The Negative Effects of Tail Units on the Market

There's no doubt that the tail exposure introduces, you know, and they increase their probabilities of some. If we were to get a 6% entry-day move, which is pretty hard to get, right? My guess is that it would turn into an 11% move, right? That's the kind of realities in an illiquid environment. There are just less people hedging real fall. You know, it hasn't worked. All that hedging that happened at 30 days and all that vol exposure that the street had as edges got absolutely decimated in the last year. We're concerned about a decline. And we've talked about this at length that led to a very market down