“I don't buy hurricane insurance when the hurricane's in the process of ripping my roof off, like everyone else does. I buy hurricane insurance when the weather forecast is saying there's no chance of a hurricane forever.”

Yeah. Yeah.

So you are, you are probably not to put trades in your mouth, but you're probably very anxiously licking your lips for this to go a little bit sideways.

Let me ask you about this. So speaking of credit default swaps, I'm curious, if you look at some of the credit default swaps on hyperscalers, obviously Oracle is sort of in its own thing because it's so exposed. Are people buying that because they really think that there is an X percent chance that…

It's a combination of things. When I look at like a meta, do I really think there's a high likelihood that they're not going to be able to pay their bills? Probably not. And same with Microsoft, certainly not. Amazon, all good companies. But what all these companies have done is they've taken on…

So it is interesting to think about the fact that many of these tech leaders have never really dealt with debt of this size before, obviously. But what would you put the probability of, if you're looking at this in terms of baselines, what is the probability that they do thread the needle here? And…