This is a glimpse into the future of financial markets. I've discussed this before, but worth reiterating. We're entering a fundamentally different era of market participation, and investors need to recalibrate their expectations of volatility. Consider how dramatically market structure has evolved. 2-3x leveraged ETFs, options, perps, increasingly accessible margin, algo trading, 24/7 crypto markets has fundamentally changed how quickly capital can move and how aggressively investors can express risk and we're still in early stages. Tokenization will extend market access, collateral mobility, and trading hours across entirely new categories of assets. Yes, we'll progressively remove the friction to market access and bring more participation, but it also introduces a paradox. We're making it easier than ever to participate in markets, while potentially making it harder than ever to remain disciplined within them. Markets are increasingly interconnected and sensitive to SO many variables. A literal tweet can trigger algo selling, which can accelerate, force margin calls and liquidate an entire PMs book Greater liquidity, accessibility, and more efficient risk transfer are genuine benefits. But when these innovative products are combined with increasingly accessible leverage, the speed at which markets can reprice risk can become disconnected from what we've been used to for decades. As markets become faster, more leveraged, and more reactive, patience, simplicity, and the ability to remain invested may become increasingly valuable advantages.