wait"},{"startTime":1428.317,"endTime":1435.345,"body":"for"},{"startTime":1435.345,"endTime":1442.373,"body":"it"},{"startTime":1442.373,"endTime":1449.401,"body":"to"},{"startTime":1449.401,"endTime":1456.429,"body":"come"},{"startTime":1456.429,"endTime":1463.457,"body":"back"},{"startTime":1463.457,"endTime":1470.485,"body":"up,"},{"startTime":1470.485,"endTime":1477.513,"body":"you"},{"startTime":1477.513,"endTime":1484.541,"body":"know,"},{"startTime":1484.541,"endTime":1491.569,"body":"obviously"},{"startTime":1491.569,"endTime":1498.597,"body":"what"},{"startTime":1498.597,"endTime":1505.625,"body":"they"},{"startTime":1505.625,"endTime":1512.653,"body":"find,"},{"startTime":1512.653,"endTime":1519.681,"body":"that"},{"startTime":1519.681,"endTime":1526.709,"body":"doesn't"},{"startTime":1526.709,"endTime":1533.737,"body":"prove"},{"startTime":1533.737,"endTime":1540.765,"body":"to"},{"startTime":1540.765,"endTime":1547.793,"body":"be"},{"startTime":1547.793,"endTime":1554.821,"body":"a"},{"startTime":1554.821,"endTime":1561.849,"body":"good"},{"startTime":1561.849,"endTime":1568.877,"body":"strategy"},{"startTime":1568.877,"endTime":1575.905,"body":"historically."},{"startTime":1575.905,"endTime":1582.933,"body":"You"},{"startTime":1582.933,"endTime":1589.961,"body":"end"},{"startTime":1589.961,"endTime":1596.989,"body":"up"},{"startTime":1596.989,"endTime":1604.017,"body":"losing"},{"startTime":1604.017,"endTime":1611.045,"body":"quite"},{"startTime":1611.045,"endTime":1618.073,"body":"a"},{"startTime":1618.073,"endTime":1625.101,"body":"lot"},{"startTime":1625.101,"endTime":1632.129,"body":"of"},{"startTime":1632.129,"endTime":1639.157,"body":"the"},{"startTime":1639.157,"endTime":1646.185,"body":"return."},{"startTime":1168.281,"endTime":1185.983,"body":"\rAndanother"},{"startTime":1185.983,"endTime":1194.834,"body":"part"},{"startTime":1194.834,"endTime":1203.685,"body":"of"},{"startTime":1203.685,"endTime":1212.536,"body":"this"},{"startTime":1212.536,"endTime":1221.387,"body":"analysis"},{"startTime":1221.387,"endTime":1230.238,"body":"that"},{"startTime":1230.238,"endTime":1239.089,"body":"they"},{"startTime":1239.089,"endTime":1247.94,"body":"did"},{"startTime":1247.94,"endTime":1256.791,"body":"was,"},{"startTime":1256.791,"endTime":1265.642,"body":"you"},{"startTime":1265.642,"endTime":1274.493,"body":"know,"},{"startTime":1274.493,"endTime":1283.344,"body":"if"},{"startTime":1283.344,"endTime":1292.195,"body":"you"},{"startTime":1292.195,"endTime":1301.046,"body":"take"},{"startTime":1301.046,"endTime":1309.897,"body":"a"},{"startTime":1309.897,"endTime":1318.748,"body":"0.6"},{"startTime":1318.748,"endTime":1327.599,"body":"Sharpe"},{"startTime":1327.599,"endTime":1336.45,"body":"strategy"},{"startTime":1336.45,"endTime":1345.301,"body":"at"},{"startTime":1345.301,"endTime":1354.152,"body":"15"},{"startTime":1354.152,"endTime":1363.003,"body":"vol,"},{"startTime":1363.003,"endTime":1371.854,"body":"over"},{"startTime":1371.854,"endTime":1380.705,"body":"30"},{"startTime":1380.705,"endTime":1389.556,"body":"years,"},{"startTime":1389.556,"endTime":1398.407,"body":"you"},{"startTime":1398.407,"endTime":1407.258,"body":"know,"},{"startTime":1407.258,"endTime":1416.109,"body":"over"},{"startTime":1416.109,"endTime":1424.96,"body":"the"},{"startTime":1424.96,"endTime":1433.811,"body":"full"},{"startTime":1433.811,"endTime":1442.662,"body":"30"},{"startTime":1442.662,"endTime":1451.513,"body":"years"},{"startTime":1451.513,"endTime":1460.364,"body":"your"},{"startTime":1460.364,"endTime":1469.215,"body":"money"},{"startTime":1469.215,"endTime":1478.066,"body":"would"},{"startTime":1478.066,"endTime":1486.917,"body":"have"},{"startTime":1486.917,"endTime":1495.768,"body":"grown"},{"startTime":1495.768,"endTime":1504.619,"body":"about"},{"startTime":1504.619,"endTime":1513.47,"body":"eight-fold."},{"startTime":1513.47,"endTime":1522.321,"body":"But"},{"startTime":1522.321,"endTime":1531.172,"body":"within"},{"startTime":1531.172,"endTime":1540.023,"body":"that"},{"startTime":1540.023,"endTime":1548.874,"body":"there"},{"startTime":1548.874,"endTime":1557.725,"body":"was"},{"startTime":1557.725,"endTime":1566.576,"body":"a"},{"startTime":1566.576,"endTime":1575.427,"body":"32%"},{"startTime":1575.427,"endTime":1584.278,"body":"drawdown"},{"startTime":1584.278,"endTime":1593.129,"body":"and"},{"startTime":1593.129,"endTime":1601.98,"body":"you"},{"startTime":1601.98,"endTime":1610.831,"body":"were"},{"startTime":1610.831,"endTime":1619.682,"body":"underwater"},{"startTime":1619.682,"endTime":1628.533,"body":"for"},{"startTime":1628.533,"endTime":1637.384,"body":"nine"},{"startTime":1637.384,"endTime":1646.235,"body":"years."},{"startTime":1168.281,"endTime":1185.983,"body":"\rSo,it's"},{"startTime":1185.983,"endTime":1194.834,"body":"all"},{"startTime":1194.834,"endTime":1203.685,"body":"about,"},{"startTime":1203.685,"endTime":1212.536,"body":"you"},{"startTime":1212.536,"endTime":1221.387,"body":"know,"},{"startTime":1221.387,"endTime":1230.238,"body":"I"},{"startTime":1230.238,"endTime":1239.089,"body":"guess,"},{"startTime":1239.089,"endTime":1247.94,"body":"one,"},{"startTime":1247.94,"endTime":1256.791,"body":"refuting"},{"startTime":1256.791,"endTime":1265.642,"body":"the"},{"startTime":1265.642,"endTime":1274.493,"body":"narrative"},{"startTime":1274.493,"endTime":1283.344,"body":"a"},{"startTime":1283.344,"endTime":1292.195,"body":"little"},{"startTime":1292.195,"endTime":1301.046,"body":"bit,"},{"startTime":1301.046,"endTime":1309.897,"body":"and"},{"startTime":1309.897,"endTime":1318.748,"body":"two,"},{"startTime":1318.748,"endTime":1327.599,"body":"just"},{"startTime":1327.599,"endTime":1336.45,"body":"saying"},{"startTime":1336.45,"endTime":1345.301,"body":"just"},{"startTime":1345.301,"endTime":1354.152,"body":"because"},{"startTime":1354.152,"endTime":1363.003,"body":"we're"},{"startTime":1363.003,"endTime":1371.854,"body":"in"},{"startTime":1371.854,"endTime":1380.705,"body":"a"},{"startTime":1380.705,"endTime":1389.556,"body":"drawdown"},{"startTime":1389.556,"endTime":1398.407,"body":"of"},{"startTime":1398.407,"endTime":1407.258,"body":"this"},{"startTime":1407.258,"endTime":1416.109,"body":"nature,"},{"startTime":1416.109,"endTime":1424.96,"body":"it"},{"startTime":1424.96,"endTime":1433.811,"body":"feels"},{"startTime":1433.811,"endTime":1442.662,"body":"comfortable"},{"startTime":1442.662,"endTime":1451.513,"body":"from"},{"startTime":1451.513,"endTime":1460.364,"body":"a"},{"startTime":1460.364,"endTime":1469.215,"body":"statistical"},{"startTime":1469.215,"endTime":1478.066,"body":"perspective,"},{"startTime":1478.066,"endTime":1486.917,"body":"you"},{"startTime":1486.917,"endTime":1495.768,"body":"know,"},{"startTime":1495.768,"endTime":1504.619,"body":"nothing"},{"startTime":1504.619,"endTime":1513.47,"body":"unusual,"},{"startTime":1513.47,"endTime":1522.321,"body":"I"},{"startTime":1522.321,"endTime":1531.172,"body":"guess,"},{"startTime":1531.172,"endTime":1540.023,"body":"nothing"},{"startTime":1540.023,"endTime":1548.874,"body":"to"},{"startTime":1548.874,"endTime":1557.725,"body":"see"},{"startTime":1557.725,"endTime":1566.576,"body":"here,"},{"startTime":1566.576,"endTime":1575.427,"body":"in"},{"startTime":1575.427,"endTime":1584.278,"body":"a"},{"startTime":1584.278,"endTime":1593.129,"body":"sense."},{"startTime":1593.129,"endTime":1601.98,"body":"I"},{"startTime":1601.98,"endTime":1610.831,"body":"mean,"},{"startTime":1610.831,"endTime":1619.682,"body":"my"},{"startTime":1619.682,"endTime":1628.533,"body":"own"},{"startTime":1628.533,"endTime":1637.384,"body":"perspective"},{"startTime":1637.384,"endTime":1646.235,"body":"is"},{"startTime":1168.281,"endTime":1646.241,"body":"\r"},{"startTime":1168.281,"endTime":1193.001,"body":"Iabsolutelyagree"},{"startTime":1193.001,"endTime":1201.241,"body":"with"},{"startTime":1201.241,"endTime":1209.481,"body":"everything"},{"startTime":1209.481,"endTime":1217.721,"body":"to"},{"startTime":1217.721,"endTime":1225.961,"body":"say."},{"startTime":1225.961,"endTime":1234.201,"body":"I"},{"startTime":1234.201,"endTime":1242.441,"body":"think"},{"startTime":1242.441,"endTime":1250.681,"body":"it's"},{"startTime":1250.681,"endTime":1258.921,"body":"a"},{"startTime":1258.921,"endTime":1267.161,"body":"good"},{"startTime":1267.161,"endTime":1275.401,"body":"paper."},{"startTime":1275.401,"endTime":1283.641,"body":"The"},{"startTime":1283.641,"endTime":1291.881,"body":"challenge"},{"startTime":1291.881,"endTime":1300.121,"body":"is,"},{"startTime":1300.121,"endTime":1308.361,"body":"obviously,"},{"startTime":1308.361,"endTime":1316.601,"body":"that"},{"startTime":1316.601,"endTime":1324.841,"body":"people"},{"startTime":1324.841,"endTime":1333.081,"body":"like"},{"startTime":1333.081,"endTime":1341.321,"body":"stories"},{"startTime":1341.321,"endTime":1349.561,"body":"better"},{"startTime":1349.561,"endTime":1357.801,"body":"than"},{"startTime":1357.801,"endTime":1366.041,"body":"statistics."},{"startTime":1366.041,"endTime":1374.281,"body":"So,"},{"startTime":1374.281,"endTime":1382.521,"body":"narratives"},{"startTime":1382.521,"endTime":1390.761,"body":"tend"},{"startTime":1390.761,"endTime":1399.001,"body":"to"},{"startTime":1399.001,"endTime":1407.241,"body":"resonate"},{"startTime":1407.241,"endTime":1415.481,"body":"more."},{"startTime":1415.481,"endTime":1423.721,"body":"And"},{"startTime":1423.721,"endTime":1431.961,"body":"the"},{"startTime":1431.961,"endTime":1440.201,"body":"narrative,"},{"startTime":1440.201,"endTime":1448.441,"body":"maybe"},{"startTime":1448.441,"endTime":1456.681,"body":"at"},{"startTime":1456.681,"endTime":1464.921,"body":"the"},{"startTime":1464.921,"endTime":1473.161,"body":"moment,"},{"startTime":1473.161,"endTime":1481.401,"body":"is"},{"startTime":1481.401,"endTime":1489.641,"body":"we've"},{"startTime":1489.641,"endTime":1497.881,"body":"got"},{"startTime":1497.881,"endTime":1506.121,"body":"choppy"},{"startTime":1506.121,"endTime":1514.361,"body":"markets,"},{"startTime":1514.361,"endTime":1522.601,"body":"we've"},{"startTime":1522.601,"endTime":1530.841,"body":"got"},{"startTime":1530.841,"endTime":1539.081,"body":"erratic"},{"startTime":1539.081,"endTime":1547.321,"body":"policy"},{"startTime":1547.321,"endTime":1555.561,"body":"making,"},{"startTime":1555.561,"endTime":1563.801,"body":"tariff"},{"startTime":1563.801,"endTime":1572.041,"body":"on/tariff"},{"startTime":1572.041,"endTime":1580.281,"body":"off."},{"startTime":1580.281,"endTime":1588.521,"body":"That's"},{"startTime":1588.521,"endTime":1596.761,"body":"not"},{"startTime":1596.761,"endTime":1605.001,"body":"a"},{"startTime":1605.001,"endTime":1613.241,"body":"conducive"},{"startTime":1613.241,"endTime":1621.481,"body":"environment"},{"startTime":1621.481,"endTime":1629.721,"body":"for"},{"startTime":1629.721,"endTime":1637.961,"body":"trend"},{"startTime":1637.961,"endTime":1646.201,"body":"following."},{"startTime":1168.281,"endTime":1185.051,"body":"\rAndthat's"},{"startTime":1185.051,"endTime":1193.436,"body":"an"},{"startTime":1193.436,"endTime":1201.821,"body":"easy"},{"startTime":1201.821,"endTime":1210.206,"body":"kind"},{"startTime":1210.206,"endTime":1218.591,"body":"of"},{"startTime":1218.591,"endTime":1226.976,"body":"observation"},{"startTime":1226.976,"endTime":1235.361,"body":"to"},{"startTime":1235.361,"endTime":1243.746,"body":"make."},{"startTime":1243.746,"endTime":1252.131,"body":"So,"},{"startTime":1252.131,"endTime":1260.516,"body":"you"},{"startTime":1260.516,"endTime":1268.901,"body":"make"},{"startTime":1268.901,"endTime":1277.286,"body":"that"},{"startTime":1277.286,"endTime":1285.671,"body":"observation,"},{"startTime":1285.671,"endTime":1294.056,"body":"you"},{"startTime":1294.056,"endTime":1302.441,"body":"point"},{"startTime":1302.441,"endTime":1310.826,"body":"to"},{"startTime":1310.826,"endTime":1319.211,"body":"negative"},{"startTime":1319.211,"endTime":1327.596,"body":"performance"},{"startTime":1327.596,"endTime":1335.981,"body":"and"},{"startTime":1335.981,"endTime":1344.366,"body":"you"},{"startTime":1344.366,"endTime":1352.751,"body":"say"},{"startTime":1352.751,"endTime":1361.136,"body":"QED,"},{"startTime":1361.136,"endTime":1369.521,"body":"but"},{"startTime":1369.521,"endTime":1377.906,"body":"it's"},{"startTime":1377.906,"endTime":1386.291,"body":"hard"},{"startTime":1386.291,"endTime":1394.676,"body":"to"},{"startTime":1394.676,"endTime":1403.061,"body":"refute"},{"startTime":1403.061,"endTime":1411.446,"body":"that."},{"startTime":1411.446,"endTime":1419.831,"body":"But"},{"startTime":1419.831,"endTime":1428.216,"body":"I"},{"startTime":1428.216,"endTime":1436.601,"body":"think"},{"startTime":1436.601,"endTime":1444.986,"body":"it"},{"startTime":1444.986,"endTime":1453.371,"body":"depends"},{"startTime":1453.371,"endTime":1461.756,"body":"on"},{"startTime":1461.756,"endTime":1470.141,"body":"your"},{"startTime":1470.141,"endTime":1478.526,"body":"perspective."},{"startTime":1478.526,"endTime":1486.911,"body":"If"},{"startTime":1486.911,"endTime":1495.296,"body":"you"},{"startTime":1495.296,"endTime":1503.681,"body":"go"},{"startTime":1503.681,"endTime":1512.066,"body":"back"},{"startTime":1512.066,"endTime":1520.451,"body":"in"},{"startTime":1520.451,"endTime":1528.836,"body":"time,"},{"startTime":1528.836,"endTime":1537.221,"body":"we"},{"startTime":1537.221,"endTime":1545.606,"body":"had"},{"startTime":1545.606,"endTime":1553.991,"body":"kind"},{"startTime":1553.991,"endTime":1562.376,"body":"of"},{"startTime":1562.376,"endTime":1570.761,"body":"risk-on/risk-off"},{"startTime":1570.761,"endTime":1579.146,"body":"in"},{"startTime":1579.146,"endTime":1587.531,"body":"around"},{"startTime":1587.531,"endTime":1595.916,"body":"the"},{"startTime":1595.916,"endTime":1604.301,"body":"time"},{"startTime":1604.301,"endTime":1612.686,"body":"of"},{"startTime":1612.686,"endTime":1621.071,"body":"the"},{"startTime":1621.071,"endTime":1629.456,"body":"European"},{"startTime":1629.456,"endTime":1637.841,"body":"debt"},{"startTime":1637.841,"endTime":1646.226,"body":"crisis."},{"startTime":1168.281,"endTime":1184.483,"body":"\rThatwas"},{"startTime":1184.483,"endTime":1192.584,"body":"around"},{"startTime":1192.584,"endTime":1200.685,"body":"2011,"},{"startTime":1200.685,"endTime":1208.786,"body":"2012."},{"startTime":1208.786,"endTime":1216.887,"body":"Yes,"},{"startTime":1216.887,"endTime":1224.988,"body":"it"},{"startTime":1224.988,"endTime":1233.089,"body":"was"},{"startTime":1233.089,"endTime":1241.19,"body":"tough"},{"startTime":1241.19,"endTime":1249.291,"body":"for"},{"startTime":1249.291,"endTime":1257.392,"body":"trend"},{"startTime":1257.392,"endTime":1265.493,"body":"following,"},{"startTime":1265.493,"endTime":1273.594,"body":"but"},{"startTime":1273.594,"endTime":1281.695,"body":"eventually"},{"startTime":1281.695,"endTime":1289.796,"body":"it"},{"startTime":1289.796,"endTime":1297.897,"body":"did"},{"startTime":1297.897,"endTime":1305.998,"body":"come"},{"startTime":1305.998,"endTime":1314.099,"body":"out"},{"startTime":1314.099,"endTime":1322.2,"body":"of"},{"startTime":1322.2,"endTime":1330.301,"body":"that"},{"startTime":1330.301,"endTime":1338.402,"body":"period."},{"startTime":1338.402,"endTime":1346.503,"body":"Equally,"},{"startTime":1346.503,"endTime":1354.604,"body":"if"},{"startTime":1354.604,"endTime":1362.705,"body":"you"},{"startTime":1362.705,"endTime":1370.806,"body":"went"},{"startTime":1370.806,"endTime":1378.907,"body":"back"},{"startTime":1378.907,"endTime":1387.008,"body":"to"},{"startTime":1387.008,"endTime":1395.109,"body":"the"},{"startTime":1395.109,"endTime":1403.21,"body":"2016-2019"},{"startTime":1403.21,"endTime":1411.311,"body":"period,"},{"startTime":1411.311,"endTime":1419.412,"body":"we"},{"startTime":1419.412,"endTime":1427.513,"body":"had"},{"startTime":1427.513,"endTime":1435.614,"body":"choppy"},{"startTime":1435.614,"endTime":1443.715,"body":"markets."},{"startTime":1443.715,"endTime":1451.816,"body":"The"},{"startTime":1451.816,"endTime":1459.917,"body":"narrative"},{"startTime":1459.917,"endTime":1468.018,"body":"at"},{"startTime":1468.018,"endTime":1476.119,"body":"that"},{"startTime":1476.119,"endTime":1484.22,"body":"time"},{"startTime":1484.22,"endTime":1492.321,"body":"was"},{"startTime":1492.321,"endTime":1500.422,"body":"central"},{"startTime":1500.422,"endTime":1508.523,"body":"bankers"},{"startTime":1508.523,"endTime":1516.624,"body":"control"},{"startTime":1516.624,"endTime":1524.725,"body":"the"},{"startTime":1524.725,"endTime":1532.826,"body":"markets."},{"startTime":1532.826,"endTime":1540.927,"body":"You're"},{"startTime":1540.927,"endTime":1549.028,"body":"not"},{"startTime":1549.028,"endTime":1557.129,"body":"going"},{"startTime":1557.129,"endTime":1565.23,"body":"to"},{"startTime":1565.23,"endTime":1573.331,"body":"see"},{"startTime":1573.331,"endTime":1581.432,"body":"big"},{"startTime":1581.432,"endTime":1589.533,"body":"trends"},{"startTime":1589.533,"endTime":1597.634,"body":"in"},{"startTime":1597.634,"endTime":1605.735,"body":"markets"},{"startTime":1605.735,"endTime":1613.836,"body":"because"},{"startTime":1613.836,"endTime":1621.937,"body":"the"},{"startTime":1621.937,"endTime":1630.038,"body":"volatility"},{"startTime":1630.038,"endTime":1638.139,"body":"is"},{"startTime":1638.139,"endTime":1646.24,"body":"dampened."},{"startTime":1168.281,"endTime":1177.049,"body":"\rSoI"},{"startTime":1177.049,"endTime":1181.433,"body":"think"},{"startTime":1181.433,"endTime":1185.817,"body":"it's"},{"startTime":1185.817,"endTime":1190.201,"body":"always"},{"startTime":1190.201,"endTime":1194.585,"body":"dangerous"},{"startTime":1194.585,"endTime":1198.969,"body":"to"},{"startTime":1198.969,"endTime":1203.353,"body":"make"},{"startTime":1203.353,"endTime":1207.737,"body":"an"},{"startTime":1207.737,"endTime":1212.121,"body":"observation"},{"startTime":1212.121,"endTime":1216.505,"body":"like"},{"startTime":1216.505,"endTime":1220.889,"body":"this"},{"startTime":1220.889,"endTime":1225.273,"body":"and"},{"startTime":1225.273,"endTime":1229.657,"body":"then"},{"startTime":1229.657,"endTime":1234.041,"body":"assign"},{"startTime":1234.041,"endTime":1238.425,"body":"a"},{"startTime":1238.425,"endTime":1242.809,"body":"narrative"},{"startTime":1242.809,"endTime":1247.193,"body":"when"},{"startTime":1247.193,"endTime":1251.577,"body":"in"},{"startTime":1251.577,"endTime":1255.961,"body":"reality,"},{"startTime":1255.961,"endTime":1260.345,"body":"you"},{"startTime":1260.345,"endTime":1264.729,"body":"know,"},{"startTime":1264.729,"endTime":1269.113,"body":"it's"},{"startTime":1269.113,"endTime":1273.497,"body":"just"},{"startTime":1273.497,"endTime":1277.881,"body":"random."},{"startTime":1277.881,"endTime":1282.265,"body":"I"},{"startTime":1282.265,"endTime":1286.649,"body":"think"},{"startTime":1286.649,"endTime":1291.033,"body":"what"},{"startTime":1291.033,"endTime":1295.417,"body":"has"},{"startTime":1295.417,"endTime":1299.801,"body":"probably"},{"startTime":1299.801,"endTime":1304.185,"body":"been"},{"startTime":1304.185,"endTime":1308.569,"body":"very"},{"startTime":1308.569,"endTime":1312.953,"body":"frustrating"},{"startTime":1312.953,"endTime":1317.337,"body":"is,"},{"startTime":1317.337,"endTime":1321.721,"body":"you"},{"startTime":1321.721,"endTime":1326.105,"body":"know,"},{"startTime":1326.105,"endTime":1330.489,"body":"as"},{"startTime":1330.489,"endTime":1334.873,"body":"we"},{"startTime":1334.873,"endTime":1339.257,"body":"did"},{"startTime":1339.257,"endTime":1343.641,"body":"speak,"},{"startTime":1343.641,"endTime":1348.025,"body":"back"},{"startTime":1348.025,"endTime":1352.409,"body":"in"},{"startTime":1352.409,"endTime":1356.793,"body":"2022,"},{"startTime":1356.793,"endTime":1361.177,"body":"we"},{"startTime":1361.177,"endTime":1365.561,"body":"were"},{"startTime":1365.561,"endTime":1369.945,"body":"all"},{"startTime":1369.945,"endTime":1374.329,"body":"quite"},{"startTime":1374.329,"endTime":1378.713,"body":"optimistic"},{"startTime":1378.713,"endTime":1383.097,"body":"on"},{"startTime":1383.097,"endTime":1387.481,"body":"the"},{"startTime":1387.481,"endTime":1391.865,"body":"outlook"},{"startTime":1391.865,"endTime":1396.249,"body":"for"},{"startTime":1396.249,"endTime":1400.633,"body":"trend"},{"startTime":1400.633,"endTime":1405.017,"body":"following"},{"startTime":1405.017,"endTime":1409.401,"body":"because"},{"startTime":1409.401,"endTime":1413.785,"body":"2022"},{"startTime":1413.785,"endTime":1418.169,"body":"had"},{"startTime":1418.169,"endTime":1422.553,"body":"been"},{"startTime":1422.553,"endTime":1426.937,"body":"a"},{"startTime":1426.937,"endTime":1431.321,"body":"great"},{"startTime":1431.321,"endTime":1435.705,"body":"year."},{"startTime":1435.705,"endTime":1440.089,"body":"But"},{"startTime":1440.089,"endTime":1444.473,"body":"not"},{"startTime":1444.473,"endTime":1448.857,"body":"only"},{"startTime":1448.857,"endTime":1453.241,"body":"that,"},{"startTime":1453.241,"endTime":1457.625,"body":"you"},{"startTime":1457.625,"endTime":1462.009,"body":"know,"},{"startTime":1462.009,"endTime":1466.393,"body":"we"},{"startTime":1466.393,"endTime":1470.777,"body":"were"},{"startTime":1470.777,"endTime":1475.161,"body":"seeing"},{"startTime":1475.161,"endTime":1479.545,"body":"much"},{"startTime":1479.545,"endTime":1483.929,"body":"more"},{"startTime":1483.929,"endTime":1488.313,"body":"macro"},{"startTime":1488.313,"endTime":1492.697,"body":"volatility,"},{"startTime":1492.697,"endTime":1497.081,"body":"higher"},{"startTime":1497.081,"endTime":1501.465,"body":"inflation,"},{"startTime":1501.465,"endTime":1505.849,"body":"plus"},{"startTime":1505.849,"endTime":1510.233,"body":"higher"},{"startTime":1510.233,"endTime":1514.617,"body":"rates."},{"startTime":1514.617,"endTime":1519.001,"body":"So,"},{"startTime":1519.001,"endTime":1523.385,"body":"it"},{"startTime":1523.385,"endTime":1527.769,"body":"is"},{"startTime":1527.769,"endTime":1532.153,"body":"a"},{"startTime":1532.153,"endTime":1536.537,"body":"good"},{"startTime":1536.537,"endTime":1540.921,"body":"lesson"},{"startTime":1540.921,"endTime":1545.305,"body":"in"},{"startTime":1545.305,"endTime":1549.689,"body":"trying"},{"startTime":1549.689,"endTime":1554.073,"body":"to"},{"startTime":1554.073,"endTime":1558.457,"body":"link"},{"startTime":1558.457,"endTime":1562.841,"body":"the"},{"startTime":1562.841,"endTime":1567.225,"body":"expected"},{"startTime":1567.225,"endTime":1571.609,"body":"performance"},{"startTime":1571.609,"endTime":1575.993,"body":"to"},{"startTime":1575.993,"endTime":1580.377,"body":"a"},{"startTime":1580.377,"endTime":1584.761,"body":"macro"},{"startTime":1584.761,"endTime":1589.145,"body":"scenario."},{"startTime":1589.145,"endTime":1593.529,"body":"It's"},{"startTime":1593.529,"endTime":1597.913,"body":"just"},{"startTime":1597.913,"endTime":1602.297,"body":"hard"},{"startTime":1602.297,"endTime":1606.681,"body":"to"},{"startTime":1606.681,"endTime":1611.065,"body":"do"},{"startTime":1611.065,"endTime":1615.449,"body":"that."},{"startTime":1615.449,"endTime":1619.833,"body":"The"},{"startTime":1619.833,"endTime":1624.217,"body":"trends"},{"startTime":1624.217,"endTime":1628.601,"body":"will"},{"startTime":1628.601,"endTime":1632.985,"body":"emerge"},{"startTime":1632.985,"endTime":1637.369,"body":"when"},{"startTime":1637.369,"endTime":1641.753,"body":"they"},{"startTime":1641.753,"endTime":1646.137,"body":"do."},{"startTime":1168.281,"endTime":1185.051,"body":"\rAndif"},{"startTime":1185.051,"endTime":1193.436,"body":"you"},{"startTime":1193.436,"endTime":1201.821,"body":"look"},{"startTime":1201.821,"endTime":1210.206,"body":"at"},{"startTime":1210.206,"endTime":1218.591,"body":"it,"},{"startTime":1218.591,"endTime":1226.976,"body":"since"},{"startTime":1226.976,"endTime":1235.361,"body":"2022,"},{"startTime":1235.361,"endTime":1243.746,"body":"bond"},{"startTime":1243.746,"endTime":1252.131,"body":"markets"},{"startTime":1252.131,"endTime":1260.516,"body":"have"},{"startTime":1260.516,"endTime":1268.901,"body":"been"},{"startTime":1268.901,"endTime":1277.286,"body":"up"},{"startTime":1277.286,"endTime":1285.671,"body":"and"},{"startTime":1285.671,"endTime":1294.056,"body":"down"},{"startTime":1294.056,"endTime":1302.441,"body":"in"},{"startTime":1302.441,"endTime":1310.826,"body":"a"},{"startTime":1310.826,"endTime":1319.211,"body":"range."},{"startTime":1319.211,"endTime":1327.596,"body":"The"},{"startTime":1327.596,"endTime":1335.981,"body":"10-year"},{"startTime":1335.981,"endTime":1344.366,"body":"yield"},{"startTime":1344.366,"endTime":1352.751,"body":"has"},{"startTime":1352.751,"endTime":1361.136,"body":"been"},{"startTime":1361.136,"endTime":1369.521,"body":"fluctuating"},{"startTime":1369.521,"endTime":1377.906,"body":"around"},{"startTime":1377.906,"endTime":1386.291,"body":"maybe"},{"startTime":1386.291,"endTime":1394.676,"body":"4.25%"},{"startTime":1394.676,"endTime":1403.061,"body":"up"},{"startTime":1403.061,"endTime":1411.446,"body":"to"},{"startTime":1411.446,"endTime":1419.831,"body":"5%,"},{"startTime":1419.831,"endTime":1428.216,"body":"down"},{"startTime":1428.216,"endTime":1436.601,"body":"to"},{"startTime":1436.601,"endTime":1444.986,"body":"3.5%."},{"startTime":1444.986,"endTime":1453.371,"body":"It's"},{"startTime":1453.371,"endTime":1461.756,"body":"priced"},{"startTime":1461.756,"endTime":1470.141,"body":"in"},{"startTime":1470.141,"endTime":1478.526,"body":"a"},{"startTime":1478.526,"endTime":1486.911,"body":"recession"},{"startTime":1486.911,"endTime":1495.296,"body":"maybe"},{"startTime":1495.296,"endTime":1503.681,"body":"four"},{"startTime":1503.681,"endTime":1512.066,"body":"times."},{"startTime":1512.066,"endTime":1520.451,"body":"So,"},{"startTime":1520.451,"endTime":1528.836,"body":"I"},{"startTime":1528.836,"endTime":1537.221,"body":"think"},{"startTime":1537.221,"endTime":1545.606,"body":"all"},{"startTime":1545.606,"endTime":1553.991,"body":"of"},{"startTime":1553.991,"endTime":1562.376,"body":"that,"},{"startTime":1562.376,"endTime":1570.761,"body":"that"},{"startTime":1570.761,"endTime":1579.146,"body":"kind"},{"startTime":1579.146,"endTime":1587.531,"body":"of"},{"startTime":1587.531,"endTime":1595.916,"body":"gives"},{"startTime":1595.916,"endTime":1604.301,"body":"a"},{"startTime":1604.301,"endTime":1612.686,"body":"bit"},{"startTime":1612.686,"endTime":1621.071,"body":"more"},{"startTime":1621.071,"endTime":1629.456,"body":"color"},{"startTime":1629.456,"endTime":1637.841,"body":"on"},{"startTime":1637.841,"endTime":1646.226,"body":"it."},{"startTime":1168.281,"endTime":1646.241,"body":"\r"},{"startTime":1168.281,"endTime":1211.73,"body":"Ithinkit's"},{"startTime":1211.73,"endTime":1226.213,"body":"the"},{"startTime":1226.213,"endTime":1240.696,"body":"kind"},{"startTime":1240.696,"endTime":1255.179,"body":"of"},{"startTime":1255.179,"endTime":1269.662,"body":"thing"},{"startTime":1269.662,"endTime":1284.145,"body":"that"},{"startTime":1284.145,"endTime":1298.628,"body":"if"},{"startTime":1298.628,"endTime":1313.111,"body":"you're"},{"startTime":1313.111,"endTime":1327.594,"body":"kind"},{"startTime":1327.594,"endTime":1342.077,"body":"of"},{"startTime":1342.077,"endTime":1356.56,"body":"already"},{"startTime":1356.56,"endTime":1371.043,"body":"predisposed"},{"startTime":1371.043,"endTime":1385.526,"body":"to"},{"startTime":1385.526,"endTime":1400.009,"body":"believing"},{"startTime":1400.009,"endTime":1414.492,"body":"in"},{"startTime":1414.492,"endTime":1428.975,"body":"trend"},{"startTime":1428.975,"endTime":1443.458,"body":"following,"},{"startTime":1443.458,"endTime":1457.941,"body":"the"},{"startTime":1457.941,"endTime":1472.424,"body":"paper"},{"startTime":1472.424,"endTime":1486.907,"body":"is"},{"startTime":1486.907,"endTime":1501.39,"body":"a"},{"startTime":1501.39,"endTime":1515.873,"body":"good."},{"startTime":1515.873,"endTime":1544.839,"body":"It"},{"startTime":1544.839,"endTime":1559.322,"body":"sums"},{"startTime":1559.322,"endTime":1573.805,"body":"up"},{"startTime":1573.805,"endTime":1588.288,"body":"why"},{"startTime":1588.288,"endTime":1602.771,"body":"it"},{"startTime":1602.771,"endTime":1617.254,"body":"still"},{"startTime":1617.254,"endTime":1631.737,"body":"makes"},{"startTime":1631.737,"endTime":1646.22,"body":"sense."},{"startTime":1168.281,"endTime":1186.663,"body":"\rIfyou're"},{"startTime":1186.663,"endTime":1195.854,"body":"already"},{"startTime":1195.854,"endTime":1205.045,"body":"suspicious,"},{"startTime":1205.045,"endTime":1214.236,"body":"skeptical,"},{"startTime":1214.236,"endTime":1223.427,"body":"you're"},{"startTime":1223.427,"endTime":1232.618,"body":"probably"},{"startTime":1232.618,"endTime":1241.809,"body":"not"},{"startTime":1241.809,"endTime":1251,"body":"going"},{"startTime":1251,"endTime":1260.191,"body":"to"},{"startTime":1260.191,"endTime":1269.382,"body":"change"},{"startTime":1269.382,"endTime":1278.573,"body":"your"},{"startTime":1278.573,"endTime":1287.764,"body":"mind"},{"startTime":1287.764,"endTime":1296.955,"body":"on"},{"startTime":1296.955,"endTime":1306.146,"body":"the"},{"startTime":1306.146,"endTime":1315.337,"body":"back"},{"startTime":1315.337,"endTime":1324.528,"body":"of"},{"startTime":1324.528,"endTime":1333.719,"body":"it"},{"startTime":1333.719,"endTime":1342.91,"body":"because"},{"startTime":1342.91,"endTime":1352.101,"body":"you're"},{"startTime":1352.101,"endTime":1361.292,"body":"probably"},{"startTime":1361.292,"endTime":1370.483,"body":"going"},{"startTime":1370.483,"endTime":1379.674,"body":"to"},{"startTime":1379.674,"endTime":1388.865,"body":"be"},{"startTime":1388.865,"endTime":1398.056,"body":"seduced"},{"startTime":1398.056,"endTime":1407.247,"body":"by"},{"startTime":1407.247,"endTime":1416.438,"body":"the"},{"startTime":1416.438,"endTime":1425.629,"body":"narrative."},{"startTime":1425.629,"endTime":1434.82,"body":"So,"},{"startTime":1434.82,"endTime":1444.011,"body":"I"},{"startTime":1444.011,"endTime":1453.202,"body":"think"},{"startTime":1453.202,"endTime":1462.393,"body":"it's"},{"startTime":1462.393,"endTime":1471.584,"body":"one"},{"startTime":1471.584,"endTime":1480.775,"body":"of"},{"startTime":1480.775,"endTime":1489.966,"body":"those"},{"startTime":1489.966,"endTime":1499.157,"body":"tricky"},{"startTime":1499.157,"endTime":1508.348,"body":"situations."},{"startTime":1508.348,"endTime":1517.539,"body":"You"},{"startTime":1517.539,"endTime":1526.73,"body":"have"},{"startTime":1526.73,"endTime":1535.921,"body":"to"},{"startTime":1535.921,"endTime":1545.112,"body":"really"},{"startTime":1545.112,"endTime":1554.303,"body":"be"},{"startTime":1554.303,"endTime":1563.494,"body":"a"},{"startTime":1563.494,"endTime":1572.685,"body":"believer"},{"startTime":1572.685,"endTime":1581.876,"body":"that"},{"startTime":1581.876,"endTime":1591.067,"body":"is"},{"startTime":1591.067,"endTime":1600.258,"body":"a"},{"startTime":1600.258,"endTime":1609.449,"body":"strategy"},{"startTime":1609.449,"endTime":1618.64,"body":"that"},{"startTime":1618.64,"endTime":1627.831,"body":"works"},{"startTime":1627.831,"endTime":1637.022,"body":"over"},{"startTime":1637.022,"endTime":1646.213,"body":"time."},{"startTime":1647.201,"endTime":1648.568,"body":"Yeah,"},{"startTime":1648.568,"endTime":1649.935,"body":"I"},{"startTime":1649.935,"endTime":1651.302,"body":"agree"},{"startTime":1651.302,"endTime":1652.669,"body":"with"},{"startTime":1652.669,"endTime":1654.036,"body":"that."},{"startTime":1654.036,"endTime":1655.403,"body":"There"},{"startTime":1655.403,"endTime":1656.77,"body":"are"},{"startTime":1656.77,"endTime":1658.137,"body":"a"},{"startTime":1658.137,"endTime":1659.504,"body":"couple"},{"startTime":1659.504,"endTime":1660.871,"body":"of"},{"startTime":1660.871,"endTime":1662.238,"body":"things"},{"startTime":1662.238,"endTime":1663.605,"body":"that"},{"startTime":1663.605,"endTime":1664.972,"body":"I"},{"startTime":1664.972,"endTime":1666.339,"body":"thought"},{"startTime":1666.339,"endTime":1667.706,"body":"was"},{"startTime":1667.706,"endTime":1669.073,"body":"quite"},{"startTime":1669.073,"endTime":1670.44,"body":"useful"},{"startTime":1670.44,"endTime":1671.807,"body":"to"},{"startTime":1671.807,"endTime":1673.174,"body":"be"},{"startTime":1673.174,"endTime":1674.541,"body":"reminded"},{"startTime":1674.541,"endTime":1675.908,"body":"of."},{"startTime":1675.908,"endTime":1677.275,"body":"You"},{"startTime":1677.275,"endTime":1678.642,"body":"mentioned"},{"startTime":1678.642,"endTime":1680.009,"body":"that"},{"startTime":1680.009,"endTime":1681.376,"body":"(and"},{"startTime":1681.376,"endTime":1682.743,"body":"this"},{"startTime":1682.743,"endTime":1684.11,"body":"is"},{"startTime":1684.11,"endTime":1685.477,"body":"as"},{"startTime":1685.477,"endTime":1686.844,"body":"of"},{"startTime":1686.844,"endTime":1688.211,"body":"end"},{"startTime":1688.211,"endTime":1689.578,"body":"of"},{"startTime":1689.578,"endTime":1690.945,"body":"April,"},{"startTime":1690.945,"endTime":1692.312,"body":"so"},{"startTime":1692.312,"endTime":1693.679,"body":"the"},{"startTime":1693.679,"endTime":1695.046,"body":"number"},{"startTime":1695.046,"endTime":1696.413,"body":"could"},{"startTime":1696.413,"endTime":1697.78,"body":"be"},{"startTime":1697.78,"endTime":1699.147,"body":"three"},{"startTime":1699.147,"endTime":1700.514,"body":"instead"},{"startTime":1700.514,"endTime":1701.881,"body":"of"},{"startTime":1701.881,"endTime":1703.248,"body":"two"},{"startTime":1703.248,"endTime":1704.615,"body":"now)"},{"startTime":1704.615,"endTime":1705.982,"body":"at"},{"startTime":1705.982,"endTime":1707.349,"body":"the"},{"startTime":1707.349,"endTime":1708.716,"body":"end"},{"startTime":1708.716,"endTime":1710.083,"body":"of"},{"startTime":1710.083,"endTime":1711.45,"body":"April"},{"startTime":1711.45,"endTime":1712.817,"body":"there"},{"startTime":1712.817,"endTime":1714.184,"body":"had"},{"startTime":1714.184,"endTime":1715.551,"body":"only"},{"startTime":1715.551,"endTime":1716.918,"body":"been"},{"startTime":1716.918,"endTime":1718.285,"body":"two"},{"startTime":1718.285,"endTime":1719.652,"body":"times,"},{"startTime":1719.652,"endTime":1721.019,"body":"in"},{"startTime":1721.019,"endTime":1722.386,"body":"the"},{"startTime":1722.386,"endTime":1723.753,"body":"prior"},{"startTime":1723.753,"endTime":1725.12,"body":"25"},{"startTime":1725.12,"endTime":1726.487,"body":"years,"},{"startTime":1726.487,"endTime":1727.854,"body":"where"},{"startTime":1727.854,"endTime":1729.221,"body":"the"},{"startTime":1729.221,"endTime":1730.588,"body":"rolling"},{"startTime":1730.588,"endTime":1731.955,"body":"12"},{"startTime":1731.955,"endTime":1733.322,"body":"month"},{"startTime":1733.322,"endTime":1734.689,"body":"returns"},{"startTime":1734.689,"endTime":1736.056,"body":"of"},{"startTime":1736.056,"endTime":1737.423,"body":"the"},{"startTime":1737.423,"endTime":1738.79,"body":"SocGen"},{"startTime":1738.79,"endTime":1740.157,"body":"Trend"},{"startTime":1740.157,"endTime":1741.524,"body":"index"},{"startTime":1741.524,"endTime":1742.891,"body":"was"},{"startTime":1742.891,"endTime":1744.258,"body":"down"},{"startTime":1744.258,"endTime":1745.625,"body":"more"},{"startTime":1745.625,"endTime":1746.992,"body":"than"},{"startTime":1746.992,"endTime":1748.359,"body":"15%."},{"startTime":1748.359,"endTime":1749.726,"body":"So,"},{"startTime":1749.726,"endTime":1751.093,"body":"we"},{"startTime":1751.093,"endTime":1752.46,"body":"see"},{"startTime":1752.46,"endTime":1753.827,"body":"that"},{"startTime":1753.827,"endTime":1755.194,"body":"number."},{"startTime":1755.194,"endTime":1756.561,"body":"Then"},{"startTime":1756.561,"endTime":1757.928,"body":"I"},{"startTime":1757.928,"endTime":1759.295,"body":"was"},{"startTime":1759.295,"endTime":1760.662,"body":"just"},{"startTime":1760.662,"endTime":1762.029,"body":"glancing"},{"startTime":1762.029,"endTime":1763.396,"body":"at"},{"startTime":1763.396,"endTime":1764.763,"body":"the"},{"startTime":1764.763,"endTime":1766.13,"body":"chart"},{"startTime":1766.13,"endTime":1767.497,"body":"while"},{"startTime":1767.497,"endTime":1768.864,"body":"you"},{"startTime":1768.864,"endTime":1770.231,"body":"were"},{"startTime":1770.231,"endTime":1771.598,"body":"speaking"},{"startTime":1771.598,"endTime":1772.965,"body":"and"},{"startTime":1772.965,"endTime":1774.332,"body":"I'm"},{"startTime":1774.332,"endTime":1775.699,"body":"thinking"},{"startTime":1775.699,"endTime":1777.066,"body":"okay,"},{"startTime":1777.066,"endTime":1778.433,"body":"well,"},{"startTime":1778.433,"endTime":1779.8,"body":"how"},{"startTime":1779.8,"endTime":1781.167,"body":"many"},{"startTime":1781.167,"endTime":1782.534,"body":"times"},{"startTime":1782.534,"endTime":1783.901,"body":"has"},{"startTime":1783.901,"endTime":1785.268,"body":"the"},{"startTime":1785.268,"endTime":1786.635,"body":"SocGen"},{"startTime":1786.635,"endTime":1788.002,"body":"Trend"},{"startTime":1788.002,"endTime":1789.369,"body":"index"},{"startTime":1789.369,"endTime":1790.736,"body":"been"},{"startTime":1790.736,"endTime":1792.103,"body":"delivering"},{"startTime":1792.103,"endTime":1793.47,"body":"more"},{"startTime":1793.47,"endTime":1794.837,"body":"than"},{"startTime":1794.837,"endTime":1796.204,"body":"plus"},{"startTime":1796.204,"endTime":1797.571,"body":"15%"},{"startTime":1797.571,"endTime":1798.938,"body":"on"},{"startTime":1798.938,"endTime":1800.305,"body":"a"},{"startTime":1800.305,"endTime":1801.672,"body":"rolling"},{"startTime":1801.672,"endTime":1803.039,"body":"12"},{"startTime":1803.039,"endTime":1804.406,"body":"month"},{"startTime":1804.406,"endTime":1805.773,"body":"basis"},{"startTime":1805.773,"endTime":1807.14,"body":"in"},{"startTime":1807.14,"endTime":1808.507,"body":"that"},{"startTime":1808.507,"endTime":1809.874,"body":"25"},{"startTime":1809.874,"endTime":1811.241,"body":"year"},{"startTime":1811.241,"endTime":1812.608,"body":"period?"},{"startTime":1647.201,"endTime":1651.553,"body":"\rAnd,I"},{"startTime":1651.553,"endTime":1653.729,"body":"mean,"},{"startTime":1653.729,"endTime":1655.905,"body":"you"},{"startTime":1655.905,"endTime":1658.081,"body":"should"},{"startTime":1658.081,"endTime":1660.257,"body":"never"},{"startTime":1660.257,"endTime":1662.433,"body":"do"},{"startTime":1662.433,"endTime":1664.609,"body":"math"},{"startTime":1664.609,"endTime":1666.785,"body":"live"},{"startTime":1666.785,"endTime":1668.961,"body":"but"},{"startTime":1668.961,"endTime":1671.137,"body":"I'm"},{"startTime":1671.137,"endTime":1673.313,"body":"pretty"},{"startTime":1673.313,"endTime":1675.489,"body":"sure"},{"startTime":1675.489,"endTime":1677.665,"body":"the"},{"startTime":1677.665,"endTime":1679.841,"body":"number"},{"startTime":1679.841,"endTime":1682.017,"body":"is"},{"startTime":1682.017,"endTime":1684.193,"body":"59."},{"startTime":1684.193,"endTime":1686.369,"body":"That,"},{"startTime":1686.369,"endTime":1688.545,"body":"I"},{"startTime":1688.545,"endTime":1690.721,"body":"think,"},{"startTime":1690.721,"endTime":1692.897,"body":"should"},{"startTime":1692.897,"endTime":1695.073,"body":"surprise"},{"startTime":1695.073,"endTime":1697.249,"body":"people"},{"startTime":1697.249,"endTime":1699.425,"body":"in"},{"startTime":1699.425,"endTime":1701.601,"body":"a"},{"startTime":1701.601,"endTime":1703.777,"body":"very"},{"startTime":1703.777,"endTime":1705.953,"body":"positive"},{"startTime":1705.953,"endTime":1708.129,"body":"way"},{"startTime":1708.129,"endTime":1710.305,"body":"to"},{"startTime":1710.305,"endTime":1712.481,"body":"say"},{"startTime":1712.481,"endTime":1714.657,"body":"wow,"},{"startTime":1714.657,"endTime":1716.833,"body":"okay,"},{"startTime":1716.833,"endTime":1719.009,"body":"only"},{"startTime":1719.009,"endTime":1721.185,"body":"twice"},{"startTime":1721.185,"endTime":1723.361,"body":"have"},{"startTime":1723.361,"endTime":1725.537,"body":"we"},{"startTime":1725.537,"endTime":1727.713,"body":"had"},{"startTime":1727.713,"endTime":1729.889,"body":"to"},{"startTime":1729.889,"endTime":1732.065,"body":"endure"},{"startTime":1732.065,"endTime":1734.241,"body":"this"},{"startTime":1734.241,"endTime":1736.417,"body":"pain."},{"startTime":1736.417,"endTime":1738.593,"body":"But"},{"startTime":1738.593,"endTime":1740.769,"body":"look"},{"startTime":1740.769,"endTime":1742.945,"body":"at"},{"startTime":1742.945,"endTime":1745.121,"body":"this,"},{"startTime":1745.121,"endTime":1747.297,"body":"almost"},{"startTime":1747.297,"endTime":1749.473,"body":"60"},{"startTime":1749.473,"endTime":1751.649,"body":"times"},{"startTime":1751.649,"endTime":1753.825,"body":"we've"},{"startTime":1753.825,"endTime":1756.001,"body":"had"},{"startTime":1756.001,"endTime":1758.177,"body":"rolling"},{"startTime":1758.177,"endTime":1760.353,"body":"12"},{"startTime":1760.353,"endTime":1762.529,"body":"month"},{"startTime":1762.529,"endTime":1764.705,"body":"returns"},{"startTime":1764.705,"endTime":1766.881,"body":"of"},{"startTime":1766.881,"endTime":1769.057,"body":"more"},{"startTime":1769.057,"endTime":1771.233,"body":"than"},{"startTime":1771.233,"endTime":1773.409,"body":"15%"},{"startTime":1773.409,"endTime":1775.585,"body":"and"},{"startTime":1775.585,"endTime":1777.761,"body":"of"},{"startTime":1777.761,"endTime":1779.937,"body":"course"},{"startTime":1779.937,"endTime":1782.113,"body":"some"},{"startTime":1782.113,"endTime":1784.289,"body":"of"},{"startTime":1784.289,"endTime":1786.465,"body":"those"},{"startTime":1786.465,"endTime":1788.641,"body":"returns"},{"startTime":1788.641,"endTime":1790.817,"body":"are"},{"startTime":1790.817,"endTime":1792.993,"body":"more"},{"startTime":1792.993,"endTime":1795.169,"body":"than"},{"startTime":1795.169,"endTime":1797.345,"body":"30%."},{"startTime":1797.345,"endTime":1799.521,"body":"So,"},{"startTime":1799.521,"endTime":1801.697,"body":"definitely"},{"startTime":1801.697,"endTime":1803.873,"body":"skewed"},{"startTime":1803.873,"endTime":1806.049,"body":"in"},{"startTime":1806.049,"endTime":1808.225,"body":"the"},{"startTime":1808.225,"endTime":1810.401,"body":"right"},{"startTime":1810.401,"endTime":1812.577,"body":"direction."},{"startTime":1647.201,"endTime":1652.537,"body":"\rTheother"},{"startTime":1652.537,"endTime":1655.205,"body":"thing"},{"startTime":1655.205,"endTime":1657.873,"body":"I"},{"startTime":1657.873,"endTime":1660.541,"body":"thought"},{"startTime":1660.541,"endTime":1663.209,"body":"that"},{"startTime":1663.209,"endTime":1665.877,"body":"was"},{"startTime":1665.877,"endTime":1668.545,"body":"kind"},{"startTime":1668.545,"endTime":1671.213,"body":"of"},{"startTime":1671.213,"endTime":1673.881,"body":"interesting"},{"startTime":1673.881,"endTime":1676.549,"body":"when"},{"startTime":1676.549,"endTime":1679.217,"body":"you"},{"startTime":1679.217,"endTime":1681.885,"body":"have"},{"startTime":1681.885,"endTime":1684.553,"body":"someone"},{"startTime":1684.553,"endTime":1687.221,"body":"like"},{"startTime":1687.221,"endTime":1689.889,"body":"that"},{"startTime":1689.889,"endTime":1692.557,"body":"go"},{"startTime":1692.557,"endTime":1695.225,"body":"through"},{"startTime":1695.225,"endTime":1697.893,"body":"the"},{"startTime":1697.893,"endTime":1700.561,"body":"math"},{"startTime":1700.561,"endTime":1703.229,"body":"and"},{"startTime":1703.229,"endTime":1705.897,"body":"that"},{"startTime":1705.897,"endTime":1708.565,"body":"is"},{"startTime":1708.565,"endTime":1711.233,"body":"this"},{"startTime":1711.233,"endTime":1713.901,"body":"thing"},{"startTime":1713.901,"endTime":1716.569,"body":"about"},{"startTime":1716.569,"endTime":1719.237,"body":"the"},{"startTime":1719.237,"endTime":1721.905,"body":"probability"},{"startTime":1721.905,"endTime":1724.573,"body":"of"},{"startTime":1724.573,"endTime":1727.241,"body":"a"},{"startTime":1727.241,"endTime":1729.909,"body":"2"},{"startTime":1729.909,"endTime":1732.577,"body":"standard"},{"startTime":1732.577,"endTime":1735.245,"body":"deviation"},{"startTime":1735.245,"endTime":1737.913,"body":"drawdown"},{"startTime":1737.913,"endTime":1740.581,"body":"where"},{"startTime":1740.581,"endTime":1743.249,"body":"they"},{"startTime":1743.249,"endTime":1745.917,"body":"talk"},{"startTime":1745.917,"endTime":1748.585,"body":"about,"},{"startTime":1748.585,"endTime":1751.253,"body":"well"},{"startTime":1751.253,"endTime":1753.921,"body":"yes,"},{"startTime":1753.921,"endTime":1756.589,"body":"if"},{"startTime":1756.589,"endTime":1759.257,"body":"you"},{"startTime":1759.257,"endTime":1761.925,"body":"have"},{"startTime":1761.925,"endTime":1764.593,"body":"a"},{"startTime":1764.593,"endTime":1767.261,"body":"25"},{"startTime":1767.261,"endTime":1769.929,"body":"year"},{"startTime":1769.929,"endTime":1772.597,"body":"history"},{"startTime":1772.597,"endTime":1775.265,"body":"there's"},{"startTime":1775.265,"endTime":1777.933,"body":"an"},{"startTime":1777.933,"endTime":1780.601,"body":"80%"},{"startTime":1780.601,"endTime":1783.269,"body":"chance"},{"startTime":1783.269,"endTime":1785.937,"body":"(or"},{"startTime":1785.937,"endTime":1788.605,"body":"79%,"},{"startTime":1788.605,"endTime":1791.273,"body":"to"},{"startTime":1791.273,"endTime":1793.941,"body":"be"},{"startTime":1793.941,"endTime":1796.609,"body":"precise)"},{"startTime":1796.609,"endTime":1799.277,"body":"that"},{"startTime":1799.277,"endTime":1801.945,"body":"you're"},{"startTime":1801.945,"endTime":1804.613,"body":"going"},{"startTime":1804.613,"endTime":1807.281,"body":"to"},{"startTime":1807.281,"endTime":1809.949,"body":"experience"},{"startTime":1809.949,"endTime":1812.617,"body":"that."},{"startTime":1647.201,"endTime":1653.443,"body":"\rWhatwas"},{"startTime":1653.443,"endTime":1656.564,"body":"interesting"},{"startTime":1656.564,"endTime":1659.685,"body":"about"},{"startTime":1659.685,"endTime":1662.806,"body":"the"},{"startTime":1662.806,"endTime":1665.927,"body":"table"},{"startTime":1665.927,"endTime":1669.048,"body":"they"},{"startTime":1669.048,"endTime":1672.169,"body":"put,"},{"startTime":1672.169,"endTime":1675.29,"body":"I"},{"startTime":1675.29,"endTime":1678.411,"body":"thought,"},{"startTime":1678.411,"endTime":1681.532,"body":"was,"},{"startTime":1681.532,"endTime":1684.653,"body":"well,"},{"startTime":1684.653,"endTime":1687.774,"body":"if"},{"startTime":1687.774,"endTime":1690.895,"body":"you’ve"},{"startTime":1690.895,"endTime":1694.016,"body":"only"},{"startTime":1694.016,"endTime":1697.137,"body":"been"},{"startTime":1697.137,"endTime":1700.258,"body":"in"},{"startTime":1700.258,"endTime":1703.379,"body":"business"},{"startTime":1703.379,"endTime":1706.5,"body":"for"},{"startTime":1706.5,"endTime":1709.621,"body":"five"},{"startTime":1709.621,"endTime":1712.742,"body":"years,"},{"startTime":1712.742,"endTime":1715.863,"body":"you've"},{"startTime":1715.863,"endTime":1718.984,"body":"actually"},{"startTime":1718.984,"endTime":1722.105,"body":"only"},{"startTime":1722.105,"endTime":1725.226,"body":"got"},{"startTime":1725.226,"endTime":1728.347,"body":"a"},{"startTime":1728.347,"endTime":1731.468,"body":"21%"},{"startTime":1731.468,"endTime":1734.589,"body":"chance"},{"startTime":1734.589,"endTime":1737.71,"body":"of"},{"startTime":1737.71,"endTime":1740.831,"body":"having"},{"startTime":1740.831,"endTime":1743.952,"body":"experienced"},{"startTime":1743.952,"endTime":1747.073,"body":"this."},{"startTime":1747.073,"endTime":1750.194,"body":"And"},{"startTime":1750.194,"endTime":1753.315,"body":"I"},{"startTime":1753.315,"endTime":1756.436,"body":"think"},{"startTime":1756.436,"endTime":1759.557,"body":"it"},{"startTime":1759.557,"endTime":1762.678,"body":"puts"},{"startTime":1762.678,"endTime":1765.799,"body":"into"},{"startTime":1765.799,"endTime":1768.92,"body":"context"},{"startTime":1768.92,"endTime":1772.041,"body":"the"},{"startTime":1772.041,"endTime":1775.162,"body":"value"},{"startTime":1775.162,"endTime":1778.283,"body":"of"},{"startTime":1778.283,"endTime":1781.404,"body":"long-term"},{"startTime":1781.404,"endTime":1784.525,"body":"track"},{"startTime":1784.525,"endTime":1787.646,"body":"records"},{"startTime":1787.646,"endTime":1790.767,"body":"where"},{"startTime":1790.767,"endTime":1793.888,"body":"you"},{"startTime":1793.888,"endTime":1797.009,"body":"really"},{"startTime":1797.009,"endTime":1800.13,"body":"have"},{"startTime":1800.13,"endTime":1803.251,"body":"been"},{"startTime":1803.251,"endTime":1806.372,"body":"tried"},{"startTime":1806.372,"endTime":1809.493,"body":"and"},{"startTime":1809.493,"endTime":1812.614,"body":"tested."},{"startTime":1647.201,"endTime":1812.631,"body":"\r"},{"startTime":1647.201,"endTime":1657.989,"body":"Imean,at"},{"startTime":1657.989,"endTime":1661.585,"body":"Dunn"},{"startTime":1661.585,"endTime":1665.181,"body":"we"},{"startTime":1665.181,"endTime":1668.777,"body":"have"},{"startTime":1668.777,"endTime":1672.373,"body":"a"},{"startTime":1672.373,"endTime":1675.969,"body":"50"},{"startTime":1675.969,"endTime":1679.565,"body":"year"},{"startTime":1679.565,"endTime":1683.161,"body":"track"},{"startTime":1683.161,"endTime":1686.757,"body":"record"},{"startTime":1686.757,"endTime":1690.353,"body":"and"},{"startTime":1690.353,"endTime":1693.949,"body":"we"},{"startTime":1693.949,"endTime":1697.545,"body":"haven't"},{"startTime":1697.545,"endTime":1701.141,"body":"quite"},{"startTime":1701.141,"endTime":1704.737,"body":"been"},{"startTime":1704.737,"endTime":1708.333,"body":"actually"},{"startTime":1708.333,"endTime":1711.929,"body":"at"},{"startTime":1711.929,"endTime":1715.525,"body":"a"},{"startTime":1715.525,"endTime":1719.121,"body":"two"},{"startTime":1719.121,"endTime":1722.717,"body":"standard"},{"startTime":1722.717,"endTime":1726.313,"body":"deviation"},{"startTime":1726.313,"endTime":1729.909,"body":"drawdown"},{"startTime":1729.909,"endTime":1733.505,"body":"at"},{"startTime":1733.505,"endTime":1737.101,"body":"any"},{"startTime":1737.101,"endTime":1740.697,"body":"point"},{"startTime":1740.697,"endTime":1744.293,"body":"in"},{"startTime":1744.293,"endTime":1747.889,"body":"time"},{"startTime":1747.889,"endTime":1751.485,"body":"because"},{"startTime":1751.485,"endTime":1755.081,"body":"we"},{"startTime":1755.081,"endTime":1758.677,"body":"have"},{"startTime":1758.677,"endTime":1762.273,"body":"had"},{"startTime":1762.273,"endTime":1765.869,"body":"large"},{"startTime":1765.869,"endTime":1769.465,"body":"drawdowns"},{"startTime":1769.465,"endTime":1773.061,"body":"but,"},{"startTime":1773.061,"endTime":1776.657,"body":"at"},{"startTime":1776.657,"endTime":1780.253,"body":"that"},{"startTime":1780.253,"endTime":1783.849,"body":"time,"},{"startTime":1783.849,"endTime":1787.445,"body":"we"},{"startTime":1787.445,"endTime":1791.041,"body":"traded"},{"startTime":1791.041,"endTime":1794.637,"body":"at"},{"startTime":1794.637,"endTime":1798.233,"body":"much"},{"startTime":1798.233,"endTime":1801.829,"body":"higher"},{"startTime":1801.829,"endTime":1805.425,"body":"vol"},{"startTime":1805.425,"endTime":1809.021,"body":"than"},{"startTime":1809.021,"endTime":1812.617,"body":"today."},{"startTime":1647.201,"endTime":1651.187,"body":"\rButit's"},{"startTime":1651.187,"endTime":1653.18,"body":"a"},{"startTime":1653.18,"endTime":1655.173,"body":"good"},{"startTime":1655.173,"endTime":1657.166,"body":"reminder"},{"startTime":1657.166,"endTime":1659.159,"body":"that"},{"startTime":1659.159,"endTime":1661.152,"body":"the"},{"startTime":1661.152,"endTime":1663.145,"body":"longer"},{"startTime":1663.145,"endTime":1665.138,"body":"you"},{"startTime":1665.138,"endTime":1667.131,"body":"are"},{"startTime":1667.131,"endTime":1669.124,"body":"in"},{"startTime":1669.124,"endTime":1671.117,"body":"business"},{"startTime":1671.117,"endTime":1673.11,"body":"the"},{"startTime":1673.11,"endTime":1675.103,"body":"higher"},{"startTime":1675.103,"endTime":1677.096,"body":"the"},{"startTime":1677.096,"endTime":1679.089,"body":"probability"},{"startTime":1679.089,"endTime":1681.082,"body":"is"},{"startTime":1681.082,"endTime":1683.075,"body":"that"},{"startTime":1683.075,"endTime":1685.068,"body":"you're"},{"startTime":1685.068,"endTime":1687.061,"body":"going"},{"startTime":1687.061,"endTime":1689.054,"body":"to"},{"startTime":1689.054,"endTime":1691.047,"body":"experience"},{"startTime":1691.047,"endTime":1693.04,"body":"something."},{"startTime":1693.04,"endTime":1695.033,"body":"And"},{"startTime":1695.033,"endTime":1697.026,"body":"sometimes"},{"startTime":1697.026,"endTime":1699.019,"body":"when"},{"startTime":1699.019,"endTime":1701.012,"body":"you"},{"startTime":1701.012,"endTime":1703.005,"body":"see"},{"startTime":1703.005,"endTime":1704.998,"body":"someone"},{"startTime":1704.998,"endTime":1706.991,"body":"coming"},{"startTime":1706.991,"endTime":1708.984,"body":"up"},{"startTime":1708.984,"endTime":1710.977,"body":"with,"},{"startTime":1710.977,"endTime":1712.97,"body":"oh,"},{"startTime":1712.97,"endTime":1714.963,"body":"this"},{"startTime":1714.963,"endTime":1716.956,"body":"is"},{"startTime":1716.956,"endTime":1718.949,"body":"a"},{"startTime":1718.949,"endTime":1720.942,"body":"brand"},{"startTime":1720.942,"endTime":1722.935,"body":"new,"},{"startTime":1722.935,"endTime":1724.928,"body":"great"},{"startTime":1724.928,"endTime":1726.921,"body":"new"},{"startTime":1726.921,"endTime":1728.914,"body":"strategy,"},{"startTime":1728.914,"endTime":1730.907,"body":"it's"},{"startTime":1730.907,"endTime":1732.9,"body":"look"},{"startTime":1732.9,"endTime":1734.893,"body":"at"},{"startTime":1734.893,"endTime":1736.886,"body":"the"},{"startTime":1736.886,"endTime":1738.879,"body":"last"},{"startTime":1738.879,"endTime":1740.872,"body":"five"},{"startTime":1740.872,"endTime":1742.865,"body":"years,"},{"startTime":1742.865,"endTime":1744.858,"body":"it's"},{"startTime":1744.858,"endTime":1746.851,"body":"not"},{"startTime":1746.851,"endTime":1748.844,"body":"really"},{"startTime":1748.844,"endTime":1750.837,"body":"been"},{"startTime":1750.837,"endTime":1752.83,"body":"in"},{"startTime":1752.83,"endTime":1754.823,"body":"the"},{"startTime":1754.823,"endTime":1756.816,"body":"same"},{"startTime":1756.816,"endTime":1758.809,"body":"trouble"},{"startTime":1758.809,"endTime":1760.802,"body":"as"},{"startTime":1760.802,"endTime":1762.795,"body":"some"},{"startTime":1762.795,"endTime":1764.788,"body":"other"},{"startTime":1764.788,"endTime":1766.781,"body":"strategies."},{"startTime":1766.781,"endTime":1768.774,"body":"And"},{"startTime":1768.774,"endTime":1770.767,"body":"you"},{"startTime":1770.767,"endTime":1772.76,"body":"think."},{"startTime":1772.76,"endTime":1774.753,"body":"Well."},{"startTime":1774.753,"endTime":1776.746,"body":"give"},{"startTime":1776.746,"endTime":1778.739,"body":"it"},{"startTime":1778.739,"endTime":1780.732,"body":"another"},{"startTime":1780.732,"endTime":1782.725,"body":"20"},{"startTime":1782.725,"endTime":1784.718,"body":"years,"},{"startTime":1784.718,"endTime":1786.711,"body":"or"},{"startTime":1786.711,"endTime":1788.704,"body":"30"},{"startTime":1788.704,"endTime":1790.697,"body":"years,"},{"startTime":1790.697,"endTime":1792.69,"body":"and"},{"startTime":1792.69,"endTime":1794.683,"body":"the"},{"startTime":1794.683,"endTime":1796.676,"body":"story,"},{"startTime":1796.676,"endTime":1798.669,"body":"the"},{"startTime":1798.669,"endTime":1800.662,"body":"conversation"},{"startTime":1800.662,"endTime":1802.655,"body":"might"},{"startTime":1802.655,"endTime":1804.648,"body":"be"},{"startTime":1804.648,"endTime":1806.641,"body":"a"},{"startTime":1806.641,"endTime":1808.634,"body":"little"},{"startTime":1808.634,"endTime":1810.627,"body":"bit"},{"startTime":1810.627,"endTime":1812.62,"body":"different."},{"startTime":1647.201,"endTime":1664.613,"body":"\rYouknow"},{"startTime":1664.613,"endTime":1673.319,"body":"what"},{"startTime":1673.319,"endTime":1682.025,"body":"this"},{"startTime":1682.025,"endTime":1690.731,"body":"paper"},{"startTime":1690.731,"endTime":1699.437,"body":"reminded"},{"startTime":1699.437,"endTime":1708.143,"body":"me"},{"startTime":1708.143,"endTime":1716.849,"body":"of,"},{"startTime":1716.849,"endTime":1725.555,"body":"Alan,"},{"startTime":1725.555,"endTime":1734.261,"body":"a"},{"startTime":1734.261,"endTime":1742.967,"body":"paper"},{"startTime":1742.967,"endTime":1751.673,"body":"that"},{"startTime":1751.673,"endTime":1760.379,"body":"you"},{"startTime":1760.379,"endTime":1769.085,"body":"co-authored"},{"startTime":1769.085,"endTime":1777.791,"body":"a"},{"startTime":1777.791,"endTime":1786.497,"body":"number"},{"startTime":1786.497,"endTime":1795.203,"body":"of"},{"startTime":1795.203,"endTime":1803.909,"body":"years"},{"startTime":1803.909,"endTime":1812.615,"body":"ago."},{"startTime":1812.631,"endTime":1813.271,"body":"That’s"},{"startTime":1813.271,"endTime":1813.911,"body":"right,"},{"startTime":1813.911,"endTime":1814.551,"body":"yeah."},{"startTime":1814.551,"endTime":1815.534,"body":"Yes,"},{"startTime":1815.534,"endTime":1816.517,"body":"because"},{"startTime":1816.517,"endTime":1817.5,"body":"some"},{"startTime":1817.5,"endTime":1818.483,"body":"of"},{"startTime":1818.483,"endTime":1819.466,"body":"the"},{"startTime":1819.466,"endTime":1820.449,"body":"things…"},{"startTime":1820.449,"endTime":1821.432,"body":"For"},{"startTime":1821.432,"endTime":1822.415,"body":"example,"},{"startTime":1822.415,"endTime":1823.398,"body":"they"},{"startTime":1823.398,"endTime":1824.381,"body":"mentioned"},{"startTime":1824.381,"endTime":1825.364,"body":"this"},{"startTime":1825.364,"endTime":1826.347,"body":"thing"},{"startTime":1826.347,"endTime":1827.33,"body":"about"},{"startTime":1827.33,"endTime":1828.313,"body":"crowding"},{"startTime":1828.313,"endTime":1829.296,"body":"and"},{"startTime":1829.296,"endTime":1830.279,"body":"they"},{"startTime":1830.279,"endTime":1831.262,"body":"look"},{"startTime":1831.262,"endTime":1832.245,"body":"at"},{"startTime":1832.245,"endTime":1833.228,"body":"the"},{"startTime":1833.228,"endTime":1834.211,"body":"percentage"},{"startTime":1834.211,"endTime":1835.194,"body":"of"},{"startTime":1835.194,"endTime":1836.177,"body":"AUM"},{"startTime":1836.177,"endTime":1837.16,"body":"of"},{"startTime":1837.16,"endTime":1838.143,"body":"the"},{"startTime":1838.143,"endTime":1839.126,"body":"total"},{"startTime":1839.126,"endTime":1840.109,"body":"hedge"},{"startTime":1840.109,"endTime":1841.092,"body":"fund"},{"startTime":1841.092,"endTime":1842.075,"body":"industry"},{"startTime":1842.075,"endTime":1843.058,"body":"that"},{"startTime":1843.058,"endTime":1844.041,"body":"is"},{"startTime":1844.041,"endTime":1845.024,"body":"occupied"},{"startTime":1845.024,"endTime":1846.007,"body":"by"},{"startTime":1846.007,"endTime":1846.99,"body":"CTAs"},{"startTime":1846.99,"endTime":1847.973,"body":"back"},{"startTime":1847.973,"endTime":1848.956,"body":"in"},{"startTime":1848.956,"endTime":1849.939,"body":"the"},{"startTime":1849.939,"endTime":1850.922,"body":"‘90s."},{"startTime":1850.922,"endTime":1851.905,"body":"They"},{"startTime":1851.905,"endTime":1852.888,"body":"they"},{"startTime":1852.888,"endTime":1853.871,"body":"show"},{"startTime":1853.871,"endTime":1854.854,"body":"it"},{"startTime":1854.854,"endTime":1855.837,"body":"as"},{"startTime":1855.837,"endTime":1856.82,"body":"high"},{"startTime":1856.82,"endTime":1857.803,"body":"as"},{"startTime":1857.803,"endTime":1858.786,"body":"something"},{"startTime":1858.786,"endTime":1859.769,"body":"like"},{"startTime":1859.769,"endTime":1860.752,"body":"27%"},{"startTime":1860.752,"endTime":1861.735,"body":"of"},{"startTime":1861.735,"endTime":1862.718,"body":"the"},{"startTime":1862.718,"endTime":1863.701,"body":"AUM"},{"startTime":1863.701,"endTime":1864.684,"body":"today."},{"startTime":1864.684,"endTime":1865.667,"body":"And"},{"startTime":1865.667,"endTime":1866.65,"body":"you're"},{"startTime":1866.65,"endTime":1867.633,"body":"right"},{"startTime":1867.633,"endTime":1868.616,"body":"to"},{"startTime":1868.616,"endTime":1869.599,"body":"say"},{"startTime":1869.599,"endTime":1870.582,"body":"that"},{"startTime":1870.582,"endTime":1871.565,"body":"there"},{"startTime":1871.565,"endTime":1872.548,"body":"are"},{"startTime":1872.548,"endTime":1873.531,"body":"other"},{"startTime":1873.531,"endTime":1874.514,"body":"strategies"},{"startTime":1874.514,"endTime":1875.497,"body":"than"},{"startTime":1875.497,"endTime":1876.48,"body":"the"},{"startTime":1876.48,"endTime":1877.463,"body":"official"},{"startTime":1877.463,"endTime":1878.446,"body":"CTAs"},{"startTime":1878.446,"endTime":1879.429,"body":"that"},{"startTime":1879.429,"endTime":1880.412,"body":"do"},{"startTime":1880.412,"endTime":1881.395,"body":"trend"},{"startTime":1881.395,"endTime":1882.378,"body":"following,"},{"startTime":1882.378,"endTime":1883.361,"body":"for"},{"startTime":1883.361,"endTime":1884.344,"body":"sure,"},{"startTime":1884.344,"endTime":1885.327,"body":"but"},{"startTime":1885.327,"endTime":1886.31,"body":"it's"},{"startTime":1886.31,"endTime":1887.293,"body":"down"},{"startTime":1887.293,"endTime":1888.276,"body":"to"},{"startTime":1888.276,"endTime":1889.259,"body":"around"},{"startTime":1889.259,"endTime":1890.242,"body":"6%."},{"startTime":1890.242,"endTime":1891.225,"body":"I"},{"startTime":1891.225,"endTime":1892.208,"body":"mean,"},{"startTime":1892.208,"endTime":1893.191,"body":"I"},{"startTime":1893.191,"endTime":1894.174,"body":"think"},{"startTime":1894.174,"endTime":1895.157,"body":"you"},{"startTime":1895.157,"endTime":1896.14,"body":"showed"},{"startTime":1896.14,"endTime":1897.123,"body":"something"},{"startTime":1897.123,"endTime":1898.106,"body":"similarly,"},{"startTime":1898.106,"endTime":1899.089,"body":"maybe"},{"startTime":1899.089,"endTime":1900.072,"body":"with"},{"startTime":1900.072,"endTime":1901.055,"body":"some"},{"startTime":1901.055,"endTime":1902.038,"body":"different"},{"startTime":1902.038,"endTime":1903.021,"body":"numbers."},{"startTime":1814.551,"endTime":1817.769,"body":"\rButI've"},{"startTime":1817.769,"endTime":1819.378,"body":"also"},{"startTime":1819.378,"endTime":1820.987,"body":"seen"},{"startTime":1820.987,"endTime":1822.596,"body":"numbers"},{"startTime":1822.596,"endTime":1824.205,"body":"or"},{"startTime":1824.205,"endTime":1825.814,"body":"comparisons"},{"startTime":1825.814,"endTime":1827.423,"body":"about"},{"startTime":1827.423,"endTime":1829.032,"body":"the"},{"startTime":1829.032,"endTime":1830.641,"body":"volume"},{"startTime":1830.641,"endTime":1832.25,"body":"of"},{"startTime":1832.25,"endTime":1833.859,"body":"futures"},{"startTime":1833.859,"endTime":1835.468,"body":"and"},{"startTime":1835.468,"endTime":1837.077,"body":"the"},{"startTime":1837.077,"endTime":1838.686,"body":"AUM"},{"startTime":1838.686,"endTime":1840.295,"body":"of"},{"startTime":1840.295,"endTime":1841.904,"body":"CTAs"},{"startTime":1841.904,"endTime":1843.513,"body":"which"},{"startTime":1843.513,"endTime":1845.122,"body":"officially"},{"startTime":1845.122,"endTime":1846.731,"body":"has"},{"startTime":1846.731,"endTime":1848.34,"body":"been"},{"startTime":1848.34,"endTime":1849.949,"body":"pretty"},{"startTime":1849.949,"endTime":1851.558,"body":"stagnant"},{"startTime":1851.558,"endTime":1853.167,"body":"for"},{"startTime":1853.167,"endTime":1854.776,"body":"the"},{"startTime":1854.776,"endTime":1856.385,"body":"last"},{"startTime":1856.385,"endTime":1857.994,"body":"20"},{"startTime":1857.994,"endTime":1859.603,"body":"years,"},{"startTime":1859.603,"endTime":1861.212,"body":"really,"},{"startTime":1861.212,"endTime":1862.821,"body":"and"},{"startTime":1862.821,"endTime":1864.43,"body":"where"},{"startTime":1864.43,"endTime":1866.039,"body":"of"},{"startTime":1866.039,"endTime":1867.648,"body":"course"},{"startTime":1867.648,"endTime":1869.257,"body":"the"},{"startTime":1869.257,"endTime":1870.866,"body":"volume"},{"startTime":1870.866,"endTime":1872.475,"body":"has"},{"startTime":1872.475,"endTime":1874.084,"body":"gone"},{"startTime":1874.084,"endTime":1875.693,"body":"up"},{"startTime":1875.693,"endTime":1877.302,"body":"dramatically."},{"startTime":1877.302,"endTime":1878.911,"body":"So"},{"startTime":1878.911,"endTime":1880.52,"body":"yeah,"},{"startTime":1880.52,"endTime":1882.129,"body":"I"},{"startTime":1882.129,"endTime":1883.738,"body":"don't"},{"startTime":1883.738,"endTime":1885.347,"body":"buy"},{"startTime":1885.347,"endTime":1886.956,"body":"into"},{"startTime":1886.956,"endTime":1888.565,"body":"those"},{"startTime":1888.565,"endTime":1890.174,"body":"arguments"},{"startTime":1890.174,"endTime":1891.783,"body":"either"},{"startTime":1891.783,"endTime":1893.392,"body":"that"},{"startTime":1893.392,"endTime":1895.001,"body":"the"},{"startTime":1895.001,"endTime":1896.61,"body":"space"},{"startTime":1896.61,"endTime":1898.219,"body":"has"},{"startTime":1898.219,"endTime":1899.828,"body":"become"},{"startTime":1899.828,"endTime":1901.437,"body":"too"},{"startTime":1901.437,"endTime":1903.046,"body":"crowded."},{"startTime":1814.551,"endTime":1819.091,"body":"\rThisis"},{"startTime":1819.091,"endTime":1821.361,"body":"a"},{"startTime":1821.361,"endTime":1823.631,"body":"period"},{"startTime":1823.631,"endTime":1825.901,"body":"where"},{"startTime":1825.901,"endTime":1828.171,"body":"trend"},{"startTime":1828.171,"endTime":1830.441,"body":"following"},{"startTime":1830.441,"endTime":1832.711,"body":"should"},{"startTime":1832.711,"endTime":1834.981,"body":"not"},{"startTime":1834.981,"endTime":1837.251,"body":"work,"},{"startTime":1837.251,"endTime":1839.521,"body":"when"},{"startTime":1839.521,"endTime":1841.791,"body":"you"},{"startTime":1841.791,"endTime":1844.061,"body":"look"},{"startTime":1844.061,"endTime":1846.331,"body":"at"},{"startTime":1846.331,"endTime":1848.601,"body":"what"},{"startTime":1848.601,"endTime":1850.871,"body":"markets"},{"startTime":1850.871,"endTime":1853.141,"body":"are"},{"startTime":1853.141,"endTime":1855.411,"body":"doing,"},{"startTime":1855.411,"endTime":1857.681,"body":"especially"},{"startTime":1857.681,"endTime":1859.951,"body":"when"},{"startTime":1859.951,"endTime":1862.221,"body":"it"},{"startTime":1862.221,"endTime":1864.491,"body":"happens"},{"startTime":1864.491,"endTime":1866.761,"body":"in"},{"startTime":1866.761,"endTime":1869.031,"body":"the"},{"startTime":1869.031,"endTime":1871.301,"body":"three"},{"startTime":1871.301,"endTime":1873.571,"body":"main"},{"startTime":1873.571,"endTime":1875.841,"body":"financial"},{"startTime":1875.841,"endTime":1878.111,"body":"sectors"},{"startTime":1878.111,"endTime":1880.381,"body":"at"},{"startTime":1880.381,"endTime":1882.651,"body":"the"},{"startTime":1882.651,"endTime":1884.921,"body":"same"},{"startTime":1884.921,"endTime":1887.191,"body":"time."},{"startTime":1887.191,"endTime":1889.461,"body":"So,"},{"startTime":1889.461,"endTime":1891.731,"body":"I'm"},{"startTime":1891.731,"endTime":1894.001,"body":"not"},{"startTime":1894.001,"endTime":1896.271,"body":"surprised,"},{"startTime":1896.271,"endTime":1898.541,"body":"not"},{"startTime":1898.541,"endTime":1900.811,"body":"concerned"},{"startTime":1900.811,"endTime":1903.081,"body":"either."},{"startTime":1814.551,"endTime":1817.713,"body":"\rButI"},{"startTime":1817.713,"endTime":1819.294,"body":"think"},{"startTime":1819.294,"endTime":1820.875,"body":"the"},{"startTime":1820.875,"endTime":1822.456,"body":"question"},{"startTime":1822.456,"endTime":1824.037,"body":"they"},{"startTime":1824.037,"endTime":1825.618,"body":"also"},{"startTime":1825.618,"endTime":1827.199,"body":"ask,"},{"startTime":1827.199,"endTime":1828.78,"body":"or"},{"startTime":1828.78,"endTime":1830.361,"body":"maybe"},{"startTime":1830.361,"endTime":1831.942,"body":"it's"},{"startTime":1831.942,"endTime":1833.523,"body":"one"},{"startTime":1833.523,"endTime":1835.104,"body":"of"},{"startTime":1835.104,"endTime":1836.685,"body":"the"},{"startTime":1836.685,"endTime":1838.266,"body":"other"},{"startTime":1838.266,"endTime":1839.847,"body":"papers"},{"startTime":1839.847,"endTime":1841.428,"body":"that"},{"startTime":1841.428,"endTime":1843.009,"body":"we're"},{"startTime":1843.009,"endTime":1844.59,"body":"going"},{"startTime":1844.59,"endTime":1846.171,"body":"to"},{"startTime":1846.171,"endTime":1847.752,"body":"be"},{"startTime":1847.752,"endTime":1849.333,"body":"looking"},{"startTime":1849.333,"endTime":1850.914,"body":"at,"},{"startTime":1850.914,"endTime":1852.495,"body":"and"},{"startTime":1852.495,"endTime":1854.076,"body":"that"},{"startTime":1854.076,"endTime":1855.657,"body":"is"},{"startTime":1855.657,"endTime":1857.238,"body":"does"},{"startTime":1857.238,"endTime":1858.819,"body":"it"},{"startTime":1858.819,"endTime":1860.4,"body":"feel"},{"startTime":1860.4,"endTime":1861.981,"body":"different"},{"startTime":1861.981,"endTime":1863.562,"body":"this"},{"startTime":1863.562,"endTime":1865.143,"body":"time?"},{"startTime":1865.143,"endTime":1866.724,"body":"I"},{"startTime":1866.724,"endTime":1868.305,"body":"mean,"},{"startTime":1868.305,"endTime":1869.886,"body":"one"},{"startTime":1869.886,"endTime":1871.467,"body":"thing"},{"startTime":1871.467,"endTime":1873.048,"body":"is"},{"startTime":1873.048,"endTime":1874.629,"body":"that"},{"startTime":1874.629,"endTime":1876.21,"body":"it's"},{"startTime":1876.21,"endTime":1877.791,"body":"not"},{"startTime":1877.791,"endTime":1879.372,"body":"different"},{"startTime":1879.372,"endTime":1880.953,"body":"from"},{"startTime":1880.953,"endTime":1882.534,"body":"a"},{"startTime":1882.534,"endTime":1884.115,"body":"statistical"},{"startTime":1884.115,"endTime":1885.696,"body":"point"},{"startTime":1885.696,"endTime":1887.277,"body":"of"},{"startTime":1887.277,"endTime":1888.858,"body":"view."},{"startTime":1888.858,"endTime":1890.439,"body":"But"},{"startTime":1890.439,"endTime":1892.02,"body":"does"},{"startTime":1892.02,"endTime":1893.601,"body":"it"},{"startTime":1893.601,"endTime":1895.182,"body":"feel"},{"startTime":1895.182,"endTime":1896.763,"body":"different,"},{"startTime":1896.763,"endTime":1898.344,"body":"Alan,"},{"startTime":1898.344,"endTime":1899.925,"body":"do"},{"startTime":1899.925,"endTime":1901.506,"body":"you"},{"startTime":1901.506,"endTime":1903.087,"body":"think?"},{"startTime":1903.091,"endTime":1903.847,"body":"The"},{"startTime":1903.847,"endTime":1904.603,"body":"shift"},{"startTime":1904.603,"endTime":1905.359,"body":"in"},{"startTime":1905.359,"endTime":1906.115,"body":"sentiment"},{"startTime":1906.115,"endTime":1906.871,"body":"is"},{"startTime":1906.871,"endTime":1907.627,"body":"very"},{"startTime":1907.627,"endTime":1908.383,"body":"noteworthy."},{"startTime":1908.383,"endTime":1909.139,"body":"As"},{"startTime":1909.139,"endTime":1909.895,"body":"I"},{"startTime":1909.895,"endTime":1910.651,"body":"say,"},{"startTime":1910.651,"endTime":1911.407,"body":"only"},{"startTime":1911.407,"endTime":1912.163,"body":"2022"},{"startTime":1912.163,"endTime":1912.919,"body":"is"},{"startTime":1912.919,"endTime":1913.675,"body":"very"},{"startTime":1913.675,"endTime":1914.431,"body":"positive."},{"startTime":1914.431,"endTime":1915.187,"body":"And"},{"startTime":1915.187,"endTime":1915.943,"body":"that"},{"startTime":1915.943,"endTime":1916.699,"body":"was"},{"startTime":1916.699,"endTime":1917.455,"body":"still…"},{"startTime":1917.455,"endTime":1918.211,"body":"I"},{"startTime":1918.211,"endTime":1918.967,"body":"think"},{"startTime":1918.967,"endTime":1919.723,"body":"people,"},{"startTime":1919.723,"endTime":1920.479,"body":"there"},{"startTime":1920.479,"endTime":1921.235,"body":"was"},{"startTime":1921.235,"endTime":1921.991,"body":"a"},{"startTime":1921.991,"endTime":1922.747,"body":"sense"},{"startTime":1922.747,"endTime":1923.503,"body":"that"},{"startTime":1923.503,"endTime":1924.259,"body":"trend"},{"startTime":1924.259,"endTime":1925.015,"body":"following"},{"startTime":1925.015,"endTime":1925.771,"body":"went"},{"startTime":1925.771,"endTime":1926.527,"body":"mainstream."},{"startTime":1926.527,"endTime":1927.283,"body":"I"},{"startTime":1927.283,"endTime":1928.039,"body":"was"},{"startTime":1928.039,"endTime":1928.795,"body":"hearing"},{"startTime":1928.795,"endTime":1929.551,"body":"people"},{"startTime":1929.551,"endTime":1930.307,"body":"talking"},{"startTime":1930.307,"endTime":1931.063,"body":"about"},{"startTime":1931.063,"endTime":1931.819,"body":"allocating"},{"startTime":1931.819,"endTime":1932.575,"body":"to"},{"startTime":1932.575,"endTime":1933.331,"body":"trend"},{"startTime":1933.331,"endTime":1934.087,"body":"following"},{"startTime":1934.087,"endTime":1934.843,"body":"who"},{"startTime":1934.843,"endTime":1935.599,"body":"had"},{"startTime":1935.599,"endTime":1936.355,"body":"never"},{"startTime":1936.355,"endTime":1937.111,"body":"said"},{"startTime":1937.111,"endTime":1937.867,"body":"that"},{"startTime":1937.867,"endTime":1938.623,"body":"before."},{"startTime":1938.623,"endTime":1939.379,"body":"So,"},{"startTime":1939.379,"endTime":1940.135,"body":"I"},{"startTime":1940.135,"endTime":1940.891,"body":"was"},{"startTime":1940.891,"endTime":1941.647,"body":"hearing"},{"startTime":1941.647,"endTime":1942.403,"body":"that"},{"startTime":1942.403,"endTime":1943.159,"body":"more"},{"startTime":1943.159,"endTime":1943.915,"body":"and"},{"startTime":1943.915,"endTime":1944.671,"body":"more."},{"startTime":1903.091,"endTime":1904.351,"body":"\rSo,I"},{"startTime":1904.351,"endTime":1904.981,"body":"think"},{"startTime":1904.981,"endTime":1905.611,"body":"that's"},{"startTime":1905.611,"endTime":1906.241,"body":"maybe"},{"startTime":1906.241,"endTime":1906.871,"body":"a"},{"startTime":1906.871,"endTime":1907.501,"body":"surprise."},{"startTime":1907.501,"endTime":1908.131,"body":"It's"},{"startTime":1908.131,"endTime":1908.761,"body":"kind"},{"startTime":1908.761,"endTime":1909.391,"body":"of"},{"startTime":1909.391,"endTime":1910.021,"body":"come"},{"startTime":1910.021,"endTime":1910.651,"body":"into"},{"startTime":1910.651,"endTime":1911.281,"body":"the"},{"startTime":1911.281,"endTime":1911.911,"body":"mainstream"},{"startTime":1911.911,"endTime":1912.541,"body":"and"},{"startTime":1912.541,"endTime":1913.171,"body":"now"},{"startTime":1913.171,"endTime":1913.801,"body":"people"},{"startTime":1913.801,"endTime":1914.431,"body":"will"},{"startTime":1914.431,"endTime":1915.061,"body":"look"},{"startTime":1915.061,"endTime":1915.691,"body":"at"},{"startTime":1915.691,"endTime":1916.321,"body":"it"},{"startTime":1916.321,"endTime":1916.951,"body":"and"},{"startTime":1916.951,"endTime":1917.581,"body":"say,"},{"startTime":1917.581,"endTime":1918.211,"body":"oh,"},{"startTime":1918.211,"endTime":1918.841,"body":"I'm"},{"startTime":1918.841,"endTime":1919.471,"body":"not"},{"startTime":1919.471,"endTime":1920.101,"body":"sure"},{"startTime":1920.101,"endTime":1920.731,"body":"about"},{"startTime":1920.731,"endTime":1921.361,"body":"that."},{"startTime":1921.361,"endTime":1921.991,"body":"So"},{"startTime":1921.991,"endTime":1922.621,"body":"that's"},{"startTime":1922.621,"endTime":1923.251,"body":"one"},{"startTime":1923.251,"endTime":1923.881,"body":"thing."},{"startTime":1923.881,"endTime":1924.511,"body":"I"},{"startTime":1924.511,"endTime":1925.141,"body":"know"},{"startTime":1925.141,"endTime":1925.771,"body":"we've"},{"startTime":1925.771,"endTime":1926.401,"body":"debated"},{"startTime":1926.401,"endTime":1927.031,"body":"this"},{"startTime":1927.031,"endTime":1927.661,"body":"before"},{"startTime":1927.661,"endTime":1928.291,"body":"whether"},{"startTime":1928.291,"endTime":1928.921,"body":"the"},{"startTime":1928.921,"endTime":1929.551,"body":"index"},{"startTime":1929.551,"endTime":1930.181,"body":"includes"},{"startTime":1930.181,"endTime":1930.811,"body":"interest"},{"startTime":1930.811,"endTime":1931.441,"body":"or"},{"startTime":1931.441,"endTime":1932.071,"body":"not."},{"startTime":1932.071,"endTime":1932.701,"body":"And"},{"startTime":1932.701,"endTime":1933.331,"body":"my"},{"startTime":1933.331,"endTime":1933.961,"body":"understanding"},{"startTime":1933.961,"endTime":1934.591,"body":"is"},{"startTime":1934.591,"endTime":1935.221,"body":"it…"},{"startTime":1935.221,"endTime":1935.851,"body":"but"},{"startTime":1935.851,"endTime":1936.481,"body":"I"},{"startTime":1936.481,"endTime":1937.111,"body":"know"},{"startTime":1937.111,"endTime":1937.741,"body":"you've"},{"startTime":1937.741,"endTime":1938.371,"body":"said"},{"startTime":1938.371,"endTime":1939.001,"body":"before,"},{"startTime":1939.001,"endTime":1939.631,"body":"just"},{"startTime":1939.631,"endTime":1940.261,"body":"that"},{"startTime":1940.261,"endTime":1940.891,"body":"we"},{"startTime":1940.891,"endTime":1941.521,"body":"might"},{"startTime":1941.521,"endTime":1942.151,"body":"have"},{"startTime":1942.151,"endTime":1942.781,"body":"to"},{"startTime":1942.781,"endTime":1943.411,"body":"disagree"},{"startTime":1943.411,"endTime":1944.041,"body":"on"},{"startTime":1944.041,"endTime":1944.671,"body":"this."},{"startTime":1944.681,"endTime":1945.346,"body":"Well,"},{"startTime":1945.346,"endTime":1946.011,"body":"75%"},{"startTime":1946.011,"endTime":1946.676,"body":"of"},{"startTime":1946.676,"endTime":1947.341,"body":"the"},{"startTime":1947.341,"endTime":1948.006,"body":"managers"},{"startTime":1948.006,"endTime":1948.671,"body":"include"},{"startTime":1948.671,"endTime":1949.336,"body":"interest"},{"startTime":1949.336,"endTime":1950.001,"body":"income."},{"startTime":1950.001,"endTime":1954.257,"body":"Ok,"},{"startTime":1954.257,"endTime":1958.513,"body":"I"},{"startTime":1958.513,"endTime":1962.769,"body":"mean,"},{"startTime":1962.769,"endTime":1967.025,"body":"I"},{"startTime":1967.025,"endTime":1971.281,"body":"looked"},{"startTime":1971.281,"endTime":1975.537,"body":"at"},{"startTime":1975.537,"endTime":1979.793,"body":"it"},{"startTime":1979.793,"endTime":1984.049,"body":"and"},{"startTime":1984.049,"endTime":1988.305,"body":"I"},{"startTime":1988.305,"endTime":1992.561,"body":"took"},{"startTime":1992.561,"endTime":1996.817,"body":"out"},{"startTime":1996.817,"endTime":2001.073,"body":"the"},{"startTime":2001.073,"endTime":2005.329,"body":"interest,"},{"startTime":2005.329,"endTime":2009.585,"body":"you"},{"startTime":2009.585,"endTime":2013.841,"body":"know,"},{"startTime":2013.841,"endTime":2018.097,"body":"that"},{"startTime":2018.097,"endTime":2022.353,"body":"drawdown"},{"startTime":2022.353,"endTime":2026.609,"body":"does"},{"startTime":2026.609,"endTime":2030.865,"body":"look…"},{"startTime":2030.865,"endTime":2035.121,"body":"Well,"},{"startTime":2035.121,"endTime":2039.377,"body":"it's"},{"startTime":2039.377,"endTime":2043.633,"body":"a"},{"startTime":2043.633,"endTime":2047.889,"body":"bigger"},{"startTime":2047.889,"endTime":2052.145,"body":"drawdown"},{"startTime":2052.145,"endTime":2056.401,"body":"than"},{"startTime":2056.401,"endTime":2060.657,"body":"we've"},{"startTime":2060.657,"endTime":2064.913,"body":"seen"},{"startTime":2064.913,"endTime":2069.169,"body":"historically."},{"startTime":1950.001,"endTime":2069.171,"body":"\r"},{"startTime":1950.001,"endTime":1957.945,"body":"Iguessit's"},{"startTime":1957.945,"endTime":1960.593,"body":"hard"},{"startTime":1960.593,"endTime":1963.241,"body":"to"},{"startTime":1963.241,"endTime":1965.889,"body":"compare"},{"startTime":1965.889,"endTime":1968.537,"body":"because"},{"startTime":1968.537,"endTime":1971.185,"body":"I"},{"startTime":1971.185,"endTime":1973.833,"body":"think"},{"startTime":1973.833,"endTime":1976.481,"body":"SocGen"},{"startTime":1976.481,"endTime":1979.129,"body":"just"},{"startTime":1979.129,"endTime":1981.777,"body":"take"},{"startTime":1981.777,"endTime":1984.425,"body":"how"},{"startTime":1984.425,"endTime":1987.073,"body":"the"},{"startTime":1987.073,"endTime":1989.721,"body":"managers"},{"startTime":1989.721,"endTime":1992.369,"body":"report"},{"startTime":1992.369,"endTime":1995.017,"body":"them."},{"startTime":1995.017,"endTime":1997.665,"body":"As"},{"startTime":1997.665,"endTime":2000.313,"body":"you"},{"startTime":2000.313,"endTime":2002.961,"body":"say,"},{"startTime":2002.961,"endTime":2005.609,"body":"some"},{"startTime":2005.609,"endTime":2008.257,"body":"do,"},{"startTime":2008.257,"endTime":2010.905,"body":"some"},{"startTime":2010.905,"endTime":2013.553,"body":"don't"},{"startTime":2013.553,"endTime":2016.201,"body":"include"},{"startTime":2016.201,"endTime":2018.849,"body":"it."},{"startTime":2018.849,"endTime":2021.497,"body":"And"},{"startTime":2021.497,"endTime":2024.145,"body":"of"},{"startTime":2024.145,"endTime":2026.793,"body":"course,"},{"startTime":2026.793,"endTime":2029.441,"body":"that"},{"startTime":2029.441,"endTime":2032.089,"body":"might"},{"startTime":2032.089,"endTime":2034.737,"body":"have"},{"startTime":2034.737,"endTime":2037.385,"body":"shifted"},{"startTime":2037.385,"endTime":2040.033,"body":"over"},{"startTime":2040.033,"endTime":2042.681,"body":"time"},{"startTime":2042.681,"endTime":2045.329,"body":"as"},{"startTime":2045.329,"endTime":2047.977,"body":"well,"},{"startTime":2047.977,"endTime":2050.625,"body":"you"},{"startTime":2050.625,"endTime":2053.273,"body":"know,"},{"startTime":2053.273,"endTime":2055.921,"body":"depending"},{"startTime":2055.921,"endTime":2058.569,"body":"on"},{"startTime":2058.569,"endTime":2061.217,"body":"which"},{"startTime":2061.217,"endTime":2063.865,"body":"manager"},{"startTime":2063.865,"endTime":2066.513,"body":"is"},{"startTime":2066.513,"endTime":2069.161,"body":"reporting."},{"startTime":1950.001,"endTime":1953.557,"body":"\rButif"},{"startTime":1953.557,"endTime":1955.335,"body":"you"},{"startTime":1955.335,"endTime":1957.113,"body":"take"},{"startTime":1957.113,"endTime":1958.891,"body":"out"},{"startTime":1958.891,"endTime":1960.669,"body":"all"},{"startTime":1960.669,"endTime":1962.447,"body":"of"},{"startTime":1962.447,"endTime":1964.225,"body":"the"},{"startTime":1964.225,"endTime":1966.003,"body":"interest"},{"startTime":1966.003,"endTime":1967.781,"body":"and"},{"startTime":1967.781,"endTime":1969.559,"body":"assume"},{"startTime":1969.559,"endTime":1971.337,"body":"that"},{"startTime":1971.337,"endTime":1973.115,"body":"it"},{"startTime":1973.115,"endTime":1974.893,"body":"had"},{"startTime":1974.893,"endTime":1976.671,"body":"been"},{"startTime":1976.671,"endTime":1978.449,"body":"in,"},{"startTime":1978.449,"endTime":1980.227,"body":"it"},{"startTime":1980.227,"endTime":1982.005,"body":"looks"},{"startTime":1982.005,"endTime":1983.783,"body":"like,"},{"startTime":1983.783,"endTime":1985.561,"body":"what,"},{"startTime":1985.561,"endTime":1987.339,"body":"about"},{"startTime":1987.339,"endTime":1989.117,"body":"a"},{"startTime":1989.117,"endTime":1990.895,"body":"27%,"},{"startTime":1990.895,"endTime":1992.673,"body":"28%"},{"startTime":1992.673,"endTime":1994.451,"body":"drawdown"},{"startTime":1994.451,"endTime":1996.229,"body":"ex"},{"startTime":1996.229,"endTime":1998.007,"body":"interest"},{"startTime":1998.007,"endTime":1999.785,"body":"because"},{"startTime":1999.785,"endTime":2001.563,"body":"it"},{"startTime":2001.563,"endTime":2003.341,"body":"didn't"},{"startTime":2003.341,"endTime":2005.119,"body":"get"},{"startTime":2005.119,"endTime":2006.897,"body":"out"},{"startTime":2006.897,"endTime":2008.675,"body":"of"},{"startTime":2008.675,"endTime":2010.453,"body":"the"},{"startTime":2010.453,"endTime":2012.231,"body":"drawdown"},{"startTime":2012.231,"endTime":2014.009,"body":"in"},{"startTime":2014.009,"endTime":2015.787,"body":"the"},{"startTime":2015.787,"endTime":2017.565,"body":"kind"},{"startTime":2017.565,"endTime":2019.343,"body":"of"},{"startTime":2019.343,"endTime":2021.121,"body":"the"},{"startTime":2021.121,"endTime":2022.899,"body":"2024"},{"startTime":2022.899,"endTime":2024.677,"body":"period."},{"startTime":2024.677,"endTime":2026.455,"body":"So"},{"startTime":2026.455,"endTime":2028.233,"body":"yeah,"},{"startTime":2028.233,"endTime":2030.011,"body":"I"},{"startTime":2030.011,"endTime":2031.789,"body":"mean,"},{"startTime":2031.789,"endTime":2033.567,"body":"I"},{"startTime":2033.567,"endTime":2035.345,"body":"think"},{"startTime":2035.345,"endTime":2037.123,"body":"it's"},{"startTime":2037.123,"endTime":2038.901,"body":"this"},{"startTime":2038.901,"endTime":2040.679,"body":"year's"},{"startTime":2040.679,"endTime":2042.457,"body":"performance"},{"startTime":2042.457,"endTime":2044.235,"body":"much"},{"startTime":2044.235,"endTime":2046.013,"body":"as"},{"startTime":2046.013,"endTime":2047.791,"body":"the"},{"startTime":2047.791,"endTime":2049.569,"body":"drawdown."},{"startTime":2049.569,"endTime":2051.347,"body":"But"},{"startTime":2051.347,"endTime":2053.125,"body":"then,"},{"startTime":2053.125,"endTime":2054.903,"body":"I"},{"startTime":2054.903,"endTime":2056.681,"body":"mean,"},{"startTime":2056.681,"endTime":2058.459,"body":"we're"},{"startTime":2058.459,"endTime":2060.237,"body":"talking"},{"startTime":2060.237,"endTime":2062.015,"body":"about"},{"startTime":2062.015,"endTime":2063.793,"body":"the"},{"startTime":2063.793,"endTime":2065.571,"body":"index"},{"startTime":2065.571,"endTime":2067.349,"body":"as"},{"startTime":2067.349,"endTime":2069.127,"body":"well."},{"startTime":1950.001,"endTime":2069.171,"body":"\r"},{"startTime":1950.001,"endTime":1958.314,"body":"Ithinkfor"},{"startTime":1958.314,"endTime":1961.085,"body":"individual"},{"startTime":1961.085,"endTime":1963.856,"body":"managers,"},{"startTime":1963.856,"endTime":1966.627,"body":"they've"},{"startTime":1966.627,"endTime":1969.398,"body":"probably"},{"startTime":1969.398,"endTime":1972.169,"body":"had"},{"startTime":1972.169,"endTime":1974.94,"body":"even"},{"startTime":1974.94,"endTime":1977.711,"body":"more"},{"startTime":1977.711,"endTime":1980.482,"body":"negative"},{"startTime":1980.482,"endTime":1983.253,"body":"experiences."},{"startTime":1983.253,"endTime":1986.024,"body":"So,"},{"startTime":1986.024,"endTime":1988.795,"body":"that"},{"startTime":1988.795,"endTime":1991.566,"body":"will"},{"startTime":1991.566,"endTime":1994.337,"body":"influence"},{"startTime":1994.337,"endTime":1997.108,"body":"the"},{"startTime":1997.108,"endTime":1999.879,"body":"perception"},{"startTime":1999.879,"endTime":2002.65,"body":"of"},{"startTime":2002.65,"endTime":2005.421,"body":"certain"},{"startTime":2005.421,"endTime":2008.192,"body":"investors"},{"startTime":2008.192,"endTime":2010.963,"body":"who've"},{"startTime":2010.963,"endTime":2013.734,"body":"just"},{"startTime":2013.734,"endTime":2016.505,"body":"been"},{"startTime":2016.505,"endTime":2019.276,"body":"kind"},{"startTime":2019.276,"endTime":2022.047,"body":"of"},{"startTime":2022.047,"endTime":2024.818,"body":"unlucky"},{"startTime":2024.818,"endTime":2027.589,"body":"enough"},{"startTime":2027.589,"endTime":2030.36,"body":"to"},{"startTime":2030.36,"endTime":2033.131,"body":"maybe"},{"startTime":2033.131,"endTime":2035.902,"body":"be"},{"startTime":2035.902,"endTime":2038.673,"body":"one"},{"startTime":2038.673,"endTime":2041.444,"body":"or"},{"startTime":2041.444,"endTime":2044.215,"body":"two"},{"startTime":2044.215,"endTime":2046.986,"body":"managers"},{"startTime":2046.986,"endTime":2049.757,"body":"who"},{"startTime":2049.757,"endTime":2052.528,"body":"are"},{"startTime":2052.528,"endTime":2055.299,"body":"doing"},{"startTime":2055.299,"endTime":2058.07,"body":"even"},{"startTime":2058.07,"endTime":2060.841,"body":"worse"},{"startTime":2060.841,"endTime":2063.612,"body":"than"},{"startTime":2063.612,"endTime":2066.383,"body":"the"},{"startTime":2066.383,"endTime":2069.154,"body":"index."},{"startTime":1950.001,"endTime":1953.557,"body":"\rSoyeah,"},{"startTime":1953.557,"endTime":1955.335,"body":"it"},{"startTime":1955.335,"endTime":1957.113,"body":"is"},{"startTime":1957.113,"endTime":1958.891,"body":"a"},{"startTime":1958.891,"endTime":1960.669,"body":"bit"},{"startTime":1960.669,"endTime":1962.447,"body":"surprising."},{"startTime":1962.447,"endTime":1964.225,"body":"I"},{"startTime":1964.225,"endTime":1966.003,"body":"mean"},{"startTime":1966.003,"endTime":1967.781,"body":"it's"},{"startTime":1967.781,"endTime":1969.559,"body":"certainly"},{"startTime":1969.559,"endTime":1971.337,"body":"surprising"},{"startTime":1971.337,"endTime":1973.115,"body":"given"},{"startTime":1973.115,"endTime":1974.893,"body":"the"},{"startTime":1974.893,"endTime":1976.671,"body":"macro"},{"startTime":1976.671,"endTime":1978.449,"body":"backdrop."},{"startTime":1978.449,"endTime":1980.227,"body":"Obviously,"},{"startTime":1980.227,"endTime":1982.005,"body":"when"},{"startTime":1982.005,"endTime":1983.783,"body":"you"},{"startTime":1983.783,"endTime":1985.561,"body":"look"},{"startTime":1985.561,"endTime":1987.339,"body":"back"},{"startTime":1987.339,"endTime":1989.117,"body":"you"},{"startTime":1989.117,"endTime":1990.895,"body":"can"},{"startTime":1990.895,"endTime":1992.673,"body":"explain"},{"startTime":1992.673,"endTime":1994.451,"body":"it"},{"startTime":1994.451,"endTime":1996.229,"body":"easily,"},{"startTime":1996.229,"endTime":1998.007,"body":"as"},{"startTime":1998.007,"endTime":1999.785,"body":"you"},{"startTime":1999.785,"endTime":2001.563,"body":"say,"},{"startTime":2001.563,"endTime":2003.341,"body":"with"},{"startTime":2003.341,"endTime":2005.119,"body":"the"},{"startTime":2005.119,"endTime":2006.897,"body":"choppiness"},{"startTime":2006.897,"endTime":2008.675,"body":"in"},{"startTime":2008.675,"endTime":2010.453,"body":"bonds,"},{"startTime":2010.453,"endTime":2012.231,"body":"the"},{"startTime":2012.231,"endTime":2014.009,"body":"choppiness"},{"startTime":2014.009,"endTime":2015.787,"body":"in"},{"startTime":2015.787,"endTime":2017.565,"body":"the"},{"startTime":2017.565,"endTime":2019.343,"body":"dollar,"},{"startTime":2019.343,"endTime":2021.121,"body":"etc."},{"startTime":2021.121,"endTime":2022.899,"body":"and"},{"startTime":2022.899,"endTime":2024.677,"body":"the"},{"startTime":2024.677,"endTime":2026.455,"body":"reversals"},{"startTime":2026.455,"endTime":2028.233,"body":"that"},{"startTime":2028.233,"endTime":2030.011,"body":"we've"},{"startTime":2030.011,"endTime":2031.789,"body":"seen."},{"startTime":2031.789,"endTime":2033.567,"body":"So"},{"startTime":2033.567,"endTime":2035.345,"body":"yeah,"},{"startTime":2035.345,"endTime":2037.123,"body":"I"},{"startTime":2037.123,"endTime":2038.901,"body":"mean"},{"startTime":2038.901,"endTime":2040.679,"body":"it"},{"startTime":2040.679,"endTime":2042.457,"body":"wouldn't"},{"startTime":2042.457,"endTime":2044.235,"body":"change…"},{"startTime":2044.235,"endTime":2046.013,"body":"You"},{"startTime":2046.013,"endTime":2047.791,"body":"know,"},{"startTime":2047.791,"endTime":2049.569,"body":"I"},{"startTime":2049.569,"endTime":2051.347,"body":"agree"},{"startTime":2051.347,"endTime":2053.125,"body":"with"},{"startTime":2053.125,"endTime":2054.903,"body":"everything"},{"startTime":2054.903,"endTime":2056.681,"body":"in"},{"startTime":2056.681,"endTime":2058.459,"body":"the"},{"startTime":2058.459,"endTime":2060.237,"body":"paper"},{"startTime":2060.237,"endTime":2062.015,"body":"and"},{"startTime":2062.015,"endTime":2063.793,"body":"that"},{"startTime":2063.793,"endTime":2065.571,"body":"was"},{"startTime":2065.571,"endTime":2067.349,"body":"the"},{"startTime":2067.349,"endTime":2069.127,"body":"conclusion."},{"startTime":1950.001,"endTime":2069.171,"body":"\r"},{"startTime":1950.001,"endTime":1953.538,"body":"Imeanthe"},{"startTime":1953.538,"endTime":1954.717,"body":"conclusion"},{"startTime":1954.717,"endTime":1955.896,"body":"is"},{"startTime":1955.896,"endTime":1957.075,"body":"we"},{"startTime":1957.075,"endTime":1958.254,"body":"haven't"},{"startTime":1958.254,"endTime":1959.433,"body":"seen"},{"startTime":1959.433,"endTime":1960.612,"body":"enough"},{"startTime":1960.612,"endTime":1961.791,"body":"sustained"},{"startTime":1961.791,"endTime":1962.97,"body":"trends"},{"startTime":1962.97,"endTime":1964.149,"body":"in"},{"startTime":1964.149,"endTime":1965.328,"body":"aggregate."},{"startTime":1965.328,"endTime":1966.507,"body":"Of"},{"startTime":1966.507,"endTime":1967.686,"body":"course,"},{"startTime":1967.686,"endTime":1968.865,"body":"we"},{"startTime":1968.865,"endTime":1970.044,"body":"have"},{"startTime":1970.044,"endTime":1971.223,"body":"seen"},{"startTime":1971.223,"endTime":1972.402,"body":"trends"},{"startTime":1972.402,"endTime":1973.581,"body":"in"},{"startTime":1973.581,"endTime":1974.76,"body":"some"},{"startTime":1974.76,"endTime":1975.939,"body":"markets."},{"startTime":1975.939,"endTime":1977.118,"body":"And"},{"startTime":1977.118,"endTime":1978.297,"body":"I"},{"startTime":1978.297,"endTime":1979.476,"body":"think"},{"startTime":1979.476,"endTime":1980.655,"body":"the"},{"startTime":1980.655,"endTime":1981.834,"body":"other"},{"startTime":1981.834,"endTime":1983.013,"body":"thing"},{"startTime":1983.013,"endTime":1984.192,"body":"was,"},{"startTime":1984.192,"endTime":1985.371,"body":"2022"},{"startTime":1985.371,"endTime":1986.55,"body":"was"},{"startTime":1986.55,"endTime":1987.729,"body":"an"},{"startTime":1987.729,"endTime":1988.908,"body":"exceptionally"},{"startTime":1988.908,"endTime":1990.087,"body":"positive"},{"startTime":1990.087,"endTime":1991.266,"body":"year."},{"startTime":1991.266,"endTime":1992.445,"body":"I"},{"startTime":1992.445,"endTime":1993.624,"body":"mean,"},{"startTime":1993.624,"endTime":1994.803,"body":"the"},{"startTime":1994.803,"endTime":1995.982,"body":"setup"},{"startTime":1995.982,"endTime":1997.161,"body":"in"},{"startTime":1997.161,"endTime":1998.34,"body":"interest"},{"startTime":1998.34,"endTime":1999.519,"body":"rates"},{"startTime":1999.519,"endTime":2000.698,"body":"was"},{"startTime":2000.698,"endTime":2001.877,"body":"so"},{"startTime":2001.877,"endTime":2003.056,"body":"good."},{"startTime":2003.056,"endTime":2004.235,"body":"You"},{"startTime":2004.235,"endTime":2005.414,"body":"know,"},{"startTime":2005.414,"endTime":2006.593,"body":"you"},{"startTime":2006.593,"endTime":2007.772,"body":"went"},{"startTime":2007.772,"endTime":2008.951,"body":"from"},{"startTime":2008.951,"endTime":2010.13,"body":"a"},{"startTime":2010.13,"endTime":2011.309,"body":"really"},{"startTime":2011.309,"endTime":2012.488,"body":"low"},{"startTime":2012.488,"endTime":2013.667,"body":"environment,"},{"startTime":2013.667,"endTime":2014.846,"body":"rates"},{"startTime":2014.846,"endTime":2016.025,"body":"were"},{"startTime":2016.025,"endTime":2017.204,"body":"close"},{"startTime":2017.204,"endTime":2018.383,"body":"to"},{"startTime":2018.383,"endTime":2019.562,"body":"zero."},{"startTime":2019.562,"endTime":2020.741,"body":"So,"},{"startTime":2020.741,"endTime":2021.92,"body":"managers"},{"startTime":2021.92,"endTime":2023.099,"body":"get"},{"startTime":2023.099,"endTime":2024.278,"body":"in"},{"startTime":2024.278,"endTime":2025.457,"body":"on"},{"startTime":2025.457,"endTime":2026.636,"body":"that"},{"startTime":2026.636,"endTime":2027.815,"body":"trade"},{"startTime":2027.815,"endTime":2028.994,"body":"early"},{"startTime":2028.994,"endTime":2030.173,"body":"on"},{"startTime":2030.173,"endTime":2031.352,"body":"with"},{"startTime":2031.352,"endTime":2032.531,"body":"large"},{"startTime":2032.531,"endTime":2033.71,"body":"positions."},{"startTime":2033.71,"endTime":2034.889,"body":"Okay,"},{"startTime":2034.889,"endTime":2036.068,"body":"you"},{"startTime":2036.068,"endTime":2037.247,"body":"might"},{"startTime":2037.247,"endTime":2038.426,"body":"have"},{"startTime":2038.426,"endTime":2039.605,"body":"volatility"},{"startTime":2039.605,"endTime":2040.784,"body":"size"},{"startTime":2040.784,"endTime":2041.963,"body":"and"},{"startTime":2041.963,"endTime":2043.142,"body":"reduced"},{"startTime":2043.142,"endTime":2044.321,"body":"it"},{"startTime":2044.321,"endTime":2045.5,"body":"over"},{"startTime":2045.5,"endTime":2046.679,"body":"time,"},{"startTime":2046.679,"endTime":2047.858,"body":"but"},{"startTime":2047.858,"endTime":2049.037,"body":"it"},{"startTime":2049.037,"endTime":2050.216,"body":"was"},{"startTime":2050.216,"endTime":2051.395,"body":"kind"},{"startTime":2051.395,"endTime":2052.574,"body":"of"},{"startTime":2052.574,"endTime":2053.753,"body":"a"},{"startTime":2053.753,"endTime":2054.932,"body":"once"},{"startTime":2054.932,"endTime":2056.111,"body":"in"},{"startTime":2056.111,"endTime":2057.29,"body":"a"},{"startTime":2057.29,"endTime":2058.469,"body":"career"},{"startTime":2058.469,"endTime":2059.648,"body":"kind"},{"startTime":2059.648,"endTime":2060.827,"body":"of"},{"startTime":2060.827,"endTime":2062.006,"body":"rate"},{"startTime":2062.006,"endTime":2063.185,"body":"adjustment."},{"startTime":2063.185,"endTime":2064.364,"body":"So,"},{"startTime":2064.364,"endTime":2065.543,"body":"that"},{"startTime":2065.543,"endTime":2066.722,"body":"was"},{"startTime":2066.722,"endTime":2067.901,"body":"exceptionally"},{"startTime":2067.901,"endTime":2069.08,"body":"good."},{"startTime":1950.001,"endTime":1961.349,"body":"\rButthese"},{"startTime":1961.349,"endTime":1967.023,"body":"opportunities"},{"startTime":1967.023,"endTime":1972.697,"body":"come"},{"startTime":1972.697,"endTime":1978.371,"body":"along"},{"startTime":1978.371,"endTime":1984.045,"body":"from"},{"startTime":1984.045,"endTime":1989.719,"body":"time"},{"startTime":1989.719,"endTime":1995.393,"body":"to"},{"startTime":1995.393,"endTime":2001.067,"body":"time."},{"startTime":2001.067,"endTime":2006.741,"body":"It's"},{"startTime":2006.741,"endTime":2012.415,"body":"just"},{"startTime":2012.415,"endTime":2018.089,"body":"we"},{"startTime":2018.089,"endTime":2023.763,"body":"don't"},{"startTime":2023.763,"endTime":2029.437,"body":"know"},{"startTime":2029.437,"endTime":2035.111,"body":"when"},{"startTime":2035.111,"endTime":2040.785,"body":"they're"},{"startTime":2040.785,"endTime":2046.459,"body":"going"},{"startTime":2046.459,"endTime":2052.133,"body":"to"},{"startTime":2052.133,"endTime":2057.807,"body":"come,"},{"startTime":2057.807,"endTime":2063.481,"body":"you"},{"startTime":2063.481,"endTime":2069.155,"body":"know."},{"startTime":2069.651,"endTime":2071.413,"body":"Exactly,"},{"startTime":2071.413,"endTime":2073.175,"body":"exactly."},{"startTime":2073.175,"endTime":2074.937,"body":"Should"},{"startTime":2074.937,"endTime":2076.699,"body":"we"},{"startTime":2076.699,"endTime":2078.461,"body":"spend"},{"startTime":2078.461,"endTime":2080.223,"body":"a"},{"startTime":2080.223,"endTime":2081.985,"body":"few"},{"startTime":2081.985,"endTime":2083.747,"body":"minutes"},{"startTime":2083.747,"endTime":2085.509,"body":"on"},{"startTime":2085.509,"endTime":2087.271,"body":"the"},{"startTime":2087.271,"endTime":2089.033,"body":"next"},{"startTime":2089.033,"endTime":2090.795,"body":"paper"},{"startTime":2090.795,"endTime":2092.557,"body":"which"},{"startTime":2092.557,"endTime":2094.319,"body":"is"},{"startTime":2094.319,"endTime":2096.081,"body":"from"},{"startTime":2096.081,"endTime":2097.843,"body":"a"},{"startTime":2097.843,"endTime":2099.605,"body":"company"},{"startTime":2099.605,"endTime":2101.367,"body":"that"},{"startTime":2101.367,"endTime":2103.129,"body":"I've"},{"startTime":2103.129,"endTime":2104.891,"body":"actually"},{"startTime":2104.891,"endTime":2106.653,"body":"never"},{"startTime":2106.653,"endTime":2108.415,"body":"read"},{"startTime":2108.415,"endTime":2110.177,"body":"one"},{"startTime":2110.177,"endTime":2111.939,"body":"of"},{"startTime":2111.939,"endTime":2113.701,"body":"their"},{"startTime":2113.701,"endTime":2115.463,"body":"papers"},{"startTime":2115.463,"endTime":2117.225,"body":"before."},{"startTime":2069.651,"endTime":2071.161,"body":"\rBut,of"},{"startTime":2071.161,"endTime":2071.916,"body":"course,"},{"startTime":2071.916,"endTime":2072.671,"body":"in"},{"startTime":2072.671,"endTime":2073.426,"body":"a"},{"startTime":2073.426,"endTime":2074.181,"body":"time"},{"startTime":2074.181,"endTime":2074.936,"body":"like"},{"startTime":2074.936,"endTime":2075.691,"body":"this"},{"startTime":2075.691,"endTime":2076.446,"body":"you"},{"startTime":2076.446,"endTime":2077.201,"body":"shouldn't"},{"startTime":2077.201,"endTime":2077.956,"body":"waste"},{"startTime":2077.956,"endTime":2078.711,"body":"a"},{"startTime":2078.711,"endTime":2079.466,"body":"good"},{"startTime":2079.466,"endTime":2080.221,"body":"crisis."},{"startTime":2080.221,"endTime":2080.976,"body":"So,"},{"startTime":2080.976,"endTime":2081.731,"body":"Capstone,"},{"startTime":2081.731,"endTime":2082.486,"body":"which"},{"startTime":2082.486,"endTime":2083.241,"body":"is"},{"startTime":2083.241,"endTime":2083.996,"body":"not"},{"startTime":2083.996,"endTime":2084.751,"body":"known"},{"startTime":2084.751,"endTime":2085.506,"body":"for"},{"startTime":2085.506,"endTime":2086.261,"body":"trend"},{"startTime":2086.261,"endTime":2087.016,"body":"following"},{"startTime":2087.016,"endTime":2087.771,"body":"but"},{"startTime":2087.771,"endTime":2088.526,"body":"they"},{"startTime":2088.526,"endTime":2089.281,"body":"have"},{"startTime":2089.281,"endTime":2090.036,"body":"released"},{"startTime":2090.036,"endTime":2090.791,"body":"a"},{"startTime":2090.791,"endTime":2091.546,"body":"paper"},{"startTime":2091.546,"endTime":2092.301,"body":"titled"},{"startTime":2092.301,"endTime":2093.056,"body":"From"},{"startTime":2093.056,"endTime":2093.811,"body":"Hero"},{"startTime":2093.811,"endTime":2094.566,"body":"to"},{"startTime":2094.566,"endTime":2095.321,"body":"Villain,"},{"startTime":2095.321,"endTime":2096.076,"body":"Is"},{"startTime":2096.076,"endTime":2096.831,"body":"There"},{"startTime":2096.831,"endTime":2097.586,"body":"a"},{"startTime":2097.586,"endTime":2098.341,"body":"Problem"},{"startTime":2098.341,"endTime":2099.096,"body":"with"},{"startTime":2099.096,"endTime":2099.851,"body":"Trend"},{"startTime":2099.851,"endTime":2100.606,"body":"Following?"},{"startTime":2100.606,"endTime":2101.361,"body":"I"},{"startTime":2101.361,"endTime":2102.116,"body":"remember"},{"startTime":2102.116,"endTime":2102.871,"body":"them"},{"startTime":2102.871,"endTime":2103.626,"body":"as"},{"startTime":2103.626,"endTime":2104.381,"body":"volatility"},{"startTime":2104.381,"endTime":2105.136,"body":"managers."},{"startTime":2105.136,"endTime":2105.891,"body":"So,"},{"startTime":2105.891,"endTime":2106.646,"body":"that"},{"startTime":2106.646,"endTime":2107.401,"body":"was"},{"startTime":2107.401,"endTime":2108.156,"body":"a"},{"startTime":2108.156,"endTime":2108.911,"body":"little"},{"startTime":2108.911,"endTime":2109.666,"body":"bit"},{"startTime":2109.666,"endTime":2110.421,"body":"surprised"},{"startTime":2110.421,"endTime":2111.176,"body":"to"},{"startTime":2111.176,"endTime":2111.931,"body":"see"},{"startTime":2111.931,"endTime":2112.686,"body":"a"},{"startTime":2112.686,"endTime":2113.441,"body":"paper"},{"startTime":2113.441,"endTime":2114.196,"body":"on"},{"startTime":2114.196,"endTime":2114.951,"body":"trend"},{"startTime":2114.951,"endTime":2115.706,"body":"following"},{"startTime":2115.706,"endTime":2116.461,"body":"from"},{"startTime":2116.461,"endTime":2117.216,"body":"them."},{"startTime":2069.651,"endTime":2072.293,"body":"\rButit's"},{"startTime":2072.293,"endTime":2073.614,"body":"not"},{"startTime":2073.614,"endTime":2074.935,"body":"just"},{"startTime":2074.935,"endTime":2076.256,"body":"about"},{"startTime":2076.256,"endTime":2077.577,"body":"trend"},{"startTime":2077.577,"endTime":2078.898,"body":"following."},{"startTime":2078.898,"endTime":2080.219,"body":"So,"},{"startTime":2080.219,"endTime":2081.54,"body":"maybe"},{"startTime":2081.54,"endTime":2082.861,"body":"you"},{"startTime":2082.861,"endTime":2084.182,"body":"can"},{"startTime":2084.182,"endTime":2085.503,"body":"enlighten"},{"startTime":2085.503,"endTime":2086.824,"body":"us"},{"startTime":2086.824,"endTime":2088.145,"body":"a"},{"startTime":2088.145,"endTime":2089.466,"body":"little"},{"startTime":2089.466,"endTime":2090.787,"body":"bit"},{"startTime":2090.787,"endTime":2092.108,"body":"in"},{"startTime":2092.108,"endTime":2093.429,"body":"terms"},{"startTime":2093.429,"endTime":2094.75,"body":"of"},{"startTime":2094.75,"endTime":2096.071,"body":"what"},{"startTime":2096.071,"endTime":2097.392,"body":"they're"},{"startTime":2097.392,"endTime":2098.713,"body":"writing"},{"startTime":2098.713,"endTime":2100.034,"body":"that"},{"startTime":2100.034,"endTime":2101.355,"body":"might"},{"startTime":2101.355,"endTime":2102.676,"body":"be"},{"startTime":2102.676,"endTime":2103.997,"body":"a"},{"startTime":2103.997,"endTime":2105.318,"body":"little"},{"startTime":2105.318,"endTime":2106.639,"body":"bit"},{"startTime":2106.639,"endTime":2107.96,"body":"different"},{"startTime":2107.96,"endTime":2109.281,"body":"from"},{"startTime":2109.281,"endTime":2110.602,"body":"all"},{"startTime":2110.602,"endTime":2111.923,"body":"the"},{"startTime":2111.923,"endTime":2113.244,"body":"other"},{"startTime":2113.244,"endTime":2114.565,"body":"papers"},{"startTime":2114.565,"endTime":2115.886,"body":"we've"},{"startTime":2115.886,"endTime":2117.207,"body":"seen."},{"startTime":2117.231,"endTime":2118.538,"body":"Yeah,"},{"startTime":2118.538,"endTime":2119.845,"body":"I"},{"startTime":2119.845,"endTime":2121.152,"body":"do"},{"startTime":2121.152,"endTime":2122.459,"body":"think"},{"startTime":2122.459,"endTime":2123.766,"body":"they"},{"startTime":2123.766,"endTime":2125.073,"body":"do"},{"startTime":2125.073,"endTime":2126.38,"body":"have"},{"startTime":2126.38,"endTime":2127.687,"body":"trend"},{"startTime":2127.687,"endTime":2128.994,"body":"following"},{"startTime":2128.994,"endTime":2130.301,"body":"programs."},{"startTime":2130.301,"endTime":2131.608,"body":"I"},{"startTime":2131.608,"endTime":2132.915,"body":"mean,"},{"startTime":2132.915,"endTime":2134.222,"body":"they're"},{"startTime":2134.222,"endTime":2135.529,"body":"better"},{"startTime":2135.529,"endTime":2136.836,"body":"known"},{"startTime":2136.836,"endTime":2138.143,"body":"in"},{"startTime":2138.143,"endTime":2139.45,"body":"the"},{"startTime":2139.45,"endTime":2140.757,"body":"volatility"},{"startTime":2140.757,"endTime":2142.064,"body":"space,"},{"startTime":2142.064,"endTime":2143.371,"body":"but"},{"startTime":2143.371,"endTime":2144.678,"body":"they"},{"startTime":2144.678,"endTime":2145.985,"body":"certainly"},{"startTime":2145.985,"endTime":2147.292,"body":"do"},{"startTime":2147.292,"endTime":2148.599,"body":"trend"},{"startTime":2148.599,"endTime":2149.906,"body":"following"},{"startTime":2149.906,"endTime":2151.213,"body":"and"},{"startTime":2151.213,"endTime":2152.52,"body":"offer"},{"startTime":2152.52,"endTime":2153.827,"body":"kind"},{"startTime":2153.827,"endTime":2155.134,"body":"of"},{"startTime":2155.134,"endTime":2156.441,"body":"solutions"},{"startTime":2156.441,"endTime":2157.748,"body":"that"},{"startTime":2157.748,"endTime":2159.055,"body":"combine."},{"startTime":2159.055,"endTime":2160.362,"body":"I"},{"startTime":2160.362,"endTime":2161.669,"body":"mean,"},{"startTime":2161.669,"endTime":2162.976,"body":"as"},{"startTime":2162.976,"endTime":2164.283,"body":"you"},{"startTime":2164.283,"endTime":2165.59,"body":"say,"},{"startTime":2165.59,"endTime":2166.897,"body":"their"},{"startTime":2166.897,"endTime":2168.204,"body":"focus"},{"startTime":2168.204,"endTime":2169.511,"body":"is"},{"startTime":2169.511,"endTime":2170.818,"body":"more"},{"startTime":2170.818,"endTime":2172.125,"body":"on"},{"startTime":2172.125,"endTime":2173.432,"body":"volatility"},{"startTime":2173.432,"endTime":2174.739,"body":"trading."},{"startTime":2174.739,"endTime":2176.046,"body":"And"},{"startTime":2176.046,"endTime":2177.353,"body":"I"},{"startTime":2177.353,"endTime":2178.66,"body":"guess"},{"startTime":2178.66,"endTime":2179.967,"body":"there's"},{"startTime":2179.967,"endTime":2181.274,"body":"two"},{"startTime":2181.274,"endTime":2182.581,"body":"kinds"},{"startTime":2182.581,"endTime":2183.888,"body":"of"},{"startTime":2183.888,"endTime":2185.195,"body":"points"},{"startTime":2185.195,"endTime":2186.502,"body":"to"},{"startTime":2186.502,"endTime":2187.809,"body":"the"},{"startTime":2187.809,"endTime":2189.116,"body":"paper."},{"startTime":2189.116,"endTime":2190.423,"body":"One"},{"startTime":2190.423,"endTime":2191.73,"body":"is"},{"startTime":2191.73,"endTime":2193.037,"body":"kind"},{"startTime":2193.037,"endTime":2194.344,"body":"of"},{"startTime":2194.344,"endTime":2195.651,"body":"similar"},{"startTime":2195.651,"endTime":2196.958,"body":"to"},{"startTime":2196.958,"endTime":2198.265,"body":"the"},{"startTime":2198.265,"endTime":2199.572,"body":"Man"},{"startTime":2199.572,"endTime":2200.879,"body":"paper."},{"startTime":2200.879,"endTime":2202.186,"body":"Is"},{"startTime":2202.186,"endTime":2203.493,"body":"there"},{"startTime":2203.493,"endTime":2204.8,"body":"a"},{"startTime":2204.8,"endTime":2206.107,"body":"problem"},{"startTime":2206.107,"endTime":2207.414,"body":"with"},{"startTime":2207.414,"endTime":2208.721,"body":"trend"},{"startTime":2208.721,"endTime":2210.028,"body":"following?"},{"startTime":2210.028,"endTime":2211.335,"body":"The"},{"startTime":2211.335,"endTime":2212.642,"body":"answer"},{"startTime":2212.642,"endTime":2213.949,"body":"is"},{"startTime":2213.949,"endTime":2215.256,"body":"no,"},{"startTime":2215.256,"endTime":2216.563,"body":"for"},{"startTime":2216.563,"endTime":2217.87,"body":"similar"},{"startTime":2217.87,"endTime":2219.177,"body":"reasons"},{"startTime":2219.177,"endTime":2220.484,"body":"given"},{"startTime":2220.484,"endTime":2221.791,"body":"by"},{"startTime":2221.791,"endTime":2223.098,"body":"the"},{"startTime":2223.098,"endTime":2224.405,"body":"Man"},{"startTime":2224.405,"endTime":2225.712,"body":"paper."},{"startTime":2117.231,"endTime":2119.337,"body":"\rThehighlight"},{"startTime":2119.337,"endTime":2120.39,"body":"is"},{"startTime":2120.39,"endTime":2121.443,"body":"that"},{"startTime":2121.443,"endTime":2122.496,"body":"we've"},{"startTime":2122.496,"endTime":2123.549,"body":"been"},{"startTime":2123.549,"endTime":2124.602,"body":"here"},{"startTime":2124.602,"endTime":2125.655,"body":"before."},{"startTime":2125.655,"endTime":2126.708,"body":"It's"},{"startTime":2126.708,"endTime":2127.761,"body":"not"},{"startTime":2127.761,"endTime":2128.814,"body":"unusual"},{"startTime":2128.814,"endTime":2129.867,"body":"for"},{"startTime":2129.867,"endTime":2130.92,"body":"trend"},{"startTime":2130.92,"endTime":2131.973,"body":"following"},{"startTime":2131.973,"endTime":2133.026,"body":"to"},{"startTime":2133.026,"endTime":2134.079,"body":"do"},{"startTime":2134.079,"endTime":2135.132,"body":"badly"},{"startTime":2135.132,"endTime":2136.185,"body":"in"},{"startTime":2136.185,"endTime":2137.238,"body":"periods"},{"startTime":2137.238,"endTime":2138.291,"body":"when"},{"startTime":2138.291,"endTime":2139.344,"body":"equities"},{"startTime":2139.344,"endTime":2140.397,"body":"have"},{"startTime":2140.397,"endTime":2141.45,"body":"done"},{"startTime":2141.45,"endTime":2142.503,"body":"badly"},{"startTime":2142.503,"endTime":2143.556,"body":"for"},{"startTime":2143.556,"endTime":2144.609,"body":"a"},{"startTime":2144.609,"endTime":2145.662,"body":"while"},{"startTime":2145.662,"endTime":2146.715,"body":"and"},{"startTime":2146.715,"endTime":2147.768,"body":"then"},{"startTime":2147.768,"endTime":2148.821,"body":"subsequently"},{"startTime":2148.821,"endTime":2149.874,"body":"do"},{"startTime":2149.874,"endTime":2150.927,"body":"well"},{"startTime":2150.927,"endTime":2151.98,"body":"as"},{"startTime":2151.98,"endTime":2153.033,"body":"the"},{"startTime":2153.033,"endTime":2154.086,"body":"equity"},{"startTime":2154.086,"endTime":2155.139,"body":"market"},{"startTime":2155.139,"endTime":2156.192,"body":"decline"},{"startTime":2156.192,"endTime":2157.245,"body":"continues."},{"startTime":2157.245,"endTime":2158.298,"body":"So,"},{"startTime":2158.298,"endTime":2159.351,"body":"it's"},{"startTime":2159.351,"endTime":2160.404,"body":"kind"},{"startTime":2160.404,"endTime":2161.457,"body":"of"},{"startTime":2161.457,"endTime":2162.51,"body":"like"},{"startTime":2162.51,"endTime":2163.563,"body":"highlighting"},{"startTime":2163.563,"endTime":2164.616,"body":"this"},{"startTime":2164.616,"endTime":2165.669,"body":"idea"},{"startTime":2165.669,"endTime":2166.722,"body":"of"},{"startTime":2166.722,"endTime":2167.775,"body":"first"},{"startTime":2167.775,"endTime":2168.828,"body":"responders"},{"startTime":2168.828,"endTime":2169.881,"body":"and"},{"startTime":2169.881,"endTime":2170.934,"body":"second"},{"startTime":2170.934,"endTime":2171.987,"body":"responders,"},{"startTime":2171.987,"endTime":2173.04,"body":"with"},{"startTime":2173.04,"endTime":2174.093,"body":"being"},{"startTime":2174.093,"endTime":2175.146,"body":"a"},{"startTime":2175.146,"endTime":2176.199,"body":"potential"},{"startTime":2176.199,"endTime":2177.252,"body":"role"},{"startTime":2177.252,"endTime":2178.305,"body":"in"},{"startTime":2178.305,"endTime":2179.358,"body":"the"},{"startTime":2179.358,"endTime":2180.411,"body":"portfolio"},{"startTime":2180.411,"endTime":2181.464,"body":"for"},{"startTime":2181.464,"endTime":2182.517,"body":"long"},{"startTime":2182.517,"endTime":2183.57,"body":"volatility"},{"startTime":2183.57,"endTime":2184.623,"body":"strategies"},{"startTime":2184.623,"endTime":2185.676,"body":"as"},{"startTime":2185.676,"endTime":2186.729,"body":"a"},{"startTime":2186.729,"endTime":2187.782,"body":"first"},{"startTime":2187.782,"endTime":2188.835,"body":"responder"},{"startTime":2188.835,"endTime":2189.888,"body":"solution"},{"startTime":2189.888,"endTime":2190.941,"body":"and"},{"startTime":2190.941,"endTime":2191.994,"body":"then"},{"startTime":2191.994,"endTime":2193.047,"body":"trend"},{"startTime":2193.047,"endTime":2194.1,"body":"following"},{"startTime":2194.1,"endTime":2195.153,"body":"as"},{"startTime":2195.153,"endTime":2196.206,"body":"a"},{"startTime":2196.206,"endTime":2197.259,"body":"second"},{"startTime":2197.259,"endTime":2198.312,"body":"responder."},{"startTime":2198.312,"endTime":2199.365,"body":"And"},{"startTime":2199.365,"endTime":2200.418,"body":"they"},{"startTime":2200.418,"endTime":2201.471,"body":"look"},{"startTime":2201.471,"endTime":2202.524,"body":"at"},{"startTime":2202.524,"endTime":2203.577,"body":"the"},{"startTime":2203.577,"endTime":2204.63,"body":"different"},{"startTime":2204.63,"endTime":2205.683,"body":"types"},{"startTime":2205.683,"endTime":2206.736,"body":"of"},{"startTime":2206.736,"endTime":2207.789,"body":"equity"},{"startTime":2207.789,"endTime":2208.842,"body":"drawdowns"},{"startTime":2208.842,"endTime":2209.895,"body":"that"},{"startTime":2209.895,"endTime":2210.948,"body":"we've"},{"startTime":2210.948,"endTime":2212.001,"body":"seen"},{"startTime":2212.001,"endTime":2213.054,"body":"in"},{"startTime":2213.054,"endTime":2214.107,"body":"the"},{"startTime":2214.107,"endTime":2215.16,"body":"last"},{"startTime":2215.16,"endTime":2216.213,"body":"while"},{"startTime":2216.213,"endTime":2217.266,"body":"and"},{"startTime":2217.266,"endTime":2218.319,"body":"how"},{"startTime":2218.319,"endTime":2219.372,"body":"the"},{"startTime":2219.372,"endTime":2220.425,"body":"two"},{"startTime":2220.425,"endTime":2221.478,"body":"different"},{"startTime":2221.478,"endTime":2222.531,"body":"strategies"},{"startTime":2222.531,"endTime":2223.584,"body":"have"},{"startTime":2223.584,"endTime":2224.637,"body":"played"},{"startTime":2224.637,"endTime":2225.69,"body":"out."},{"startTime":2117.231,"endTime":2121.751,"body":"\rObviously,2022"},{"startTime":2121.751,"endTime":2124.011,"body":"was"},{"startTime":2124.011,"endTime":2126.271,"body":"much"},{"startTime":2126.271,"endTime":2128.531,"body":"better"},{"startTime":2128.531,"endTime":2130.791,"body":"for"},{"startTime":2130.791,"endTime":2133.051,"body":"trend"},{"startTime":2133.051,"endTime":2135.311,"body":"following"},{"startTime":2135.311,"endTime":2137.571,"body":"than"},{"startTime":2137.571,"endTime":2139.831,"body":"long"},{"startTime":2139.831,"endTime":2142.091,"body":"vol,"},{"startTime":2142.091,"endTime":2144.351,"body":"but"},{"startTime":2144.351,"endTime":2146.611,"body":"long"},{"startTime":2146.611,"endTime":2148.871,"body":"vol"},{"startTime":2148.871,"endTime":2151.131,"body":"did"},{"startTime":2151.131,"endTime":2153.391,"body":"better"},{"startTime":2153.391,"endTime":2155.651,"body":"in,"},{"startTime":2155.651,"endTime":2157.911,"body":"in"},{"startTime":2157.911,"endTime":2160.171,"body":"the"},{"startTime":2160.171,"endTime":2162.431,"body":"March"},{"startTime":2162.431,"endTime":2164.691,"body":"2020"},{"startTime":2164.691,"endTime":2166.951,"body":"drawdown."},{"startTime":2166.951,"endTime":2169.211,"body":"So,"},{"startTime":2169.211,"endTime":2171.471,"body":"you"},{"startTime":2171.471,"endTime":2173.731,"body":"go"},{"startTime":2173.731,"endTime":2175.991,"body":"back"},{"startTime":2175.991,"endTime":2178.251,"body":"in"},{"startTime":2178.251,"endTime":2180.511,"body":"time"},{"startTime":2180.511,"endTime":2182.771,"body":"and"},{"startTime":2182.771,"endTime":2185.031,"body":"a"},{"startTime":2185.031,"endTime":2187.291,"body":"blend"},{"startTime":2187.291,"endTime":2189.551,"body":"of"},{"startTime":2189.551,"endTime":2191.811,"body":"them"},{"startTime":2191.811,"endTime":2194.071,"body":"can"},{"startTime":2194.071,"endTime":2196.331,"body":"be"},{"startTime":2196.331,"endTime":2198.591,"body":"a"},{"startTime":2198.591,"endTime":2200.851,"body":"more"},{"startTime":2200.851,"endTime":2203.111,"body":"robust"},{"startTime":2203.111,"endTime":2205.371,"body":"solution."},{"startTime":2205.371,"endTime":2207.631,"body":"So,"},{"startTime":2207.631,"endTime":2209.891,"body":"I"},{"startTime":2209.891,"endTime":2212.151,"body":"mean,"},{"startTime":2212.151,"endTime":2214.411,"body":"that's"},{"startTime":2214.411,"endTime":2216.671,"body":"certainly"},{"startTime":2216.671,"endTime":2218.931,"body":"not"},{"startTime":2218.931,"endTime":2221.191,"body":"a"},{"startTime":2221.191,"endTime":2223.451,"body":"new"},{"startTime":2223.451,"endTime":2225.711,"body":"idea."},{"startTime":2117.231,"endTime":2121.037,"body":"\rWe'vehad"},{"startTime":2121.037,"endTime":2122.94,"body":"that"},{"startTime":2122.94,"endTime":2124.843,"body":"in"},{"startTime":2124.843,"endTime":2126.746,"body":"terms"},{"startTime":2126.746,"endTime":2128.649,"body":"of"},{"startTime":2128.649,"endTime":2130.552,"body":"risk"},{"startTime":2130.552,"endTime":2132.455,"body":"mitigating"},{"startTime":2132.455,"endTime":2134.358,"body":"portfolios"},{"startTime":2134.358,"endTime":2136.261,"body":"and"},{"startTime":2136.261,"endTime":2138.164,"body":"there"},{"startTime":2138.164,"endTime":2140.067,"body":"are"},{"startTime":2140.067,"endTime":2141.97,"body":"a"},{"startTime":2141.97,"endTime":2143.873,"body":"lot"},{"startTime":2143.873,"endTime":2145.776,"body":"of"},{"startTime":2145.776,"endTime":2147.679,"body":"believers"},{"startTime":2147.679,"endTime":2149.582,"body":"in"},{"startTime":2149.582,"endTime":2151.485,"body":"that."},{"startTime":2151.485,"endTime":2153.388,"body":"Yeah,"},{"startTime":2153.388,"endTime":2155.291,"body":"I"},{"startTime":2155.291,"endTime":2157.194,"body":"mean,"},{"startTime":2157.194,"endTime":2159.097,"body":"I"},{"startTime":2159.097,"endTime":2161,"body":"think"},{"startTime":2161,"endTime":2162.903,"body":"what"},{"startTime":2162.903,"endTime":2164.806,"body":"they're"},{"startTime":2164.806,"endTime":2166.709,"body":"saying"},{"startTime":2166.709,"endTime":2168.612,"body":"in"},{"startTime":2168.612,"endTime":2170.515,"body":"their"},{"startTime":2170.515,"endTime":2172.418,"body":"paper"},{"startTime":2172.418,"endTime":2174.321,"body":"makes"},{"startTime":2174.321,"endTime":2176.224,"body":"sense,"},{"startTime":2176.224,"endTime":2178.127,"body":"but"},{"startTime":2178.127,"endTime":2180.03,"body":"in"},{"startTime":2180.03,"endTime":2181.933,"body":"terms"},{"startTime":2181.933,"endTime":2183.836,"body":"of"},{"startTime":2183.836,"endTime":2185.739,"body":"kind"},{"startTime":2185.739,"endTime":2187.642,"body":"of"},{"startTime":2187.642,"endTime":2189.545,"body":"the"},{"startTime":2189.545,"endTime":2191.448,"body":"explanation"},{"startTime":2191.448,"endTime":2193.351,"body":"for"},{"startTime":2193.351,"endTime":2195.254,"body":"the"},{"startTime":2195.254,"endTime":2197.157,"body":"trend"},{"startTime":2197.157,"endTime":2199.06,"body":"following"},{"startTime":2199.06,"endTime":2200.963,"body":"drawdown,"},{"startTime":2200.963,"endTime":2202.866,"body":"yeah,"},{"startTime":2202.866,"endTime":2204.769,"body":"kind"},{"startTime":2204.769,"endTime":2206.672,"body":"of"},{"startTime":2206.672,"endTime":2208.575,"body":"very"},{"startTime":2208.575,"endTime":2210.478,"body":"much"},{"startTime":2210.478,"endTime":2212.381,"body":"on"},{"startTime":2212.381,"endTime":2214.284,"body":"the"},{"startTime":2214.284,"endTime":2216.187,"body":"same"},{"startTime":2216.187,"endTime":2218.09,"body":"lines"},{"startTime":2218.09,"endTime":2219.993,"body":"as"},{"startTime":2219.993,"endTime":2221.896,"body":"the"},{"startTime":2221.896,"endTime":2223.799,"body":"Man"},{"startTime":2223.799,"endTime":2225.702,"body":"paper."},{"startTime":2227.772,"endTime":2229.415,"body":"Yeah,"},{"startTime":2229.415,"endTime":2231.058,"body":"it's"},{"startTime":2231.058,"endTime":2232.701,"body":"kind"},{"startTime":2232.701,"endTime":2234.344,"body":"of"},{"startTime":2234.344,"endTime":2235.987,"body":"the"},{"startTime":2235.987,"endTime":2237.63,"body":"same"},{"startTime":2237.63,"endTime":2239.273,"body":"thing."},{"startTime":2239.273,"endTime":2240.916,"body":"I"},{"startTime":2240.916,"endTime":2242.559,"body":"mean,"},{"startTime":2242.559,"endTime":2244.202,"body":"after"},{"startTime":2244.202,"endTime":2245.845,"body":"2020,"},{"startTime":2245.845,"endTime":2247.488,"body":"or"},{"startTime":2247.488,"endTime":2249.131,"body":"after"},{"startTime":2249.131,"endTime":2250.774,"body":"the"},{"startTime":2250.774,"endTime":2252.417,"body":"spring"},{"startTime":2252.417,"endTime":2254.06,"body":"of"},{"startTime":2254.06,"endTime":2255.703,"body":"2020,"},{"startTime":2255.703,"endTime":2257.346,"body":"I"},{"startTime":2257.346,"endTime":2258.989,"body":"mean,"},{"startTime":2258.989,"endTime":2260.632,"body":"long"},{"startTime":2260.632,"endTime":2262.275,"body":"vol"},{"startTime":2262.275,"endTime":2263.918,"body":"strategies"},{"startTime":2263.918,"endTime":2265.561,"body":"were"},{"startTime":2265.561,"endTime":2267.204,"body":"really"},{"startTime":2267.204,"endTime":2268.847,"body":"the"},{"startTime":2268.847,"endTime":2270.49,"body":"flavor"},{"startTime":2270.49,"endTime":2272.133,"body":"of"},{"startTime":2272.133,"endTime":2273.776,"body":"the"},{"startTime":2273.776,"endTime":2275.419,"body":"month"},{"startTime":2275.419,"endTime":2277.062,"body":"and"},{"startTime":2277.062,"endTime":2278.705,"body":"lots"},{"startTime":2278.705,"endTime":2280.348,"body":"of"},{"startTime":2280.348,"endTime":2281.991,"body":"people"},{"startTime":2281.991,"endTime":2283.634,"body":"wanted"},{"startTime":2283.634,"endTime":2285.277,"body":"to"},{"startTime":2285.277,"endTime":2286.92,"body":"get"},{"startTime":2286.92,"endTime":2288.563,"body":"into"},{"startTime":2288.563,"endTime":2290.206,"body":"them."},{"startTime":2290.206,"endTime":2291.849,"body":"And"},{"startTime":2291.849,"endTime":2293.492,"body":"then,"},{"startTime":2293.492,"endTime":2295.135,"body":"you"},{"startTime":2295.135,"endTime":2296.778,"body":"know,"},{"startTime":2296.778,"endTime":2298.421,"body":"nothing"},{"startTime":2298.421,"endTime":2300.064,"body":"happened"},{"startTime":2300.064,"endTime":2301.707,"body":"except"},{"startTime":2301.707,"endTime":2303.35,"body":"for"},{"startTime":2303.35,"endTime":2304.993,"body":"continued"},{"startTime":2304.993,"endTime":2306.636,"body":"losses"},{"startTime":2306.636,"endTime":2308.279,"body":"in"},{"startTime":2308.279,"endTime":2309.922,"body":"that"},{"startTime":2309.922,"endTime":2311.565,"body":"space"},{"startTime":2311.565,"endTime":2313.208,"body":"for"},{"startTime":2313.208,"endTime":2314.851,"body":"a"},{"startTime":2314.851,"endTime":2316.494,"body":"very"},{"startTime":2316.494,"endTime":2318.137,"body":"long"},{"startTime":2318.137,"endTime":2319.78,"body":"time."},{"startTime":2227.772,"endTime":2231.774,"body":"\rAndthen"},{"startTime":2231.774,"endTime":2233.775,"body":"2022"},{"startTime":2233.775,"endTime":2235.776,"body":"comes"},{"startTime":2235.776,"endTime":2237.777,"body":"along,"},{"startTime":2237.777,"endTime":2239.778,"body":"equities"},{"startTime":2239.778,"endTime":2241.779,"body":"go"},{"startTime":2241.779,"endTime":2243.78,"body":"down,"},{"startTime":2243.78,"endTime":2245.781,"body":"but"},{"startTime":2245.781,"endTime":2247.782,"body":"hey,"},{"startTime":2247.782,"endTime":2249.783,"body":"there's"},{"startTime":2249.783,"endTime":2251.784,"body":"no"},{"startTime":2251.784,"endTime":2253.785,"body":"protection"},{"startTime":2253.785,"endTime":2255.786,"body":"from"},{"startTime":2255.786,"endTime":2257.787,"body":"vol"},{"startTime":2257.787,"endTime":2259.788,"body":"because"},{"startTime":2259.788,"endTime":2261.789,"body":"that"},{"startTime":2261.789,"endTime":2263.79,"body":"happened"},{"startTime":2263.79,"endTime":2265.791,"body":"at"},{"startTime":2265.791,"endTime":2267.792,"body":"a"},{"startTime":2267.792,"endTime":2269.793,"body":"very"},{"startTime":2269.793,"endTime":2271.794,"body":"low"},{"startTime":2271.794,"endTime":2273.795,"body":"vol."},{"startTime":2273.795,"endTime":2275.796,"body":"So"},{"startTime":2275.796,"endTime":2277.797,"body":"yeah,"},{"startTime":2277.797,"endTime":2279.798,"body":"it's"},{"startTime":2279.798,"endTime":2281.799,"body":"never"},{"startTime":2281.799,"endTime":2283.8,"body":"easy."},{"startTime":2283.8,"endTime":2285.801,"body":"So"},{"startTime":2285.801,"endTime":2287.802,"body":"maybe"},{"startTime":2287.802,"endTime":2289.803,"body":"combining"},{"startTime":2289.803,"endTime":2291.804,"body":"them"},{"startTime":2291.804,"endTime":2293.805,"body":"makes"},{"startTime":2293.805,"endTime":2295.806,"body":"sense."},{"startTime":2295.806,"endTime":2297.807,"body":"I"},{"startTime":2297.807,"endTime":2299.808,"body":"don't"},{"startTime":2299.808,"endTime":2301.809,"body":"know."},{"startTime":2301.809,"endTime":2303.81,"body":"I"},{"startTime":2303.81,"endTime":2305.811,"body":"still"},{"startTime":2305.811,"endTime":2307.812,"body":"like"},{"startTime":2307.812,"endTime":2309.813,"body":"the"},{"startTime":2309.813,"endTime":2311.814,"body":"pure"},{"startTime":2311.814,"endTime":2313.815,"body":"trend"},{"startTime":2313.815,"endTime":2315.816,"body":"approach,"},{"startTime":2315.816,"endTime":2317.817,"body":"of"},{"startTime":2317.817,"endTime":2319.818,"body":"course."},{"startTime":2227.772,"endTime":2230.258,"body":"\rLet'sdo"},{"startTime":2230.258,"endTime":2231.501,"body":"one"},{"startTime":2231.501,"endTime":2232.744,"body":"more."},{"startTime":2232.744,"endTime":2233.987,"body":"Let's"},{"startTime":2233.987,"endTime":2235.23,"body":"do"},{"startTime":2235.23,"endTime":2236.473,"body":"a"},{"startTime":2236.473,"endTime":2237.716,"body":"slightly"},{"startTime":2237.716,"endTime":2238.959,"body":"different"},{"startTime":2238.959,"endTime":2240.202,"body":"thing"},{"startTime":2240.202,"endTime":2241.445,"body":"because"},{"startTime":2241.445,"endTime":2242.688,"body":"we've"},{"startTime":2242.688,"endTime":2243.931,"body":"talked"},{"startTime":2243.931,"endTime":2245.174,"body":"a"},{"startTime":2245.174,"endTime":2246.417,"body":"little"},{"startTime":2246.417,"endTime":2247.66,"body":"bit"},{"startTime":2247.66,"endTime":2248.903,"body":"about"},{"startTime":2248.903,"endTime":2250.146,"body":"the"},{"startTime":2250.146,"endTime":2251.389,"body":"challenges"},{"startTime":2251.389,"endTime":2252.632,"body":"we're"},{"startTime":2252.632,"endTime":2253.875,"body":"facing,"},{"startTime":2253.875,"endTime":2255.118,"body":"but"},{"startTime":2255.118,"endTime":2256.361,"body":"it's"},{"startTime":2256.361,"endTime":2257.604,"body":"also"},{"startTime":2257.604,"endTime":2258.847,"body":"interesting"},{"startTime":2258.847,"endTime":2260.09,"body":"to"},{"startTime":2260.09,"endTime":2261.333,"body":"talk"},{"startTime":2261.333,"endTime":2262.576,"body":"about"},{"startTime":2262.576,"endTime":2263.819,"body":"what"},{"startTime":2263.819,"endTime":2265.062,"body":"are"},{"startTime":2265.062,"endTime":2266.305,"body":"investors"},{"startTime":2266.305,"endTime":2267.548,"body":"actually"},{"startTime":2267.548,"endTime":2268.791,"body":"looking"},{"startTime":2268.791,"endTime":2270.034,"body":"at?"},{"startTime":2270.034,"endTime":2271.277,"body":"What"},{"startTime":2271.277,"endTime":2272.52,"body":"are"},{"startTime":2272.52,"endTime":2273.763,"body":"they"},{"startTime":2273.763,"endTime":2275.006,"body":"interested"},{"startTime":2275.006,"endTime":2276.249,"body":"in?"},{"startTime":2276.249,"endTime":2277.492,"body":"And"},{"startTime":2277.492,"endTime":2278.735,"body":"luckily,"},{"startTime":2278.735,"endTime":2279.978,"body":"we"},{"startTime":2279.978,"endTime":2281.221,"body":"got"},{"startTime":2281.221,"endTime":2282.464,"body":"a"},{"startTime":2282.464,"endTime":2283.707,"body":"hold"},{"startTime":2283.707,"endTime":2284.95,"body":"of"},{"startTime":2284.95,"endTime":2286.193,"body":"UBS"},{"startTime":2286.193,"endTime":2287.436,"body":"Global"},{"startTime":2287.436,"endTime":2288.679,"body":"Family"},{"startTime":2288.679,"endTime":2289.922,"body":"Office"},{"startTime":2289.922,"endTime":2291.165,"body":"report"},{"startTime":2291.165,"endTime":2292.408,"body":"from"},{"startTime":2292.408,"endTime":2293.651,"body":"2025."},{"startTime":2293.651,"endTime":2294.894,"body":"Here"},{"startTime":2294.894,"endTime":2296.137,"body":"they"},{"startTime":2296.137,"endTime":2297.38,"body":"capture"},{"startTime":2297.38,"endTime":2298.623,"body":"the"},{"startTime":2298.623,"endTime":2299.866,"body":"views"},{"startTime":2299.866,"endTime":2301.109,"body":"of"},{"startTime":2301.109,"endTime":2302.352,"body":"317"},{"startTime":2302.352,"endTime":2303.595,"body":"UBS"},{"startTime":2303.595,"endTime":2304.838,"body":"family"},{"startTime":2304.838,"endTime":2306.081,"body":"office"},{"startTime":2306.081,"endTime":2307.324,"body":"clients."},{"startTime":2307.324,"endTime":2308.567,"body":"The"},{"startTime":2308.567,"endTime":2309.81,"body":"average"},{"startTime":2309.81,"endTime":2311.053,"body":"net"},{"startTime":2311.053,"endTime":2312.296,"body":"worth"},{"startTime":2312.296,"endTime":2313.539,"body":"of"},{"startTime":2313.539,"endTime":2314.782,"body":"the"},{"startTime":2314.782,"endTime":2316.025,"body":"families"},{"startTime":2316.025,"endTime":2317.268,"body":"was"},{"startTime":2317.268,"endTime":2318.511,"body":"$2.7"},{"startTime":2318.511,"endTime":2319.754,"body":"billion."},{"startTime":2227.772,"endTime":2231.606,"body":"\rAndthe"},{"startTime":2231.606,"endTime":2233.523,"body":"survey"},{"startTime":2233.523,"endTime":2235.44,"body":"they"},{"startTime":2235.44,"endTime":2237.357,"body":"did"},{"startTime":2237.357,"endTime":2239.274,"body":"was"},{"startTime":2239.274,"endTime":2241.191,"body":"really"},{"startTime":2241.191,"endTime":2243.108,"body":"conducted"},{"startTime":2243.108,"endTime":2245.025,"body":"from"},{"startTime":2245.025,"endTime":2246.942,"body":"late"},{"startTime":2246.942,"endTime":2248.859,"body":"January"},{"startTime":2248.859,"endTime":2250.776,"body":"of"},{"startTime":2250.776,"endTime":2252.693,"body":"this"},{"startTime":2252.693,"endTime":2254.61,"body":"year"},{"startTime":2254.61,"endTime":2256.527,"body":"until"},{"startTime":2256.527,"endTime":2258.444,"body":"the"},{"startTime":2258.444,"endTime":2260.361,"body":"early"},{"startTime":2260.361,"endTime":2262.278,"body":"part"},{"startTime":2262.278,"endTime":2264.195,"body":"of"},{"startTime":2264.195,"endTime":2266.112,"body":"April"},{"startTime":2266.112,"endTime":2268.029,"body":"of"},{"startTime":2268.029,"endTime":2269.946,"body":"this"},{"startTime":2269.946,"endTime":2271.863,"body":"year."},{"startTime":2271.863,"endTime":2273.78,"body":"So,"},{"startTime":2273.78,"endTime":2275.697,"body":"I'm"},{"startTime":2275.697,"endTime":2277.614,"body":"curious"},{"startTime":2277.614,"endTime":2279.531,"body":"what"},{"startTime":2279.531,"endTime":2281.448,"body":"your"},{"startTime":2281.448,"endTime":2283.365,"body":"takeaways"},{"startTime":2283.365,"endTime":2285.282,"body":"were"},{"startTime":2285.282,"endTime":2287.199,"body":"from"},{"startTime":2287.199,"endTime":2289.116,"body":"that."},{"startTime":2289.116,"endTime":2291.033,"body":"I"},{"startTime":2291.033,"endTime":2292.95,"body":"know"},{"startTime":2292.95,"endTime":2294.867,"body":"we're"},{"startTime":2294.867,"endTime":2296.784,"body":"not"},{"startTime":2296.784,"endTime":2298.701,"body":"going"},{"startTime":2298.701,"endTime":2300.618,"body":"to"},{"startTime":2300.618,"endTime":2302.535,"body":"spend"},{"startTime":2302.535,"endTime":2304.452,"body":"too"},{"startTime":2304.452,"endTime":2306.369,"body":"much"},{"startTime":2306.369,"endTime":2308.286,"body":"time"},{"startTime":2308.286,"endTime":2310.203,"body":"on"},{"startTime":2310.203,"endTime":2312.12,"body":"it,"},{"startTime":2312.12,"endTime":2314.037,"body":"but"},{"startTime":2314.037,"endTime":2315.954,"body":"just"},{"startTime":2315.954,"endTime":2317.871,"body":"the"},{"startTime":2317.871,"endTime":2319.788,"body":"highlights."},{"startTime":2319.822,"endTime":2321.324,"body":"I"},{"startTime":2321.324,"endTime":2322.826,"body":"mean,"},{"startTime":2322.826,"endTime":2324.328,"body":"the"},{"startTime":2324.328,"endTime":2325.83,"body":"one"},{"startTime":2325.83,"endTime":2327.332,"body":"thing"},{"startTime":2327.332,"endTime":2328.834,"body":"that"},{"startTime":2328.834,"endTime":2330.336,"body":"stood"},{"startTime":2330.336,"endTime":2331.838,"body":"out,"},{"startTime":2331.838,"endTime":2333.34,"body":"they"},{"startTime":2333.34,"endTime":2334.842,"body":"have"},{"startTime":2334.842,"endTime":2336.344,"body":"an"},{"startTime":2336.344,"endTime":2337.846,"body":"asset"},{"startTime":2337.846,"endTime":2339.348,"body":"allocation"},{"startTime":2339.348,"endTime":2340.85,"body":"chart"},{"startTime":2340.85,"endTime":2342.352,"body":"within"},{"startTime":2342.352,"endTime":2343.854,"body":"it,"},{"startTime":2343.854,"endTime":2345.356,"body":"and"},{"startTime":2345.356,"endTime":2346.858,"body":"let"},{"startTime":2346.858,"endTime":2348.36,"body":"me"},{"startTime":2348.36,"endTime":2349.862,"body":"just"},{"startTime":2349.862,"endTime":2351.364,"body":"pull"},{"startTime":2351.364,"endTime":2352.866,"body":"it"},{"startTime":2352.866,"endTime":2354.368,"body":"up,"},{"startTime":2354.368,"endTime":2355.87,"body":"you"},{"startTime":2355.87,"endTime":2357.372,"body":"know,"},{"startTime":2357.372,"endTime":2358.874,"body":"I"},{"startTime":2358.874,"endTime":2360.376,"body":"wrote"},{"startTime":2360.376,"endTime":2361.878,"body":"a"},{"startTime":2361.878,"endTime":2363.38,"body":"piece"},{"startTime":2363.38,"endTime":2364.882,"body":"there"},{"startTime":2364.882,"endTime":2366.384,"body":"recently"},{"startTime":2366.384,"endTime":2367.886,"body":"on"},{"startTime":2367.886,"endTime":2369.388,"body":"my"},{"startTime":2369.388,"endTime":2370.89,"body":"Substack"},{"startTime":2370.89,"endTime":2372.392,"body":"called"},{"startTime":2372.392,"endTime":2373.894,"body":"Looks"},{"startTime":2373.894,"endTime":2375.396,"body":"Diversified"},{"startTime":2375.396,"endTime":2376.898,"body":"Acts"},{"startTime":2376.898,"endTime":2378.4,"body":"Like"},{"startTime":2378.4,"endTime":2379.902,"body":"Beta."},{"startTime":2379.902,"endTime":2381.404,"body":"And"},{"startTime":2381.404,"endTime":2382.906,"body":"it's"},{"startTime":2382.906,"endTime":2384.408,"body":"not"},{"startTime":2384.408,"endTime":2385.91,"body":"a"},{"startTime":2385.91,"endTime":2387.412,"body":"criticism"},{"startTime":2387.412,"endTime":2388.914,"body":"of"},{"startTime":2388.914,"endTime":2390.416,"body":"these"},{"startTime":2390.416,"endTime":2391.918,"body":"portfolios"},{"startTime":2391.918,"endTime":2393.42,"body":"per"},{"startTime":2393.42,"endTime":2394.922,"body":"se,"},{"startTime":2394.922,"endTime":2396.424,"body":"but"},{"startTime":2396.424,"endTime":2397.926,"body":"the"},{"startTime":2397.926,"endTime":2399.428,"body":"kind"},{"startTime":2399.428,"endTime":2400.93,"body":"of"},{"startTime":2400.93,"endTime":2402.432,"body":"asset"},{"startTime":2402.432,"endTime":2403.934,"body":"allocation"},{"startTime":2403.934,"endTime":2405.436,"body":"that's"},{"startTime":2405.436,"endTime":2406.938,"body":"represented"},{"startTime":2406.938,"endTime":2408.44,"body":"here"},{"startTime":2408.44,"endTime":2409.942,"body":"is"},{"startTime":2409.942,"endTime":2411.444,"body":"kind"},{"startTime":2411.444,"endTime":2412.946,"body":"of"},{"startTime":2412.946,"endTime":2414.448,"body":"indicative"},{"startTime":2414.448,"endTime":2415.95,"body":"of"},{"startTime":2415.95,"endTime":2417.452,"body":"what"},{"startTime":2417.452,"endTime":2418.954,"body":"you"},{"startTime":2418.954,"endTime":2420.456,"body":"see"},{"startTime":2420.456,"endTime":2421.958,"body":"in"},{"startTime":2421.958,"endTime":2423.46,"body":"a"},{"startTime":2423.46,"endTime":2424.962,"body":"lot"},{"startTime":2424.962,"endTime":2426.464,"body":"of"},{"startTime":2426.464,"endTime":2427.966,"body":"portfolios"},{"startTime":2427.966,"endTime":2429.468,"body":"in"},{"startTime":2429.468,"endTime":2430.97,"body":"that"},{"startTime":2430.97,"endTime":2432.472,"body":"there"},{"startTime":2432.472,"endTime":2433.974,"body":"might"},{"startTime":2433.974,"endTime":2435.476,"body":"be"},{"startTime":2435.476,"endTime":2436.978,"body":"an"},{"startTime":2436.978,"endTime":2438.48,"body":"allocation"},{"startTime":2438.48,"endTime":2439.982,"body":"to"},{"startTime":2439.982,"endTime":2441.484,"body":"lots"},{"startTime":2441.484,"endTime":2442.986,"body":"of"},{"startTime":2442.986,"endTime":2444.488,"body":"different"},{"startTime":2444.488,"endTime":2445.99,"body":"categories,"},{"startTime":2445.99,"endTime":2447.492,"body":"but"},{"startTime":2447.492,"endTime":2448.994,"body":"you"},{"startTime":2448.994,"endTime":2450.496,"body":"have"},{"startTime":2450.496,"endTime":2451.998,"body":"to"},{"startTime":2451.998,"endTime":2453.5,"body":"question"},{"startTime":2453.5,"endTime":2455.002,"body":"how"},{"startTime":2455.002,"endTime":2456.504,"body":"diversified"},{"startTime":2456.504,"endTime":2458.006,"body":"the"},{"startTime":2458.006,"endTime":2459.508,"body":"portfolio"},{"startTime":2459.508,"endTime":2461.01,"body":"really"},{"startTime":2461.01,"endTime":2462.512,"body":"is."},{"startTime":2462.512,"endTime":2464.014,"body":"So,"},{"startTime":2464.014,"endTime":2465.516,"body":"in"},{"startTime":2465.516,"endTime":2467.018,"body":"this"},{"startTime":2467.018,"endTime":2468.52,"body":"instance"},{"startTime":2468.52,"endTime":2470.022,"body":"they"},{"startTime":2470.022,"endTime":2471.524,"body":"talk"},{"startTime":2471.524,"endTime":2473.026,"body":"about"},{"startTime":2473.026,"endTime":2474.528,"body":"the"},{"startTime":2474.528,"endTime":2476.03,"body":"kind"},{"startTime":2476.03,"endTime":2477.532,"body":"of"},{"startTime":2477.532,"endTime":2479.034,"body":"average"},{"startTime":2479.034,"endTime":2480.536,"body":"allocation"},{"startTime":2480.536,"endTime":2482.038,"body":"of"},{"startTime":2482.038,"endTime":2483.54,"body":"these"},{"startTime":2483.54,"endTime":2485.042,"body":"family"},{"startTime":2485.042,"endTime":2486.544,"body":"offices."},{"startTime":2319.822,"endTime":2323.446,"body":"\rThereare"},{"startTime":2323.446,"endTime":2325.258,"body":"allocations"},{"startTime":2325.258,"endTime":2327.07,"body":"to"},{"startTime":2327.07,"endTime":2328.882,"body":"12"},{"startTime":2328.882,"endTime":2330.694,"body":"different"},{"startTime":2330.694,"endTime":2332.506,"body":"categories"},{"startTime":2332.506,"endTime":2334.318,"body":"from,"},{"startTime":2334.318,"endTime":2336.13,"body":"you"},{"startTime":2336.13,"endTime":2337.942,"body":"know,"},{"startTime":2337.942,"endTime":2339.754,"body":"infrastructure"},{"startTime":2339.754,"endTime":2341.566,"body":"to"},{"startTime":2341.566,"endTime":2343.378,"body":"art.net,"},{"startTime":2343.378,"endTime":2345.19,"body":"antiques"},{"startTime":2345.19,"endTime":2347.002,"body":"and"},{"startTime":2347.002,"endTime":2348.814,"body":"gold,"},{"startTime":2348.814,"endTime":2350.626,"body":"commodities,"},{"startTime":2350.626,"endTime":2352.438,"body":"precious"},{"startTime":2352.438,"endTime":2354.25,"body":"metals,"},{"startTime":2354.25,"endTime":2356.062,"body":"etc."},{"startTime":2356.062,"endTime":2357.874,"body":"I"},{"startTime":2357.874,"endTime":2359.686,"body":"mean,"},{"startTime":2359.686,"endTime":2361.498,"body":"when"},{"startTime":2361.498,"endTime":2363.31,"body":"you"},{"startTime":2363.31,"endTime":2365.122,"body":"dig"},{"startTime":2365.122,"endTime":2366.934,"body":"into"},{"startTime":2366.934,"endTime":2368.746,"body":"it"},{"startTime":2368.746,"endTime":2370.558,"body":"though,"},{"startTime":2370.558,"endTime":2372.37,"body":"I"},{"startTime":2372.37,"endTime":2374.182,"body":"mean"},{"startTime":2374.182,"endTime":2375.994,"body":"you've"},{"startTime":2375.994,"endTime":2377.806,"body":"got"},{"startTime":2377.806,"endTime":2379.618,"body":"equities,"},{"startTime":2379.618,"endTime":2381.43,"body":"different"},{"startTime":2381.43,"endTime":2383.242,"body":"types"},{"startTime":2383.242,"endTime":2385.054,"body":"of"},{"startTime":2385.054,"endTime":2386.866,"body":"equities."},{"startTime":2386.866,"endTime":2388.678,"body":"You've"},{"startTime":2388.678,"endTime":2390.49,"body":"got"},{"startTime":2390.49,"endTime":2392.302,"body":"developed"},{"startTime":2392.302,"endTime":2394.114,"body":"markets,"},{"startTime":2394.114,"endTime":2395.926,"body":"emerging"},{"startTime":2395.926,"endTime":2397.738,"body":"markets."},{"startTime":2397.738,"endTime":2399.55,"body":"Then"},{"startTime":2399.55,"endTime":2401.362,"body":"you've"},{"startTime":2401.362,"endTime":2403.174,"body":"got"},{"startTime":2403.174,"endTime":2404.986,"body":"private"},{"startTime":2404.986,"endTime":2406.798,"body":"equity."},{"startTime":2406.798,"endTime":2408.61,"body":"You"},{"startTime":2408.61,"endTime":2410.422,"body":"know,"},{"startTime":2410.422,"endTime":2412.234,"body":"it's"},{"startTime":2412.234,"endTime":2414.046,"body":"all"},{"startTime":2414.046,"endTime":2415.858,"body":"equity"},{"startTime":2415.858,"endTime":2417.67,"body":"risk"},{"startTime":2417.67,"endTime":2419.482,"body":"equally."},{"startTime":2419.482,"endTime":2421.294,"body":"You've"},{"startTime":2421.294,"endTime":2423.106,"body":"got,"},{"startTime":2423.106,"endTime":2424.918,"body":"you"},{"startTime":2424.918,"endTime":2426.73,"body":"know,"},{"startTime":2426.73,"endTime":2428.542,"body":"real"},{"startTime":2428.542,"endTime":2430.354,"body":"estate"},{"startTime":2430.354,"endTime":2432.166,"body":"in"},{"startTime":2432.166,"endTime":2433.978,"body":"there,"},{"startTime":2433.978,"endTime":2435.79,"body":"which"},{"startTime":2435.79,"endTime":2437.602,"body":"tends"},{"startTime":2437.602,"endTime":2439.414,"body":"to"},{"startTime":2439.414,"endTime":2441.226,"body":"have"},{"startTime":2441.226,"endTime":2443.038,"body":"a,"},{"startTime":2443.038,"endTime":2444.85,"body":"you"},{"startTime":2444.85,"endTime":2446.662,"body":"know,"},{"startTime":2446.662,"endTime":2448.474,"body":"high"},{"startTime":2448.474,"endTime":2450.286,"body":"equity"},{"startTime":2450.286,"endTime":2452.098,"body":"beta"},{"startTime":2452.098,"endTime":2453.91,"body":"as"},{"startTime":2453.91,"endTime":2455.722,"body":"well."},{"startTime":2455.722,"endTime":2457.534,"body":"It's"},{"startTime":2457.534,"endTime":2459.346,"body":"very"},{"startTime":2459.346,"endTime":2461.158,"body":"much"},{"startTime":2461.158,"endTime":2462.97,"body":"growth"},{"startTime":2462.97,"endTime":2464.782,"body":"sensitive."},{"startTime":2464.782,"endTime":2466.594,"body":"And"},{"startTime":2466.594,"endTime":2468.406,"body":"then"},{"startTime":2468.406,"endTime":2470.218,"body":"you've"},{"startTime":2470.218,"endTime":2472.03,"body":"got"},{"startTime":2472.03,"endTime":2473.842,"body":"a"},{"startTime":2473.842,"endTime":2475.654,"body":"decent"},{"startTime":2475.654,"endTime":2477.466,"body":"chunk"},{"startTime":2477.466,"endTime":2479.278,"body":"of"},{"startTime":2479.278,"endTime":2481.09,"body":"allocation"},{"startTime":2481.09,"endTime":2482.902,"body":"to"},{"startTime":2482.902,"endTime":2484.714,"body":"fixed"},{"startTime":2484.714,"endTime":2486.526,"body":"income."},{"startTime":2319.822,"endTime":2323.656,"body":"\rNowthe"},{"startTime":2323.656,"endTime":2325.573,"body":"issue"},{"startTime":2325.573,"endTime":2327.49,"body":"with"},{"startTime":2327.49,"endTime":2329.407,"body":"that"},{"startTime":2329.407,"endTime":2331.324,"body":"is"},{"startTime":2331.324,"endTime":2333.241,"body":"if"},{"startTime":2333.241,"endTime":2335.158,"body":"your"},{"startTime":2335.158,"endTime":2337.075,"body":"fixed"},{"startTime":2337.075,"endTime":2338.992,"body":"income"},{"startTime":2338.992,"endTime":2340.909,"body":"is"},{"startTime":2340.909,"endTime":2342.826,"body":"tilted"},{"startTime":2342.826,"endTime":2344.743,"body":"to"},{"startTime":2344.743,"endTime":2346.66,"body":"things"},{"startTime":2346.66,"endTime":2348.577,"body":"like"},{"startTime":2348.577,"endTime":2350.494,"body":"high"},{"startTime":2350.494,"endTime":2352.411,"body":"yield"},{"startTime":2352.411,"endTime":2354.328,"body":"or"},{"startTime":2354.328,"endTime":2356.245,"body":"investment"},{"startTime":2356.245,"endTime":2358.162,"body":"grade,"},{"startTime":2358.162,"endTime":2360.079,"body":"in"},{"startTime":2360.079,"endTime":2361.996,"body":"times"},{"startTime":2361.996,"endTime":2363.913,"body":"of"},{"startTime":2363.913,"endTime":2365.83,"body":"stress,"},{"startTime":2365.83,"endTime":2367.747,"body":"they"},{"startTime":2367.747,"endTime":2369.664,"body":"can"},{"startTime":2369.664,"endTime":2371.581,"body":"also"},{"startTime":2371.581,"endTime":2373.498,"body":"get"},{"startTime":2373.498,"endTime":2375.415,"body":"challenged,"},{"startTime":2375.415,"endTime":2377.332,"body":"or"},{"startTime":2377.332,"endTime":2379.249,"body":"emerging"},{"startTime":2379.249,"endTime":2381.166,"body":"market"},{"startTime":2381.166,"endTime":2383.083,"body":"debt"},{"startTime":2383.083,"endTime":2385,"body":"as"},{"startTime":2385,"endTime":2386.917,"body":"well,"},{"startTime":2386.917,"endTime":2388.834,"body":"because"},{"startTime":2388.834,"endTime":2390.751,"body":"credit"},{"startTime":2390.751,"endTime":2392.668,"body":"worthiness"},{"startTime":2392.668,"endTime":2394.585,"body":"come"},{"startTime":2394.585,"endTime":2396.502,"body":"under"},{"startTime":2396.502,"endTime":2398.419,"body":"scrutiny,"},{"startTime":2398.419,"endTime":2400.336,"body":"spreads"},{"startTime":2400.336,"endTime":2402.253,"body":"widen,"},{"startTime":2402.253,"endTime":2404.17,"body":"and"},{"startTime":2404.17,"endTime":2406.087,"body":"credit"},{"startTime":2406.087,"endTime":2408.004,"body":"instruments"},{"startTime":2408.004,"endTime":2409.921,"body":"start"},{"startTime":2409.921,"endTime":2411.838,"body":"behaving"},{"startTime":2411.838,"endTime":2413.755,"body":"more"},{"startTime":2413.755,"endTime":2415.672,"body":"like"},{"startTime":2415.672,"endTime":2417.589,"body":"equities"},{"startTime":2417.589,"endTime":2419.506,"body":"just"},{"startTime":2419.506,"endTime":2421.423,"body":"when"},{"startTime":2421.423,"endTime":2423.34,"body":"you"},{"startTime":2423.34,"endTime":2425.257,"body":"want"},{"startTime":2425.257,"endTime":2427.174,"body":"them"},{"startTime":2427.174,"endTime":2429.091,"body":"to"},{"startTime":2429.091,"endTime":2431.008,"body":"behave"},{"startTime":2431.008,"endTime":2432.925,"body":"less"},{"startTime":2432.925,"endTime":2434.842,"body":"like"},{"startTime":2434.842,"endTime":2436.759,"body":"equities."},{"startTime":2436.759,"endTime":2438.676,"body":"So,"},{"startTime":2438.676,"endTime":2440.593,"body":"the"},{"startTime":2440.593,"endTime":2442.51,"body":"point"},{"startTime":2442.51,"endTime":2444.427,"body":"is"},{"startTime":2444.427,"endTime":2446.344,"body":"a"},{"startTime":2446.344,"endTime":2448.261,"body":"portfolio"},{"startTime":2448.261,"endTime":2450.178,"body":"like"},{"startTime":2450.178,"endTime":2452.095,"body":"this,"},{"startTime":2452.095,"endTime":2454.012,"body":"they"},{"startTime":2454.012,"endTime":2455.929,"body":"have"},{"startTime":2455.929,"endTime":2457.846,"body":"a"},{"startTime":2457.846,"endTime":2459.763,"body":"4%"},{"startTime":2459.763,"endTime":2461.68,"body":"allocation"},{"startTime":2461.68,"endTime":2463.597,"body":"to"},{"startTime":2463.597,"endTime":2465.514,"body":"hedge"},{"startTime":2465.514,"endTime":2467.431,"body":"funds."},{"startTime":2467.431,"endTime":2469.348,"body":"There's"},{"startTime":2469.348,"endTime":2471.265,"body":"not"},{"startTime":2471.265,"endTime":2473.182,"body":"a"},{"startTime":2473.182,"endTime":2475.099,"body":"whole"},{"startTime":2475.099,"endTime":2477.016,"body":"lot"},{"startTime":2477.016,"endTime":2478.933,"body":"of"},{"startTime":2478.933,"endTime":2480.85,"body":"pure"},{"startTime":2480.85,"endTime":2482.767,"body":"diversifiers"},{"startTime":2482.767,"endTime":2484.684,"body":"in"},{"startTime":2484.684,"endTime":2486.601,"body":"it."},{"startTime":2319.822,"endTime":2323.888,"body":"\rAndthen"},{"startTime":2323.888,"endTime":2325.921,"body":"we"},{"startTime":2325.921,"endTime":2327.954,"body":"don't"},{"startTime":2327.954,"endTime":2329.987,"body":"even"},{"startTime":2329.987,"endTime":2332.02,"body":"know"},{"startTime":2332.02,"endTime":2334.053,"body":"what"},{"startTime":2334.053,"endTime":2336.086,"body":"the"},{"startTime":2336.086,"endTime":2338.119,"body":"hedge"},{"startTime":2338.119,"endTime":2340.152,"body":"fund"},{"startTime":2340.152,"endTime":2342.185,"body":"strategies"},{"startTime":2342.185,"endTime":2344.218,"body":"are."},{"startTime":2344.218,"endTime":2346.251,"body":"Are"},{"startTime":2346.251,"endTime":2348.284,"body":"they"},{"startTime":2348.284,"endTime":2350.317,"body":"long/short"},{"startTime":2350.317,"endTime":2352.35,"body":"equity"},{"startTime":2352.35,"endTime":2354.383,"body":"or"},{"startTime":2354.383,"endTime":2356.416,"body":"are"},{"startTime":2356.416,"endTime":2358.449,"body":"they"},{"startTime":2358.449,"endTime":2360.482,"body":"divergent"},{"startTime":2360.482,"endTime":2362.515,"body":"or"},{"startTime":2362.515,"endTime":2364.548,"body":"convergent"},{"startTime":2364.548,"endTime":2366.581,"body":"strategies?"},{"startTime":2366.581,"endTime":2368.614,"body":"And"},{"startTime":2368.614,"endTime":2370.647,"body":"then"},{"startTime":2370.647,"endTime":2372.68,"body":"the"},{"startTime":2372.68,"endTime":2374.713,"body":"other"},{"startTime":2374.713,"endTime":2376.746,"body":"question"},{"startTime":2376.746,"endTime":2378.779,"body":"would"},{"startTime":2378.779,"endTime":2380.812,"body":"be,"},{"startTime":2380.812,"endTime":2382.845,"body":"what"},{"startTime":2382.845,"endTime":2384.878,"body":"level"},{"startTime":2384.878,"endTime":2386.911,"body":"of"},{"startTime":2386.911,"endTime":2388.944,"body":"vol"},{"startTime":2388.944,"endTime":2390.977,"body":"are"},{"startTime":2390.977,"endTime":2393.01,"body":"they"},{"startTime":2393.01,"endTime":2395.043,"body":"running"},{"startTime":2395.043,"endTime":2397.076,"body":"at?"},{"startTime":2397.076,"endTime":2399.109,"body":"If"},{"startTime":2399.109,"endTime":2401.142,"body":"you"},{"startTime":2401.142,"endTime":2403.175,"body":"have"},{"startTime":2403.175,"endTime":2405.208,"body":"a"},{"startTime":2405.208,"endTime":2407.241,"body":"4%"},{"startTime":2407.241,"endTime":2409.274,"body":"allocation"},{"startTime":2409.274,"endTime":2411.307,"body":"to"},{"startTime":2411.307,"endTime":2413.34,"body":"hedge"},{"startTime":2413.34,"endTime":2415.373,"body":"funds,"},{"startTime":2415.373,"endTime":2417.406,"body":"and"},{"startTime":2417.406,"endTime":2419.439,"body":"they're"},{"startTime":2419.439,"endTime":2421.472,"body":"all"},{"startTime":2421.472,"endTime":2423.505,"body":"low"},{"startTime":2423.505,"endTime":2425.538,"body":"vol"},{"startTime":2425.538,"endTime":2427.571,"body":"market"},{"startTime":2427.571,"endTime":2429.604,"body":"neutral"},{"startTime":2429.604,"endTime":2431.637,"body":"funds,"},{"startTime":2431.637,"endTime":2433.67,"body":"you're"},{"startTime":2433.67,"endTime":2435.703,"body":"not"},{"startTime":2435.703,"endTime":2437.736,"body":"going"},{"startTime":2437.736,"endTime":2439.769,"body":"to"},{"startTime":2439.769,"endTime":2441.802,"body":"get"},{"startTime":2441.802,"endTime":2443.835,"body":"much"},{"startTime":2443.835,"endTime":2445.868,"body":"convexity"},{"startTime":2445.868,"endTime":2447.901,"body":"there"},{"startTime":2447.901,"endTime":2449.934,"body":"in"},{"startTime":2449.934,"endTime":2451.967,"body":"times"},{"startTime":2451.967,"endTime":2454,"body":"of"},{"startTime":2454,"endTime":2456.033,"body":"stress."},{"startTime":2456.033,"endTime":2458.066,"body":"So,"},{"startTime":2458.066,"endTime":2460.099,"body":"it's"},{"startTime":2460.099,"endTime":2462.132,"body":"a"},{"startTime":2462.132,"endTime":2464.165,"body":"classic"},{"startTime":2464.165,"endTime":2466.198,"body":"example"},{"startTime":2466.198,"endTime":2468.231,"body":"of"},{"startTime":2468.231,"endTime":2470.264,"body":"a"},{"startTime":2470.264,"endTime":2472.297,"body":"portfolio"},{"startTime":2472.297,"endTime":2474.33,"body":"that"},{"startTime":2474.33,"endTime":2476.363,"body":"is"},{"startTime":2476.363,"endTime":2478.396,"body":"by"},{"startTime":2478.396,"endTime":2480.429,"body":"design"},{"startTime":2480.429,"endTime":2482.462,"body":"more"},{"startTime":2482.462,"endTime":2484.495,"body":"growth"},{"startTime":2484.495,"endTime":2486.528,"body":"centric."},{"startTime":2319.822,"endTime":2328.374,"body":"\rWhetherthat's"},{"startTime":2328.374,"endTime":2332.65,"body":"the"},{"startTime":2332.65,"endTime":2336.926,"body":"intention"},{"startTime":2336.926,"endTime":2341.202,"body":"or"},{"startTime":2341.202,"endTime":2345.478,"body":"not,"},{"startTime":2345.478,"endTime":2349.754,"body":"ultimately"},{"startTime":2349.754,"endTime":2354.03,"body":"it's"},{"startTime":2354.03,"endTime":2358.306,"body":"a"},{"startTime":2358.306,"endTime":2362.582,"body":"play"},{"startTime":2362.582,"endTime":2366.858,"body":"on"},{"startTime":2366.858,"endTime":2371.134,"body":"favorable"},{"startTime":2371.134,"endTime":2375.41,"body":"growth"},{"startTime":2375.41,"endTime":2379.686,"body":"and"},{"startTime":2379.686,"endTime":2383.962,"body":"stable"},{"startTime":2383.962,"endTime":2388.238,"body":"inflation,"},{"startTime":2388.238,"endTime":2392.514,"body":"that"},{"startTime":2392.514,"endTime":2396.79,"body":"macro"},{"startTime":2396.79,"endTime":2401.066,"body":"regime"},{"startTime":2401.066,"endTime":2405.342,"body":"continuing"},{"startTime":2405.342,"endTime":2409.618,"body":"because"},{"startTime":2409.618,"endTime":2413.894,"body":"there's"},{"startTime":2413.894,"endTime":2418.17,"body":"a"},{"startTime":2418.17,"endTime":2422.446,"body":"less"},{"startTime":2422.446,"endTime":2426.722,"body":"than"},{"startTime":2426.722,"endTime":2430.998,"body":"1%"},{"startTime":2430.998,"endTime":2435.274,"body":"exposure"},{"startTime":2435.274,"endTime":2439.55,"body":"to"},{"startTime":2439.55,"endTime":2443.826,"body":"commodities"},{"startTime":2443.826,"endTime":2448.102,"body":"and"},{"startTime":2448.102,"endTime":2452.378,"body":"very"},{"startTime":2452.378,"endTime":2456.654,"body":"little"},{"startTime":2456.654,"endTime":2460.93,"body":"exposure"},{"startTime":2460.93,"endTime":2465.206,"body":"to"},{"startTime":2465.206,"endTime":2469.482,"body":"other"},{"startTime":2469.482,"endTime":2473.758,"body":"strategies"},{"startTime":2473.758,"endTime":2478.034,"body":"that"},{"startTime":2478.034,"endTime":2482.31,"body":"might"},{"startTime":2482.31,"endTime":2486.586,"body":"benefit."},{"startTime":2319.822,"endTime":2330.582,"body":"\rOkay,you"},{"startTime":2330.582,"endTime":2335.962,"body":"have"},{"startTime":2335.962,"endTime":2341.342,"body":"real"},{"startTime":2341.342,"endTime":2346.722,"body":"estate"},{"startTime":2346.722,"endTime":2352.102,"body":"that"},{"startTime":2352.102,"endTime":2357.482,"body":"would"},{"startTime":2357.482,"endTime":2362.862,"body":"hold"},{"startTime":2362.862,"endTime":2368.242,"body":"value"},{"startTime":2368.242,"endTime":2373.622,"body":"in"},{"startTime":2373.622,"endTime":2379.002,"body":"an"},{"startTime":2379.002,"endTime":2384.382,"body":"inflationary"},{"startTime":2384.382,"endTime":2389.762,"body":"environment,"},{"startTime":2389.762,"endTime":2395.142,"body":"but"},{"startTime":2395.142,"endTime":2400.522,"body":"you"},{"startTime":2400.522,"endTime":2405.902,"body":"know,"},{"startTime":2405.902,"endTime":2411.282,"body":"in"},{"startTime":2411.282,"endTime":2416.662,"body":"a"},{"startTime":2416.662,"endTime":2422.042,"body":"stagflationary"},{"startTime":2422.042,"endTime":2427.422,"body":"environment,"},{"startTime":2427.422,"endTime":2432.802,"body":"should"},{"startTime":2432.802,"endTime":2438.182,"body":"that"},{"startTime":2438.182,"endTime":2443.562,"body":"reemerge,"},{"startTime":2443.562,"endTime":2448.942,"body":"this"},{"startTime":2448.942,"endTime":2454.322,"body":"kind"},{"startTime":2454.322,"endTime":2459.702,"body":"of"},{"startTime":2459.702,"endTime":2465.082,"body":"portfolio"},{"startTime":2465.082,"endTime":2470.462,"body":"is"},{"startTime":2470.462,"endTime":2475.842,"body":"going"},{"startTime":2475.842,"endTime":2481.222,"body":"to"},{"startTime":2481.222,"endTime":2486.602,"body":"struggle."},{"startTime":2487.402,"endTime":2489.688,"body":"I"},{"startTime":2489.688,"endTime":2491.974,"body":"look"},{"startTime":2491.974,"endTime":2494.26,"body":"through"},{"startTime":2494.26,"endTime":2496.546,"body":"sort"},{"startTime":2496.546,"endTime":2498.832,"body":"of"},{"startTime":2498.832,"endTime":2501.118,"body":"very"},{"startTime":2501.118,"endTime":2503.404,"body":"briefly"},{"startTime":2503.404,"endTime":2505.69,"body":"at"},{"startTime":2505.69,"endTime":2507.976,"body":"some"},{"startTime":2507.976,"endTime":2510.262,"body":"of"},{"startTime":2510.262,"endTime":2512.548,"body":"their"},{"startTime":2512.548,"endTime":2514.834,"body":"tables"},{"startTime":2514.834,"endTime":2517.12,"body":"and"},{"startTime":2517.12,"endTime":2519.406,"body":"charts"},{"startTime":2519.406,"endTime":2521.692,"body":"that"},{"startTime":2521.692,"endTime":2523.978,"body":"they"},{"startTime":2523.978,"endTime":2526.264,"body":"show,"},{"startTime":2526.264,"endTime":2528.55,"body":"obviously"},{"startTime":2528.55,"endTime":2530.836,"body":"in"},{"startTime":2530.836,"endTime":2533.122,"body":"terms"},{"startTime":2533.122,"endTime":2535.408,"body":"of"},{"startTime":2535.408,"endTime":2537.694,"body":"what"},{"startTime":2537.694,"endTime":2539.98,"body":"people"},{"startTime":2539.98,"endTime":2542.266,"body":"plan"},{"startTime":2542.266,"endTime":2544.552,"body":"to"},{"startTime":2544.552,"endTime":2546.838,"body":"invest"},{"startTime":2546.838,"endTime":2549.124,"body":"in,"},{"startTime":2549.124,"endTime":2551.41,"body":"there's"},{"startTime":2551.41,"endTime":2553.696,"body":"a"},{"startTime":2553.696,"endTime":2555.982,"body":"small"},{"startTime":2555.982,"endTime":2558.268,"body":"increase,"},{"startTime":2558.268,"endTime":2560.554,"body":"about"},{"startTime":2560.554,"endTime":2562.84,"body":"20%"},{"startTime":2562.84,"endTime":2565.126,"body":"planning"},{"startTime":2565.126,"endTime":2567.412,"body":"to"},{"startTime":2567.412,"endTime":2569.698,"body":"increase"},{"startTime":2569.698,"endTime":2571.984,"body":"hedge"},{"startTime":2571.984,"endTime":2574.27,"body":"funds"},{"startTime":2574.27,"endTime":2576.556,"body":"applications,"},{"startTime":2576.556,"endTime":2578.842,"body":"59%"},{"startTime":2578.842,"endTime":2581.128,"body":"saying"},{"startTime":2581.128,"endTime":2583.414,"body":"they"},{"startTime":2583.414,"endTime":2585.7,"body":"want"},{"startTime":2585.7,"endTime":2587.986,"body":"to"},{"startTime":2587.986,"endTime":2590.272,"body":"stay"},{"startTime":2590.272,"endTime":2592.558,"body":"at"},{"startTime":2592.558,"endTime":2594.844,"body":"the"},{"startTime":2594.844,"endTime":2597.13,"body":"same"},{"startTime":2597.13,"endTime":2599.416,"body":"level,"},{"startTime":2599.416,"endTime":2601.702,"body":"with"},{"startTime":2601.702,"endTime":2603.988,"body":"7%"},{"startTime":2603.988,"endTime":2606.274,"body":"looking"},{"startTime":2606.274,"endTime":2608.56,"body":"to"},{"startTime":2608.56,"endTime":2610.846,"body":"decrease"},{"startTime":2610.846,"endTime":2613.132,"body":"their"},{"startTime":2613.132,"endTime":2615.418,"body":"exposure."},{"startTime":2615.418,"endTime":2617.704,"body":"Gold"},{"startTime":2617.704,"endTime":2619.99,"body":"got"},{"startTime":2619.99,"endTime":2622.276,"body":"a"},{"startTime":2622.276,"endTime":2624.562,"body":"little"},{"startTime":2624.562,"endTime":2626.848,"body":"bit"},{"startTime":2626.848,"endTime":2629.134,"body":"more"},{"startTime":2629.134,"endTime":2631.42,"body":"attention"},{"startTime":2631.42,"endTime":2633.706,"body":"as"},{"startTime":2633.706,"endTime":2635.992,"body":"well,"},{"startTime":2635.992,"endTime":2638.278,"body":"almost"},{"startTime":2638.278,"endTime":2640.564,"body":"also"},{"startTime":2640.564,"endTime":2642.85,"body":"about"},{"startTime":2642.85,"endTime":2645.136,"body":"a"},{"startTime":2645.136,"endTime":2647.422,"body":"20%"},{"startTime":2647.422,"endTime":2649.708,"body":"or"},{"startTime":2649.708,"endTime":2651.994,"body":"21%"},{"startTime":2651.994,"endTime":2654.28,"body":"actually,"},{"startTime":2654.28,"endTime":2656.566,"body":"looking"},{"startTime":2656.566,"endTime":2658.852,"body":"to"},{"startTime":2658.852,"endTime":2661.138,"body":"increase"},{"startTime":2661.138,"endTime":2663.424,"body":"their"},{"startTime":2663.424,"endTime":2665.71,"body":"allocation"},{"startTime":2665.71,"endTime":2667.996,"body":"to"},{"startTime":2667.996,"endTime":2670.282,"body":"gold"},{"startTime":2670.282,"endTime":2672.568,"body":"commodities,"},{"startTime":2672.568,"endTime":2674.854,"body":"9%"},{"startTime":2674.854,"endTime":2677.14,"body":"looking"},{"startTime":2677.14,"endTime":2679.426,"body":"to"},{"startTime":2679.426,"endTime":2681.712,"body":"increase,"},{"startTime":2681.712,"endTime":2683.998,"body":"but"},{"startTime":2683.998,"endTime":2686.284,"body":"a"},{"startTime":2686.284,"endTime":2688.57,"body":"lot"},{"startTime":2688.57,"endTime":2690.856,"body":"of"},{"startTime":2690.856,"endTime":2693.142,"body":"them"},{"startTime":2693.142,"endTime":2695.428,"body":"not"},{"startTime":2695.428,"endTime":2697.714,"body":"making"},{"startTime":2697.714,"endTime":2700,"body":"too"},{"startTime":2700,"endTime":2702.286,"body":"many"},{"startTime":2702.286,"endTime":2704.572,"body":"changes."},{"startTime":2487.402,"endTime":2495.918,"body":"\rThenthey"},{"startTime":2495.918,"endTime":2500.176,"body":"talked"},{"startTime":2500.176,"endTime":2504.434,"body":"about"},{"startTime":2504.434,"endTime":2508.692,"body":"active"},{"startTime":2508.692,"endTime":2512.95,"body":"and"},{"startTime":2512.95,"endTime":2517.208,"body":"passive"},{"startTime":2517.208,"endTime":2521.466,"body":"Investing"},{"startTime":2521.466,"endTime":2525.724,"body":"strategies,"},{"startTime":2525.724,"endTime":2529.982,"body":"and"},{"startTime":2529.982,"endTime":2534.24,"body":"64%"},{"startTime":2534.24,"endTime":2538.498,"body":"invested"},{"startTime":2538.498,"endTime":2542.756,"body":"in,"},{"startTime":2542.756,"endTime":2547.014,"body":"that's"},{"startTime":2547.014,"endTime":2551.272,"body":"how"},{"startTime":2551.272,"endTime":2555.53,"body":"I"},{"startTime":2555.53,"endTime":2559.788,"body":"remember"},{"startTime":2559.788,"endTime":2564.046,"body":"it,"},{"startTime":2564.046,"endTime":2568.304,"body":"64%"},{"startTime":2568.304,"endTime":2572.562,"body":"in"},{"startTime":2572.562,"endTime":2576.82,"body":"actively"},{"startTime":2576.82,"endTime":2581.078,"body":"managed"},{"startTime":2581.078,"endTime":2585.336,"body":"strategies,"},{"startTime":2585.336,"endTime":2589.594,"body":"and"},{"startTime":2589.594,"endTime":2593.852,"body":"36%"},{"startTime":2593.852,"endTime":2598.11,"body":"passively"},{"startTime":2598.11,"endTime":2602.368,"body":"managed"},{"startTime":2602.368,"endTime":2606.626,"body":"strategies."},{"startTime":2606.626,"endTime":2610.884,"body":"And"},{"startTime":2610.884,"endTime":2615.142,"body":"then"},{"startTime":2615.142,"endTime":2619.4,"body":"they"},{"startTime":2619.4,"endTime":2623.658,"body":"looked"},{"startTime":2623.658,"endTime":2627.916,"body":"at"},{"startTime":2627.916,"endTime":2632.174,"body":"also,"},{"startTime":2632.174,"endTime":2636.432,"body":"what"},{"startTime":2636.432,"endTime":2640.69,"body":"are"},{"startTime":2640.69,"endTime":2644.948,"body":"the"},{"startTime":2644.948,"endTime":2649.206,"body":"biggest"},{"startTime":2649.206,"endTime":2653.464,"body":"risks"},{"startTime":2653.464,"endTime":2657.722,"body":"that"},{"startTime":2657.722,"endTime":2661.98,"body":"people"},{"startTime":2661.98,"endTime":2666.238,"body":"focus"},{"startTime":2666.238,"endTime":2670.496,"body":"on"},{"startTime":2670.496,"endTime":2674.754,"body":"over"},{"startTime":2674.754,"endTime":2679.012,"body":"the"},{"startTime":2679.012,"endTime":2683.27,"body":"next"},{"startTime":2683.27,"endTime":2687.528,"body":"12"},{"startTime":2687.528,"endTime":2691.786,"body":"months"},{"startTime":2691.786,"endTime":2696.044,"body":"and"},{"startTime":2696.044,"endTime":2700.302,"body":"5"},{"startTime":2700.302,"endTime":2704.56,"body":"years?"},{"startTime":2487.402,"endTime":2492.122,"body":"\rAndover"},{"startTime":2492.122,"endTime":2494.482,"body":"the"},{"startTime":2494.482,"endTime":2496.842,"body":"next"},{"startTime":2496.842,"endTime":2499.202,"body":"12"},{"startTime":2499.202,"endTime":2501.562,"body":"months"},{"startTime":2501.562,"endTime":2503.922,"body":"the"},{"startTime":2503.922,"endTime":2506.282,"body":"biggest"},{"startTime":2506.282,"endTime":2508.642,"body":"risk"},{"startTime":2508.642,"endTime":2511.002,"body":"they"},{"startTime":2511.002,"endTime":2513.362,"body":"see"},{"startTime":2513.362,"endTime":2515.722,"body":"is"},{"startTime":2515.722,"endTime":2518.082,"body":"global"},{"startTime":2518.082,"endTime":2520.442,"body":"trade"},{"startTime":2520.442,"endTime":2522.802,"body":"war."},{"startTime":2522.802,"endTime":2525.162,"body":"But"},{"startTime":2525.162,"endTime":2527.522,"body":"over"},{"startTime":2527.522,"endTime":2529.882,"body":"the"},{"startTime":2529.882,"endTime":2532.242,"body":"next"},{"startTime":2532.242,"endTime":2534.602,"body":"5"},{"startTime":2534.602,"endTime":2536.962,"body":"years"},{"startTime":2536.962,"endTime":2539.322,"body":"it's"},{"startTime":2539.322,"endTime":2541.682,"body":"a"},{"startTime":2541.682,"endTime":2544.042,"body":"major"},{"startTime":2544.042,"endTime":2546.402,"body":"geopolitical"},{"startTime":2546.402,"endTime":2548.762,"body":"conflict"},{"startTime":2548.762,"endTime":2551.122,"body":"that"},{"startTime":2551.122,"endTime":2553.482,"body":"they"},{"startTime":2553.482,"endTime":2555.842,"body":"worry"},{"startTime":2555.842,"endTime":2558.202,"body":"about"},{"startTime":2558.202,"endTime":2560.562,"body":"mostly."},{"startTime":2560.562,"endTime":2562.922,"body":"There"},{"startTime":2562.922,"endTime":2565.282,"body":"are"},{"startTime":2565.282,"endTime":2567.642,"body":"also"},{"startTime":2567.642,"endTime":2570.002,"body":"some"},{"startTime":2570.002,"endTime":2572.362,"body":"people,"},{"startTime":2572.362,"endTime":2574.722,"body":"about"},{"startTime":2574.722,"endTime":2577.082,"body":"53%,"},{"startTime":2577.082,"endTime":2579.442,"body":"who"},{"startTime":2579.442,"endTime":2581.802,"body":"mentioned"},{"startTime":2581.802,"endTime":2584.162,"body":"that"},{"startTime":2584.162,"endTime":2586.522,"body":"they"},{"startTime":2586.522,"endTime":2588.882,"body":"do"},{"startTime":2588.882,"endTime":2591.242,"body":"worry"},{"startTime":2591.242,"endTime":2593.602,"body":"about"},{"startTime":2593.602,"endTime":2595.962,"body":"a"},{"startTime":2595.962,"endTime":2598.322,"body":"global"},{"startTime":2598.322,"endTime":2600.682,"body":"recession"},{"startTime":2600.682,"endTime":2603.042,"body":"in"},{"startTime":2603.042,"endTime":2605.402,"body":"the"},{"startTime":2605.402,"endTime":2607.762,"body":"next"},{"startTime":2607.762,"endTime":2610.122,"body":"5"},{"startTime":2610.122,"endTime":2612.482,"body":"years."},{"startTime":2612.482,"endTime":2614.842,"body":"And"},{"startTime":2614.842,"endTime":2617.202,"body":"then"},{"startTime":2617.202,"endTime":2619.562,"body":"a"},{"startTime":2619.562,"endTime":2621.922,"body":"debt"},{"startTime":2621.922,"endTime":2624.282,"body":"crisis,"},{"startTime":2624.282,"endTime":2626.642,"body":"50%"},{"startTime":2626.642,"endTime":2629.002,"body":"worries"},{"startTime":2629.002,"endTime":2631.362,"body":"about"},{"startTime":2631.362,"endTime":2633.722,"body":"a"},{"startTime":2633.722,"endTime":2636.082,"body":"debt"},{"startTime":2636.082,"endTime":2638.442,"body":"crisis"},{"startTime":2638.442,"endTime":2640.802,"body":"in"},{"startTime":2640.802,"endTime":2643.162,"body":"the"},{"startTime":2643.162,"endTime":2645.522,"body":"next"},{"startTime":2645.522,"endTime":2647.882,"body":"5"},{"startTime":2647.882,"endTime":2650.242,"body":"years"},{"startTime":2650.242,"endTime":2652.602,"body":"as"},{"startTime":2652.602,"endTime":2654.962,"body":"well,"},{"startTime":2654.962,"endTime":2657.322,"body":"not"},{"startTime":2657.322,"endTime":2659.682,"body":"so"},{"startTime":2659.682,"endTime":2662.042,"body":"much"},{"startTime":2662.042,"endTime":2664.402,"body":"in"},{"startTime":2664.402,"endTime":2666.762,"body":"the"},{"startTime":2666.762,"endTime":2669.122,"body":"next"},{"startTime":2669.122,"endTime":2671.482,"body":"12"},{"startTime":2671.482,"endTime":2673.842,"body":"months."},{"startTime":2673.842,"endTime":2676.202,"body":"So"},{"startTime":2676.202,"endTime":2678.562,"body":"yeah,"},{"startTime":2678.562,"endTime":2680.922,"body":"I"},{"startTime":2680.922,"endTime":2683.282,"body":"mean"},{"startTime":2683.282,"endTime":2685.642,"body":"there's"},{"startTime":2685.642,"endTime":2688.002,"body":"obviously"},{"startTime":2688.002,"endTime":2690.362,"body":"lots"},{"startTime":2690.362,"endTime":2692.722,"body":"of"},{"startTime":2692.722,"endTime":2695.082,"body":"things"},{"startTime":2695.082,"endTime":2697.442,"body":"to"},{"startTime":2697.442,"endTime":2699.802,"body":"be"},{"startTime":2699.802,"endTime":2702.162,"body":"concerned"},{"startTime":2702.162,"endTime":2704.522,"body":"about."},{"startTime":2487.402,"endTime":2491.66,"body":"\rAndthen"},{"startTime":2491.66,"endTime":2493.789,"body":"maybe"},{"startTime":2493.789,"endTime":2495.918,"body":"the"},{"startTime":2495.918,"endTime":2498.047,"body":"final"},{"startTime":2498.047,"endTime":2500.176,"body":"thing"},{"startTime":2500.176,"endTime":2502.305,"body":"I"},{"startTime":2502.305,"endTime":2504.434,"body":"want"},{"startTime":2504.434,"endTime":2506.563,"body":"to"},{"startTime":2506.563,"endTime":2508.692,"body":"mention"},{"startTime":2508.692,"endTime":2510.821,"body":"that"},{"startTime":2510.821,"endTime":2512.95,"body":"I"},{"startTime":2512.95,"endTime":2515.079,"body":"took"},{"startTime":2515.079,"endTime":2517.208,"body":"away"},{"startTime":2517.208,"endTime":2519.337,"body":"and"},{"startTime":2519.337,"endTime":2521.466,"body":"that"},{"startTime":2521.466,"endTime":2523.595,"body":"is"},{"startTime":2523.595,"endTime":2525.724,"body":"what"},{"startTime":2525.724,"endTime":2527.853,"body":"are"},{"startTime":2527.853,"endTime":2529.982,"body":"the"},{"startTime":2529.982,"endTime":2532.111,"body":"main"},{"startTime":2532.111,"endTime":2534.24,"body":"things,"},{"startTime":2534.24,"endTime":2536.369,"body":"the"},{"startTime":2536.369,"endTime":2538.498,"body":"key"},{"startTime":2538.498,"endTime":2540.627,"body":"challenges"},{"startTime":2540.627,"endTime":2542.756,"body":"in"},{"startTime":2542.756,"endTime":2544.885,"body":"terms"},{"startTime":2544.885,"endTime":2547.014,"body":"of"},{"startTime":2547.014,"endTime":2549.143,"body":"what"},{"startTime":2549.143,"endTime":2551.272,"body":"they're"},{"startTime":2551.272,"endTime":2553.401,"body":"trying"},{"startTime":2553.401,"endTime":2555.53,"body":"to"},{"startTime":2555.53,"endTime":2557.659,"body":"find"},{"startTime":2557.659,"endTime":2559.788,"body":"to"},{"startTime":2559.788,"endTime":2561.917,"body":"manage"},{"startTime":2561.917,"endTime":2564.046,"body":"their"},{"startTime":2564.046,"endTime":2566.175,"body":"portfolios?"},{"startTime":2566.175,"endTime":2568.304,"body":"And"},{"startTime":2568.304,"endTime":2570.433,"body":"38%"},{"startTime":2570.433,"endTime":2572.562,"body":"responded"},{"startTime":2572.562,"endTime":2574.691,"body":"that"},{"startTime":2574.691,"endTime":2576.82,"body":"they're"},{"startTime":2576.82,"endTime":2578.949,"body":"trying"},{"startTime":2578.949,"endTime":2581.078,"body":"to"},{"startTime":2581.078,"endTime":2583.207,"body":"find"},{"startTime":2583.207,"endTime":2585.336,"body":"the"},{"startTime":2585.336,"endTime":2587.465,"body":"right"},{"startTime":2587.465,"endTime":2589.594,"body":"risk"},{"startTime":2589.594,"endTime":2591.723,"body":"offsetting"},{"startTime":2591.723,"endTime":2593.852,"body":"asset"},{"startTime":2593.852,"endTime":2595.981,"body":"or"},{"startTime":2595.981,"endTime":2598.11,"body":"strategy"},{"startTime":2598.11,"endTime":2600.239,"body":"is"},{"startTime":2600.239,"endTime":2602.368,"body":"their"},{"startTime":2602.368,"endTime":2604.497,"body":"biggest"},{"startTime":2604.497,"endTime":2606.626,"body":"challenge,"},{"startTime":2606.626,"endTime":2608.755,"body":"which"},{"startTime":2608.755,"endTime":2610.884,"body":"of"},{"startTime":2610.884,"endTime":2613.013,"body":"course"},{"startTime":2613.013,"endTime":2615.142,"body":"is"},{"startTime":2615.142,"endTime":2617.271,"body":"where"},{"startTime":2617.271,"endTime":2619.4,"body":"we"},{"startTime":2619.4,"endTime":2621.529,"body":"think"},{"startTime":2621.529,"endTime":2623.658,"body":"trend"},{"startTime":2623.658,"endTime":2625.787,"body":"following"},{"startTime":2625.787,"endTime":2627.916,"body":"comes"},{"startTime":2627.916,"endTime":2630.045,"body":"in."},{"startTime":2630.045,"endTime":2632.174,"body":"But"},{"startTime":2632.174,"endTime":2634.303,"body":"there"},{"startTime":2634.303,"endTime":2636.432,"body":"we"},{"startTime":2636.432,"endTime":2638.561,"body":"are."},{"startTime":2638.561,"endTime":2640.69,"body":"Look"},{"startTime":2640.69,"endTime":2642.819,"body":"no"},{"startTime":2642.819,"endTime":2644.948,"body":"further,"},{"startTime":2644.948,"endTime":2647.077,"body":"I"},{"startTime":2647.077,"endTime":2649.206,"body":"guess."},{"startTime":2649.206,"endTime":2651.335,"body":"So,"},{"startTime":2651.335,"endTime":2653.464,"body":"that's"},{"startTime":2653.464,"endTime":2655.593,"body":"interesting."},{"startTime":2655.593,"endTime":2657.722,"body":"And"},{"startTime":2657.722,"endTime":2659.851,"body":"also"},{"startTime":2659.851,"endTime":2661.98,"body":"29%"},{"startTime":2661.98,"endTime":2664.109,"body":"says"},{"startTime":2664.109,"endTime":2666.238,"body":"the"},{"startTime":2666.238,"endTime":2668.367,"body":"predictability"},{"startTime":2668.367,"endTime":2670.496,"body":"of"},{"startTime":2670.496,"endTime":2672.625,"body":"safety"},{"startTime":2672.625,"endTime":2674.754,"body":"assets"},{"startTime":2674.754,"endTime":2676.883,"body":"is"},{"startTime":2676.883,"endTime":2679.012,"body":"something"},{"startTime":2679.012,"endTime":2681.141,"body":"that"},{"startTime":2681.141,"endTime":2683.27,"body":"they"},{"startTime":2683.27,"endTime":2685.399,"body":"worry"},{"startTime":2685.399,"endTime":2687.528,"body":"about,"},{"startTime":2687.528,"endTime":2689.657,"body":"cost"},{"startTime":2689.657,"endTime":2691.786,"body":"and"},{"startTime":2691.786,"endTime":2693.915,"body":"fees."},{"startTime":2693.915,"endTime":2696.044,"body":"26%."},{"startTime":2696.044,"endTime":2698.173,"body":"So"},{"startTime":2698.173,"endTime":2700.302,"body":"yeah,"},{"startTime":2700.302,"endTime":2702.431,"body":"very"},{"startTime":2702.431,"endTime":2704.56,"body":"interesting."},{"startTime":2487.402,"endTime":2493.788,"body":"\rYouknow"},{"startTime":2493.788,"endTime":2496.981,"body":"Alan,"},{"startTime":2496.981,"endTime":2500.174,"body":"because"},{"startTime":2500.174,"endTime":2503.367,"body":"we've"},{"startTime":2503.367,"endTime":2506.56,"body":"had"},{"startTime":2506.56,"endTime":2509.753,"body":"these"},{"startTime":2509.753,"endTime":2512.946,"body":"technical"},{"startTime":2512.946,"endTime":2516.139,"body":"challenges,"},{"startTime":2516.139,"endTime":2519.332,"body":"I'm"},{"startTime":2519.332,"endTime":2522.525,"body":"kind"},{"startTime":2522.525,"endTime":2525.718,"body":"of"},{"startTime":2525.718,"endTime":2528.911,"body":"tempted"},{"startTime":2528.911,"endTime":2532.104,"body":"to"},{"startTime":2532.104,"endTime":2535.297,"body":"cut"},{"startTime":2535.297,"endTime":2538.49,"body":"our"},{"startTime":2538.49,"endTime":2541.683,"body":"conversation"},{"startTime":2541.683,"endTime":2544.876,"body":"a"},{"startTime":2544.876,"endTime":2548.069,"body":"little"},{"startTime":2548.069,"endTime":2551.262,"body":"bit"},{"startTime":2551.262,"endTime":2554.455,"body":"short"},{"startTime":2554.455,"endTime":2557.648,"body":"today"},{"startTime":2557.648,"endTime":2560.841,"body":"just"},{"startTime":2560.841,"endTime":2564.034,"body":"because"},{"startTime":2564.034,"endTime":2567.227,"body":"I"},{"startTime":2567.227,"endTime":2570.42,"body":"don't"},{"startTime":2570.42,"endTime":2573.613,"body":"actually"},{"startTime":2573.613,"endTime":2576.806,"body":"know,"},{"startTime":2576.806,"endTime":2579.999,"body":"at"},{"startTime":2579.999,"endTime":2583.192,"body":"this"},{"startTime":2583.192,"endTime":2586.385,"body":"stage,"},{"startTime":2586.385,"endTime":2589.578,"body":"what"},{"startTime":2589.578,"endTime":2592.771,"body":"quality"},{"startTime":2592.771,"endTime":2595.964,"body":"we're"},{"startTime":2595.964,"endTime":2599.157,"body":"going"},{"startTime":2599.157,"endTime":2602.35,"body":"to"},{"startTime":2602.35,"endTime":2605.543,"body":"be"},{"startTime":2605.543,"endTime":2608.736,"body":"getting"},{"startTime":2608.736,"endTime":2611.929,"body":"when"},{"startTime":2611.929,"endTime":2615.122,"body":"we"},{"startTime":2615.122,"endTime":2618.315,"body":"listen"},{"startTime":2618.315,"endTime":2621.508,"body":"back"},{"startTime":2621.508,"endTime":2624.701,"body":"to"},{"startTime":2624.701,"endTime":2627.894,"body":"this."},{"startTime":2627.894,"endTime":2631.087,"body":"And"},{"startTime":2631.087,"endTime":2634.28,"body":"I"},{"startTime":2634.28,"endTime":2637.473,"body":"want"},{"startTime":2637.473,"endTime":2640.666,"body":"to"},{"startTime":2640.666,"endTime":2643.859,"body":"keep"},{"startTime":2643.859,"endTime":2647.052,"body":"some"},{"startTime":2647.052,"endTime":2650.245,"body":"of"},{"startTime":2650.245,"endTime":2653.438,"body":"the,"},{"startTime":2653.438,"endTime":2656.631,"body":"the"},{"startTime":2656.631,"endTime":2659.824,"body":"things"},{"startTime":2659.824,"endTime":2663.017,"body":"that"},{"startTime":2663.017,"endTime":2666.21,"body":"we"},{"startTime":2666.21,"endTime":2669.403,"body":"have"},{"startTime":2669.403,"endTime":2672.596,"body":"planned"},{"startTime":2672.596,"endTime":2675.789,"body":"maybe"},{"startTime":2675.789,"endTime":2678.982,"body":"for"},{"startTime":2678.982,"endTime":2682.175,"body":"another"},{"startTime":2682.175,"endTime":2685.368,"body":"time"},{"startTime":2685.368,"endTime":2688.561,"body":"when"},{"startTime":2688.561,"endTime":2691.754,"body":"we've"},{"startTime":2691.754,"endTime":2694.947,"body":"ironed"},{"startTime":2694.947,"endTime":2698.14,"body":"out"},{"startTime":2698.14,"endTime":2701.333,"body":"these"},{"startTime":2701.333,"endTime":2704.526,"body":"issues."},{"startTime":2487.402,"endTime":2494.522,"body":"\rSoif"},{"startTime":2494.522,"endTime":2498.082,"body":"it's"},{"startTime":2498.082,"endTime":2501.642,"body":"okay"},{"startTime":2501.642,"endTime":2505.202,"body":"with"},{"startTime":2505.202,"endTime":2508.762,"body":"you,"},{"startTime":2508.762,"endTime":2512.322,"body":"we'll"},{"startTime":2512.322,"endTime":2515.882,"body":"leave"},{"startTime":2515.882,"endTime":2519.442,"body":"it"},{"startTime":2519.442,"endTime":2523.002,"body":"there."},{"startTime":2523.002,"endTime":2526.562,"body":"This"},{"startTime":2526.562,"endTime":2530.122,"body":"is"},{"startTime":2530.122,"endTime":2533.682,"body":"pretty"},{"startTime":2533.682,"endTime":2537.242,"body":"jam"},{"startTime":2537.242,"endTime":2540.802,"body":"packed"},{"startTime":2540.802,"endTime":2544.362,"body":"anyways,"},{"startTime":2544.362,"endTime":2547.922,"body":"and"},{"startTime":2547.922,"endTime":2551.482,"body":"I"},{"startTime":2551.482,"endTime":2555.042,"body":"really"},{"startTime":2555.042,"endTime":2558.602,"body":"appreciate"},{"startTime":2558.602,"endTime":2562.162,"body":"your"},{"startTime":2562.162,"endTime":2565.722,"body":"flexibility"},{"startTime":2565.722,"endTime":2569.282,"body":"working"},{"startTime":2569.282,"endTime":2572.842,"body":"around"},{"startTime":2572.842,"endTime":2576.402,"body":"these"},{"startTime":2576.402,"endTime":2579.962,"body":"challenges"},{"startTime":2579.962,"endTime":2583.522,"body":"today."},{"startTime":2583.522,"endTime":2587.082,"body":"Next"},{"startTime":2587.082,"endTime":2590.642,"body":"week"},{"startTime":2590.642,"endTime":2594.202,"body":"I'll"},{"startTime":2594.202,"endTime":2597.762,"body":"be"},{"startTime":2597.762,"endTime":2601.322,"body":"back"},{"startTime":2601.322,"endTime":2604.882,"body":"with"},{"startTime":2604.882,"endTime":2608.442,"body":"Katy."},{"startTime":2608.442,"endTime":2612.002,"body":"No"},{"startTime":2612.002,"endTime":2615.562,"body":"doubt"},{"startTime":2615.562,"endTime":2619.122,"body":"there'll"},{"startTime":2619.122,"endTime":2622.682,"body":"be"},{"startTime":2622.682,"endTime":2626.242,"body":"another"},{"startTime":2626.242,"endTime":2629.802,"body":"paper"},{"startTime":2629.802,"endTime":2633.362,"body":"to"},{"startTime":2633.362,"endTime":2636.922,"body":"discuss."},{"startTime":2636.922,"endTime":2640.482,"body":"I"},{"startTime":2640.482,"endTime":2644.042,"body":"know"},{"startTime":2644.042,"endTime":2647.602,"body":"she's"},{"startTime":2647.602,"endTime":2651.162,"body":"been"},{"startTime":2651.162,"endTime":2654.722,"body":"writing"},{"startTime":2654.722,"endTime":2658.282,"body":"ferociously"},{"startTime":2658.282,"endTime":2661.842,"body":"about"},{"startTime":2661.842,"endTime":2665.402,"body":"what's"},{"startTime":2665.402,"endTime":2668.962,"body":"going"},{"startTime":2668.962,"endTime":2672.522,"body":"on"},{"startTime":2672.522,"endTime":2676.082,"body":"in"},{"startTime":2676.082,"endTime":2679.642,"body":"the"},{"startTime":2679.642,"endTime":2683.202,"body":"CTA"},{"startTime":2683.202,"endTime":2686.762,"body":"space,"},{"startTime":2686.762,"endTime":2690.322,"body":"so"},{"startTime":2690.322,"endTime":2693.882,"body":"looking"},{"startTime":2693.882,"endTime":2697.442,"body":"forward"},{"startTime":2697.442,"endTime":2701.002,"body":"to"},{"startTime":2701.002,"endTime":2704.562,"body":"that."},{"startTime":2487.402,"endTime":2505.5,"body":"\rIfyou"},{"startTime":2505.5,"endTime":2514.549,"body":"have"},{"startTime":2514.549,"endTime":2523.598,"body":"any"},{"startTime":2523.598,"endTime":2532.647,"body":"questions"},{"startTime":2532.647,"endTime":2541.696,"body":"for"},{"startTime":2541.696,"endTime":2550.745,"body":"Katy,"},{"startTime":2550.745,"endTime":2559.794,"body":"please"},{"startTime":2559.794,"endTime":2568.843,"body":"email"},{"startTime":2568.843,"endTime":2577.892,"body":"them"},{"startTime":2577.892,"endTime":2586.941,"body":"to"},{"startTime":2586.941,"endTime":2595.99,"body":"info@toptradersunplugged.com"},{"startTime":2595.99,"endTime":2605.039,"body":"and"},{"startTime":2605.039,"endTime":2614.088,"body":"I'll"},{"startTime":2614.088,"endTime":2623.137,"body":"do"},{"startTime":2623.137,"endTime":2632.186,"body":"my"},{"startTime":2632.186,"endTime":2641.235,"body":"very"},{"startTime":2641.235,"endTime":2650.284,"body":"best"},{"startTime":2650.284,"endTime":2659.333,"body":"to"},{"startTime":2659.333,"endTime":2668.382,"body":"bring"},{"startTime":2668.382,"endTime":2677.431,"body":"them"},{"startTime":2677.431,"endTime":2686.48,"body":"up"},{"startTime":2686.48,"endTime":2695.529,"body":"with"},{"startTime":2695.529,"endTime":2704.578,"body":"her."},{"startTime":2487.402,"endTime":2499.468,"body":"\rFromAlan"},{"startTime":2499.468,"endTime":2505.501,"body":"and"},{"startTime":2505.501,"endTime":2511.534,"body":"me,"},{"startTime":2511.534,"endTime":2517.567,"body":"thanks"},{"startTime":2517.567,"endTime":2523.6,"body":"ever"},{"startTime":2523.6,"endTime":2529.633,"body":"so"},{"startTime":2529.633,"endTime":2535.666,"body":"much"},{"startTime":2535.666,"endTime":2541.699,"body":"for"},{"startTime":2541.699,"endTime":2547.732,"body":"listening."},{"startTime":2547.732,"endTime":2553.765,"body":"We"},{"startTime":2553.765,"endTime":2559.798,"body":"look"},{"startTime":2559.798,"endTime":2565.831,"body":"forward"},{"startTime":2565.831,"endTime":2571.864,"body":"to"},{"startTime":2571.864,"endTime":2577.897,"body":"being"},{"startTime":2577.897,"endTime":2583.93,"body":"back"},{"startTime":2583.93,"endTime":2589.963,"body":"with"},{"startTime":2589.963,"endTime":2595.996,"body":"you"},{"startTime":2595.996,"endTime":2602.029,"body":"next"},{"startTime":2602.029,"endTime":2608.062,"body":"week."},{"startTime":2608.062,"endTime":2614.095,"body":"And"},{"startTime":2614.095,"endTime":2620.128,"body":"in"},{"startTime":2620.128,"endTime":2626.161,"body":"the"},{"startTime":2626.161,"endTime":2632.194,"body":"meantime,"},{"startTime":2632.194,"endTime":2638.227,"body":"as"},{"startTime":2638.227,"endTime":2644.26,"body":"usual,"},{"startTime":2644.26,"endTime":2650.293,"body":"take"},{"startTime":2650.293,"endTime":2656.326,"body":"care"},{"startTime":2656.326,"endTime":2662.359,"body":"of"},{"startTime":2662.359,"endTime":2668.392,"body":"yourself"},{"startTime":2668.392,"endTime":2674.425,"body":"and"},{"startTime":2674.425,"endTime":2680.458,"body":"take"},{"startTime":2680.458,"endTime":2686.491,"body":"care"},{"startTime":2686.491,"endTime":2692.524,"body":"of"},{"startTime":2692.524,"endTime":2698.557,"body":"each"},{"startTime":2698.557,"endTime":2704.59,"body":"other."},{"startTime":2705.552,"endTime":2706.712,"body":"Thanks"},{"startTime":2706.712,"endTime":2707.872,"body":"for"},{"startTime":2707.872,"endTime":2709.032,"body":"listening"},{"startTime":2709.032,"endTime":2710.192,"body":"to"},{"startTime":2710.192,"endTime":2711.352,"body":"the"},{"startTime":2711.352,"endTime":2712.512,"body":"Systematic"},{"startTime":2712.512,"endTime":2713.672,"body":"Investor"},{"startTime":2713.672,"endTime":2714.832,"body":"podcast"},{"startTime":2714.832,"endTime":2715.992,"body":"series."},{"startTime":2715.992,"endTime":2717.152,"body":"If"},{"startTime":2717.152,"endTime":2718.312,"body":"you"},{"startTime":2718.312,"endTime":2719.472,"body":"enjoy"},{"startTime":2719.472,"endTime":2720.632,"body":"this"},{"startTime":2720.632,"endTime":2721.792,"body":"series,"},{"startTime":2721.792,"endTime":2722.952,"body":"go"},{"startTime":2722.952,"endTime":2724.112,"body":"on"},{"startTime":2724.112,"endTime":2725.272,"body":"over"},{"startTime":2725.272,"endTime":2726.432,"body":"to"},{"startTime":2726.432,"endTime":2727.592,"body":"iTunes"},{"startTime":2727.592,"endTime":2728.752,"body":"and"},{"startTime":2728.752,"endTime":2729.912,"body":"leave"},{"startTime":2729.912,"endTime":2731.072,"body":"an"},{"startTime":2731.072,"endTime":2732.232,"body":"honest"},{"startTime":2732.232,"endTime":2733.392,"body":"rating"},{"startTime":2733.392,"endTime":2734.552,"body":"and"},{"startTime":2734.552,"endTime":2735.712,"body":"review."},{"startTime":2735.712,"endTime":2736.872,"body":"And"},{"startTime":2736.872,"endTime":2738.032,"body":"be"},{"startTime":2738.032,"endTime":2739.192,"body":"sure"},{"startTime":2739.192,"endTime":2740.352,"body":"to"},{"startTime":2740.352,"endTime":2741.512,"body":"listen"},{"startTime":2741.512,"endTime":2742.672,"body":"to"},{"startTime":2742.672,"endTime":2743.832,"body":"all"},{"startTime":2743.832,"endTime":2744.992,"body":"the"},{"startTime":2744.992,"endTime":2746.152,"body":"other"},{"startTime":2746.152,"endTime":2747.312,"body":"episodes"},{"startTime":2747.312,"endTime":2748.472,"body":"from"},{"startTime":2748.472,"endTime":2749.632,"body":"Top"},{"startTime":2749.632,"endTime":2750.792,"body":"Traders"},{"startTime":2750.792,"endTime":2751.952,"body":"Unplugged."},{"startTime":2705.552,"endTime":2708.646,"body":"\rIfyou"},{"startTime":2708.646,"endTime":2710.193,"body":"have"},{"startTime":2710.193,"endTime":2711.74,"body":"questions"},{"startTime":2711.74,"endTime":2713.287,"body":"about"},{"startTime":2713.287,"endTime":2714.834,"body":"systematic"},{"startTime":2714.834,"endTime":2716.381,"body":"investing,"},{"startTime":2716.381,"endTime":2717.928,"body":"send"},{"startTime":2717.928,"endTime":2719.475,"body":"us"},{"startTime":2719.475,"endTime":2721.022,"body":"an"},{"startTime":2721.022,"endTime":2722.569,"body":"email"},{"startTime":2722.569,"endTime":2724.116,"body":"with"},{"startTime":2724.116,"endTime":2725.663,"body":"the"},{"startTime":2725.663,"endTime":2727.21,"body":"word"},{"startTime":2727.21,"endTime":2728.757,"body":"question"},{"startTime":2728.757,"endTime":2730.304,"body":"in"},{"startTime":2730.304,"endTime":2731.851,"body":"the"},{"startTime":2731.851,"endTime":2733.398,"body":"subject"},{"startTime":2733.398,"endTime":2734.945,"body":"line"},{"startTime":2734.945,"endTime":2736.492,"body":"to"},{"startTime":2736.492,"endTime":2738.039,"body":"info@toptradersunplugged.com"},{"startTime":2738.039,"endTime":2739.586,"body":"and"},{"startTime":2739.586,"endTime":2741.133,"body":"we'll"},{"startTime":2741.133,"endTime":2742.68,"body":"try"},{"startTime":2742.68,"endTime":2744.227,"body":"to"},{"startTime":2744.227,"endTime":2745.774,"body":"get"},{"startTime":2745.774,"endTime":2747.321,"body":"it"},{"startTime":2747.321,"endTime":2748.868,"body":"on"},{"startTime":2748.868,"endTime":2750.415,"body":"the"},{"startTime":2750.415,"endTime":2751.962,"body":"show."},{"startTime":2705.552,"endTime":2706.63,"body":"\rAndremember,"},{"startTime":2706.63,"endTime":2707.169,"body":"all"},{"startTime":2707.169,"endTime":2707.708,"body":"the"},{"startTime":2707.708,"endTime":2708.247,"body":"discussion"},{"startTime":2708.247,"endTime":2708.786,"body":"that"},{"startTime":2708.786,"endTime":2709.325,"body":"we"},{"startTime":2709.325,"endTime":2709.864,"body":"have"},{"startTime":2709.864,"endTime":2710.403,"body":"about"},{"startTime":2710.403,"endTime":2710.942,"body":"investment"},{"startTime":2710.942,"endTime":2711.481,"body":"performance"},{"startTime":2711.481,"endTime":2712.02,"body":"is"},{"startTime":2712.02,"endTime":2712.559,"body":"about"},{"startTime":2712.559,"endTime":2713.098,"body":"the"},{"startTime":2713.098,"endTime":2713.637,"body":"past,"},{"startTime":2713.637,"endTime":2714.176,"body":"and"},{"startTime":2714.176,"endTime":2714.715,"body":"past"},{"startTime":2714.715,"endTime":2715.254,"body":"performance"},{"startTime":2715.254,"endTime":2715.793,"body":"does"},{"startTime":2715.793,"endTime":2716.332,"body":"not"},{"startTime":2716.332,"endTime":2716.871,"body":"guarantee"},{"startTime":2716.871,"endTime":2717.41,"body":"or"},{"startTime":2717.41,"endTime":2717.949,"body":"even"},{"startTime":2717.949,"endTime":2718.488,"body":"infer"},{"startTime":2718.488,"endTime":2719.027,"body":"anything"},{"startTime":2719.027,"endTime":2719.566,"body":"about"},{"startTime":2719.566,"endTime":2720.105,"body":"future"},{"startTime":2720.105,"endTime":2720.644,"body":"performance."},{"startTime":2720.644,"endTime":2721.183,"body":"Also,"},{"startTime":2721.183,"endTime":2721.722,"body":"understand"},{"startTime":2721.722,"endTime":2722.261,"body":"that"},{"startTime":2722.261,"endTime":2722.8,"body":"there's"},{"startTime":2722.8,"endTime":2723.339,"body":"a"},{"startTime":2723.339,"endTime":2723.878,"body":"significant"},{"startTime":2723.878,"endTime":2724.417,"body":"risk"},{"startTime":2724.417,"endTime":2724.956,"body":"of"},{"startTime":2724.956,"endTime":2725.495,"body":"financial"},{"startTime":2725.495,"endTime":2726.034,"body":"loss"},{"startTime":2726.034,"endTime":2726.573,"body":"with"},{"startTime":2726.573,"endTime":2727.112,"body":"all"},{"startTime":2727.112,"endTime":2727.651,"body":"investment"},{"startTime":2727.651,"endTime":2728.19,"body":"strategies,"},{"startTime":2728.19,"endTime":2728.729,"body":"and"},{"startTime":2728.729,"endTime":2729.268,"body":"you"},{"startTime":2729.268,"endTime":2729.807,"body":"need"},{"startTime":2729.807,"endTime":2730.346,"body":"to"},{"startTime":2730.346,"endTime":2730.885,"body":"request"},{"startTime":2730.885,"endTime":2731.424,"body":"and"},{"startTime":2731.424,"endTime":2731.963,"body":"understand"},{"startTime":2731.963,"endTime":2732.502,"body":"the"},{"startTime":2732.502,"endTime":2733.041,"body":"specific"},{"startTime":2733.041,"endTime":2733.58,"body":"risks"},{"startTime":2733.58,"endTime":2734.119,"body":"from"},{"startTime":2734.119,"endTime":2734.658,"body":"the"},{"startTime":2734.658,"endTime":2735.197,"body":"investment"},{"startTime":2735.197,"endTime":2735.736,"body":"manager"},{"startTime":2735.736,"endTime":2736.275,"body":"about"},{"startTime":2736.275,"endTime":2736.814,"body":"their"},{"startTime":2736.814,"endTime":2737.353,"body":"products"},{"startTime":2737.353,"endTime":2737.892,"body":"before"},{"startTime":2737.892,"endTime":2738.431,"body":"you"},{"startTime":2738.431,"endTime":2738.97,"body":"make"},{"startTime":2738.97,"endTime":2739.509,"body":"investment"},{"startTime":2739.509,"endTime":2740.048,"body":"decisions."},{"startTime":2740.048,"endTime":2740.587,"body":"Thanks"},{"startTime":2740.587,"endTime":2741.126,"body":"for"},{"startTime":2741.126,"endTime":2741.665,"body":"spending"},{"startTime":2741.665,"endTime":2742.204,"body":"some"},{"startTime":2742.204,"endTime":2742.743,"body":"of"},{"startTime":2742.743,"endTime":2743.282,"body":"your"},{"startTime":2743.282,"endTime":2743.821,"body":"valuable"},{"startTime":2743.821,"endTime":2744.36,"body":"time"},{"startTime":2744.36,"endTime":2744.899,"body":"with"},{"startTime":2744.899,"endTime":2745.438,"body":"us"},{"startTime":2745.438,"endTime":2745.977,"body":"and"},{"startTime":2745.977,"endTime":2746.516,"body":"we'll"},{"startTime":2746.516,"endTime":2747.055,"body":"see"},{"startTime":2747.055,"endTime":2747.594,"body":"you"},{"startTime":2747.594,"endTime":2748.133,"body":"on"},{"startTime":2748.133,"endTime":2748.672,"body":"the"},{"startTime":2748.672,"endTime":2749.211,"body":"next"},{"startTime":2749.211,"endTime":2749.75,"body":"episode"},{"startTime":2749.75,"endTime":2750.289,"body":"of"},{"startTime":2750.289,"endTime":2750.828,"body":"the"},{"startTime":2750.828,"endTime":2751.367,"body":"Systematic"},{"startTime":2751.367,"endTime":2751.906,"body":"Investor."}]}