“Economically, it doesn't matter as much as when the bond market even slows down, it's quite painful. And when it breaks bad, it's horrifically bad because the bond market represents money and the bond market breaking, it's like money dying.”

That's about right. Yeah. I think the Dow only fell about 36, 37. Yeah, because it's a bit more industrial. It hadn't

as much tech stuff. Well, I mean, economically, it was a nothing burger. That was like one of the shortest shallows recessions in U.S. history. And I think that

don't know. That's the problem. It's what you know for sure that just ain't so. It's when you take something that you think is safe and solid and good and it blows up in your face. That's when you get shocked. That's when the big nasty economic outcomes happen. So if you invest money in stocks or…

be surprised when it goes bad. But at the same time, you think of treasuries, you think of conservative, A-rated, even corporate bonds, investment-grade bonds, they're called investment-grade. You don't expect them to go to go belly up. So there's so many things I want to talk about with this. You…

surprised me because I didn't think it was going to be that interesting. There were lots of abolitionists, actually, in various stages of this story, I was pleased to see. So Lewis Tappan, him and his brother ran a classic merchanting business. They were ardent, hardcore abolitionists. They were…