Is It a Tail Hedge or an Equity Bet?

The fundamentals are sort of not in question on the long side. It's really have these served us well and investors well as tail hedges in the past. We look at O8 and 2020, 2012 and say, is this the kind of company that regularly blows out from 100 basis points to 400 basis points? Take General Motors for example. They defaulted in O8, problems with the UAW behind them. But they've still been enormously volatile as a credit... The credit in 2020 went from 100 to 700 back to 100. And then it's had that kind of roller coaster. When it's low, that's really asymmetric. You could buy protection. And if things change