The theme there You know Steve real quick here How do you follow the fed We're getting into this period where quantitative tightening is around the corner and so what does this mean in terms of what you do to buy yourself around what the fed does Well we take a disciplined approach We don't think we can sort of predict where the fed is going over short periods of time In fact I don't even think the fed knows where it's going I think the fed in some ways is following the data and following the markets and the markets leading the fed at times It's really the what we do is as the market prices and more and more tightening we think the chances of a slowdown and those higher rates ultimately slowing the economy down increase and therefore the rate environment looks more attractive So instead of sort of trying to predict whether the fed is going to hike ten times this year or 9 or 8 we simply as more tightening gets baked in we do that as a buying opportunity Steve Kane co CIO and general portfolio manager with TC W investment management We thank you as always breaking down the inflation numbers breaking down the odds of what we're going to see in this kind of inflationary yet growth slowdown environment I still don't know what the right narrative I think it's stagflation question is such an interesting one because it's not an environment people have seen for a long time certainly all these newer investors there's a joke that everyone makes to me on Wall Street all the time It's most investors my age have not made it through an inflationary cycle like this Oh yeah I have plenty of that I get it right here in-house But you know what I mean that's a lot of investors out there They have not seen this environment And even if you have it's not the same as the one we're seeing today So a lot of mistakes will be made a lot of things to be learned Yeah and I'm so glad you brought that up because if you look at the trading dynamics right it's the same deal These traders are in their 20s early 30s Until you quote age out essentially I'm not saying that there aren't older traders out there but this is part of the business essentially there's no secret to that And this is why history kind of repeats itself over and over again It's why you have the size and scope of what you're seeing now is similar to what we saw in 2000 and the dot com era And it's because the people trading now weren't the ones trading in 2000 They're thinking the exact same way Fun fact for you Did you know Throwing at me That almost 80% of Goldman Sachs workforce is millennial or younger Oh Do you think they know how to use TikTok You know I struggle with that But you know nowadays these big financial companies are paying TikTok for influencers to teach people how to invest how to trade So while you know I guess you have to get used to it if you don't watch already It is wild You know what I was watching an E trade commercial the other day owned by Morgan Stanley and they had a literal baby as the main character and it was them saying you know we need to bring back this baby from the wilderness something was taking a break from a straight and they're like investors are trading off memes now and what are we gonna do in the baby Literally like a one year old child actor was like a fake commercial and was like oh they're trading on memes I gotta come back to work And is that kind of dynamic where you can see some of these biggest players I did not do that commercial justice But I promise it was funny And the point I'm trying to make here is that you're seeing a lot of these major institutions especially online brokerages address the meme training And we didn't talk about memes but Elon Musk and his memes are on point on Twitter Do you think he has a mean guy No I think this is all from the figment of his imagination I mean fascinating fascinating stuff I mean I'm fascinated by also the volatility you're seeing in some of these markets A 30 handle on the fictionally Well you know that gets me riled up because the thing is once you get the vix that high obviously we saw people still trading through the first quarter but what happens is capital markets activity slows down So if companies aren't You know we're going to cut right in We are going to listen to it into a press conference Damian Williams a turning for the southern district of New York announced those charges filed against arcade capital management founder Bill Wong Here we go Yes special agent in charge to grow back SEC enforcement director for beer gray wall And CFTC deputy director of enforcement would also Today we unsealed racketeering conspiracy securities fraud wire fraud and market manipulation charges against Bill wall The founder of our key goes capital management and Patrick halligan the CFO of our king goes capital management for perpetrating a massive broad and market manipulation that nearly jeopardized our financial system The scheme was explored in scope We alleged that the defendants and their COVID spheres lied to banks to obtain billions of dollars at the then used to inflate the stock price a big number of public retreat companies The lies that the equation and the inflation fed more lives Round and round The last year the music stopped The bubble burst The prices dropped And when they did it billions of dollars nearly evaporated overnight And then aftermath so many people started searching for answers And.