{"version":"1.0.0","segments":[{"startTime":7.08,"endTime":7.756,"body":"You"},{"startTime":7.756,"endTime":8.432,"body":"know,"},{"startTime":8.432,"endTime":9.108,"body":"that's"},{"startTime":9.108,"endTime":9.784,"body":"the"},{"startTime":9.784,"endTime":10.46,"body":"challenge"},{"startTime":10.46,"endTime":11.136,"body":"within"},{"startTime":11.136,"endTime":11.812,"body":"all"},{"startTime":11.812,"endTime":12.488,"body":"alternatives,"},{"startTime":12.488,"endTime":13.164,"body":"whether"},{"startTime":13.164,"endTime":13.84,"body":"they're"},{"startTime":13.84,"endTime":14.516,"body":"private,"},{"startTime":14.516,"endTime":15.192,"body":"public,"},{"startTime":15.192,"endTime":15.868,"body":"trend,"},{"startTime":15.868,"endTime":16.544,"body":"systematic,"},{"startTime":16.544,"endTime":17.22,"body":"fundamental."},{"startTime":17.22,"endTime":17.896,"body":"And"},{"startTime":17.896,"endTime":18.572,"body":"so,"},{"startTime":18.572,"endTime":19.248,"body":"we've"},{"startTime":19.248,"endTime":19.924,"body":"seen"},{"startTime":19.924,"endTime":20.6,"body":"that"},{"startTime":20.6,"endTime":21.276,"body":"as"},{"startTime":21.276,"endTime":21.952,"body":"well"},{"startTime":21.952,"endTime":22.628,"body":"in"},{"startTime":22.628,"endTime":23.304,"body":"the"},{"startTime":23.304,"endTime":23.98,"body":"trend"},{"startTime":23.98,"endTime":24.656,"body":"space."},{"startTime":24.656,"endTime":25.332,"body":"We've"},{"startTime":25.332,"endTime":26.008,"body":"tried"},{"startTime":26.008,"endTime":26.684,"body":"to"},{"startTime":26.684,"endTime":27.36,"body":"be"},{"startTime":27.36,"endTime":28.036,"body":"very"},{"startTime":28.036,"endTime":28.712,"body":"careful"},{"startTime":28.712,"endTime":29.388,"body":"in"},{"startTime":29.388,"endTime":30.064,"body":"how"},{"startTime":30.064,"endTime":30.74,"body":"we've"},{"startTime":30.74,"endTime":31.416,"body":"implemented"},{"startTime":31.416,"endTime":32.092,"body":"ours,"},{"startTime":32.092,"endTime":32.768,"body":"and"},{"startTime":32.768,"endTime":33.444,"body":"I"},{"startTime":33.444,"endTime":34.12,"body":"think"},{"startTime":34.12,"endTime":34.796,"body":"our"},{"startTime":34.796,"endTime":35.472,"body":"performance"},{"startTime":35.472,"endTime":36.148,"body":"sort"},{"startTime":36.148,"endTime":36.824,"body":"of"},{"startTime":36.824,"endTime":37.5,"body":"a"},{"startTime":37.5,"endTime":38.176,"body":"testament"},{"startTime":38.176,"endTime":38.852,"body":"to"},{"startTime":38.852,"endTime":39.528,"body":"that."},{"startTime":39.528,"endTime":40.204,"body":"But"},{"startTime":40.204,"endTime":40.88,"body":"the"},{"startTime":40.88,"endTime":41.556,"body":"risks"},{"startTime":41.556,"endTime":42.232,"body":"that"},{"startTime":42.232,"endTime":42.908,"body":"you"},{"startTime":42.908,"endTime":43.584,"body":"highlight"},{"startTime":43.584,"endTime":44.26,"body":"are"},{"startTime":44.26,"endTime":44.936,"body":"important"},{"startTime":44.936,"endTime":45.612,"body":"as"},{"startTime":45.612,"endTime":46.288,"body":"well."},{"startTime":6.96,"endTime":8.634,"body":"\rAndso,"},{"startTime":8.634,"endTime":9.471,"body":"you"},{"startTime":9.471,"endTime":10.308,"body":"know,"},{"startTime":10.308,"endTime":11.145,"body":"you’ve"},{"startTime":11.145,"endTime":11.982,"body":"got"},{"startTime":11.982,"endTime":12.819,"body":"to"},{"startTime":12.819,"endTime":13.656,"body":"kind"},{"startTime":13.656,"endTime":14.493,"body":"of"},{"startTime":14.493,"endTime":15.33,"body":"look"},{"startTime":15.33,"endTime":16.167,"body":"under"},{"startTime":16.167,"endTime":17.004,"body":"the"},{"startTime":17.004,"endTime":17.841,"body":"hood"},{"startTime":17.841,"endTime":18.678,"body":"a"},{"startTime":18.678,"endTime":19.515,"body":"bit"},{"startTime":19.515,"endTime":20.352,"body":"at"},{"startTime":20.352,"endTime":21.189,"body":"what"},{"startTime":21.189,"endTime":22.026,"body":"you're"},{"startTime":22.026,"endTime":22.863,"body":"getting"},{"startTime":22.863,"endTime":23.7,"body":"in"},{"startTime":23.7,"endTime":24.537,"body":"these"},{"startTime":24.537,"endTime":25.374,"body":"various"},{"startTime":25.374,"endTime":26.211,"body":"offerings."},{"startTime":26.211,"endTime":27.048,"body":"And"},{"startTime":27.048,"endTime":27.885,"body":"that's"},{"startTime":27.885,"endTime":28.722,"body":"one"},{"startTime":28.722,"endTime":29.559,"body":"of"},{"startTime":29.559,"endTime":30.396,"body":"the"},{"startTime":30.396,"endTime":31.233,"body":"ways"},{"startTime":31.233,"endTime":32.07,"body":"to"},{"startTime":32.07,"endTime":32.907,"body":"manage"},{"startTime":32.907,"endTime":33.744,"body":"the"},{"startTime":33.744,"endTime":34.581,"body":"dispersion,"},{"startTime":34.581,"endTime":35.418,"body":"within"},{"startTime":35.418,"endTime":36.255,"body":"the"},{"startTime":36.255,"endTime":37.092,"body":"manager"},{"startTime":37.092,"endTime":37.929,"body":"selection"},{"startTime":37.929,"endTime":38.766,"body":"problem,"},{"startTime":38.766,"endTime":39.603,"body":"within"},{"startTime":39.603,"endTime":40.44,"body":"liquid"},{"startTime":40.44,"endTime":41.277,"body":"alternatives"},{"startTime":41.277,"endTime":42.114,"body":"and"},{"startTime":42.114,"endTime":42.951,"body":"all"},{"startTime":42.951,"endTime":43.788,"body":"alternatives,"},{"startTime":43.788,"endTime":44.625,"body":"I"},{"startTime":44.625,"endTime":45.462,"body":"should"},{"startTime":45.462,"endTime":46.299,"body":"say."},{"startTime":48.31,"endTime":50.58,"body":"Imagine"},{"startTime":50.58,"endTime":52.85,"body":"spending"},{"startTime":52.85,"endTime":55.12,"body":"an"},{"startTime":55.12,"endTime":57.39,"body":"hour"},{"startTime":57.39,"endTime":59.66,"body":"with"},{"startTime":59.66,"endTime":61.93,"body":"the"},{"startTime":61.93,"endTime":64.2,"body":"world's"},{"startTime":64.2,"endTime":66.47,"body":"greatest"},{"startTime":66.47,"endTime":68.74,"body":"traders."},{"startTime":68.74,"endTime":71.01,"body":"Imagine"},{"startTime":71.01,"endTime":73.28,"body":"learning"},{"startTime":73.28,"endTime":75.55,"body":"from"},{"startTime":75.55,"endTime":77.82,"body":"their"},{"startTime":77.82,"endTime":80.09,"body":"experiences,"},{"startTime":80.09,"endTime":82.36,"body":"their"},{"startTime":82.36,"endTime":84.63,"body":"successes"},{"startTime":84.63,"endTime":86.9,"body":"and"},{"startTime":86.9,"endTime":89.17,"body":"their"},{"startTime":89.17,"endTime":91.44,"body":"failures."},{"startTime":91.44,"endTime":93.71,"body":"Imagine"},{"startTime":93.71,"endTime":95.98,"body":"no"},{"startTime":95.98,"endTime":98.25,"body":"more."},{"startTime":48.31,"endTime":49.234,"body":"\rWelcometo"},{"startTime":49.234,"endTime":49.696,"body":"Top"},{"startTime":49.696,"endTime":50.158,"body":"Traders"},{"startTime":50.158,"endTime":50.62,"body":"Unplugged,"},{"startTime":50.62,"endTime":51.082,"body":"the"},{"startTime":51.082,"endTime":51.544,"body":"place"},{"startTime":51.544,"endTime":52.006,"body":"where"},{"startTime":52.006,"endTime":52.468,"body":"you"},{"startTime":52.468,"endTime":52.93,"body":"can"},{"startTime":52.93,"endTime":53.392,"body":"learn"},{"startTime":53.392,"endTime":53.854,"body":"from"},{"startTime":53.854,"endTime":54.316,"body":"the"},{"startTime":54.316,"endTime":54.778,"body":"best"},{"startTime":54.778,"endTime":55.24,"body":"hedge"},{"startTime":55.24,"endTime":55.702,"body":"fund"},{"startTime":55.702,"endTime":56.164,"body":"managers"},{"startTime":56.164,"endTime":56.626,"body":"in"},{"startTime":56.626,"endTime":57.088,"body":"the"},{"startTime":57.088,"endTime":57.55,"body":"world"},{"startTime":57.55,"endTime":58.012,"body":"so"},{"startTime":58.012,"endTime":58.474,"body":"you"},{"startTime":58.474,"endTime":58.936,"body":"can"},{"startTime":58.936,"endTime":59.398,"body":"take"},{"startTime":59.398,"endTime":59.86,"body":"your"},{"startTime":59.86,"endTime":60.322,"body":"manager"},{"startTime":60.322,"endTime":60.784,"body":"due"},{"startTime":60.784,"endTime":61.246,"body":"diligence"},{"startTime":61.246,"endTime":61.708,"body":"or"},{"startTime":61.708,"endTime":62.17,"body":"investment"},{"startTime":62.17,"endTime":62.632,"body":"career"},{"startTime":62.632,"endTime":63.094,"body":"to"},{"startTime":63.094,"endTime":63.556,"body":"the"},{"startTime":63.556,"endTime":64.018,"body":"next"},{"startTime":64.018,"endTime":64.48,"body":"level."},{"startTime":64.48,"endTime":64.942,"body":"Before"},{"startTime":64.942,"endTime":65.404,"body":"we"},{"startTime":65.404,"endTime":65.866,"body":"begin"},{"startTime":65.866,"endTime":66.328,"body":"today's"},{"startTime":66.328,"endTime":66.79,"body":"conversation,"},{"startTime":66.79,"endTime":67.252,"body":"remember"},{"startTime":67.252,"endTime":67.714,"body":"to"},{"startTime":67.714,"endTime":68.176,"body":"keep"},{"startTime":68.176,"endTime":68.638,"body":"two"},{"startTime":68.638,"endTime":69.1,"body":"things"},{"startTime":69.1,"endTime":69.562,"body":"in"},{"startTime":69.562,"endTime":70.024,"body":"mind."},{"startTime":70.024,"endTime":70.486,"body":"All"},{"startTime":70.486,"endTime":70.948,"body":"the"},{"startTime":70.948,"endTime":71.41,"body":"discussion"},{"startTime":71.41,"endTime":71.872,"body":"we'll"},{"startTime":71.872,"endTime":72.334,"body":"have"},{"startTime":72.334,"endTime":72.796,"body":"about"},{"startTime":72.796,"endTime":73.258,"body":"investment"},{"startTime":73.258,"endTime":73.72,"body":"performance"},{"startTime":73.72,"endTime":74.182,"body":"is"},{"startTime":74.182,"endTime":74.644,"body":"about"},{"startTime":74.644,"endTime":75.106,"body":"the"},{"startTime":75.106,"endTime":75.568,"body":"past."},{"startTime":75.568,"endTime":76.03,"body":"And"},{"startTime":76.03,"endTime":76.492,"body":"past"},{"startTime":76.492,"endTime":76.954,"body":"performance"},{"startTime":76.954,"endTime":77.416,"body":"does"},{"startTime":77.416,"endTime":77.878,"body":"not"},{"startTime":77.878,"endTime":78.34,"body":"guarantee"},{"startTime":78.34,"endTime":78.802,"body":"or"},{"startTime":78.802,"endTime":79.264,"body":"even"},{"startTime":79.264,"endTime":79.726,"body":"infer"},{"startTime":79.726,"endTime":80.188,"body":"anything"},{"startTime":80.188,"endTime":80.65,"body":"about"},{"startTime":80.65,"endTime":81.112,"body":"future"},{"startTime":81.112,"endTime":81.574,"body":"performance."},{"startTime":81.574,"endTime":82.036,"body":"Also"},{"startTime":82.036,"endTime":82.498,"body":"understand"},{"startTime":82.498,"endTime":82.96,"body":"that"},{"startTime":82.96,"endTime":83.422,"body":"there's"},{"startTime":83.422,"endTime":83.884,"body":"a"},{"startTime":83.884,"endTime":84.346,"body":"significant"},{"startTime":84.346,"endTime":84.808,"body":"risk"},{"startTime":84.808,"endTime":85.27,"body":"of"},{"startTime":85.27,"endTime":85.732,"body":"financial"},{"startTime":85.732,"endTime":86.194,"body":"loss"},{"startTime":86.194,"endTime":86.656,"body":"with"},{"startTime":86.656,"endTime":87.118,"body":"all"},{"startTime":87.118,"endTime":87.58,"body":"investment"},{"startTime":87.58,"endTime":88.042,"body":"strategies"},{"startTime":88.042,"endTime":88.504,"body":"and"},{"startTime":88.504,"endTime":88.966,"body":"you"},{"startTime":88.966,"endTime":89.428,"body":"need"},{"startTime":89.428,"endTime":89.89,"body":"to"},{"startTime":89.89,"endTime":90.352,"body":"request"},{"startTime":90.352,"endTime":90.814,"body":"and"},{"startTime":90.814,"endTime":91.276,"body":"understand"},{"startTime":91.276,"endTime":91.738,"body":"the"},{"startTime":91.738,"endTime":92.2,"body":"specific"},{"startTime":92.2,"endTime":92.662,"body":"risks"},{"startTime":92.662,"endTime":93.124,"body":"from"},{"startTime":93.124,"endTime":93.586,"body":"the"},{"startTime":93.586,"endTime":94.048,"body":"investment"},{"startTime":94.048,"endTime":94.51,"body":"manager"},{"startTime":94.51,"endTime":94.972,"body":"about"},{"startTime":94.972,"endTime":95.434,"body":"their"},{"startTime":95.434,"endTime":95.896,"body":"product"},{"startTime":95.896,"endTime":96.358,"body":"before"},{"startTime":96.358,"endTime":96.82,"body":"you"},{"startTime":96.82,"endTime":97.282,"body":"make"},{"startTime":97.282,"endTime":97.744,"body":"investment"},{"startTime":97.744,"endTime":98.206,"body":"decisions."},{"startTime":48.31,"endTime":59.412,"body":"\rHere'syour"},{"startTime":59.412,"endTime":64.963,"body":"host,"},{"startTime":64.963,"endTime":70.514,"body":"veteran"},{"startTime":70.514,"endTime":76.065,"body":"hedge"},{"startTime":76.065,"endTime":81.616,"body":"fund"},{"startTime":81.616,"endTime":87.167,"body":"manager,"},{"startTime":87.167,"endTime":92.718,"body":"Niels"},{"startTime":92.718,"endTime":98.269,"body":"Kaastrup-Larsen."},{"startTime":103.63,"endTime":104.074,"body":"Hey"},{"startTime":104.074,"endTime":104.518,"body":"everyone,"},{"startTime":104.518,"endTime":104.962,"body":"and"},{"startTime":104.962,"endTime":105.406,"body":"welcome"},{"startTime":105.406,"endTime":105.85,"body":"to"},{"startTime":105.85,"endTime":106.294,"body":"another"},{"startTime":106.294,"endTime":106.738,"body":"edition"},{"startTime":106.738,"endTime":107.182,"body":"of"},{"startTime":107.182,"endTime":107.626,"body":"our"},{"startTime":107.626,"endTime":108.07,"body":"Top"},{"startTime":108.07,"endTime":108.514,"body":"Traders"},{"startTime":108.514,"endTime":108.958,"body":"Unplugged"},{"startTime":108.958,"endTime":109.402,"body":"series"},{"startTime":109.402,"endTime":109.846,"body":"where"},{"startTime":109.846,"endTime":110.29,"body":"today"},{"startTime":110.29,"endTime":110.734,"body":"Alan"},{"startTime":110.734,"endTime":111.178,"body":"Dunne"},{"startTime":111.178,"endTime":111.622,"body":"and"},{"startTime":111.622,"endTime":112.066,"body":"I"},{"startTime":112.066,"endTime":112.51,"body":"are"},{"startTime":112.51,"endTime":112.954,"body":"delighted"},{"startTime":112.954,"endTime":113.398,"body":"to"},{"startTime":113.398,"endTime":113.842,"body":"be"},{"startTime":113.842,"endTime":114.286,"body":"joined"},{"startTime":114.286,"endTime":114.73,"body":"by"},{"startTime":114.73,"endTime":115.174,"body":"Jeff"},{"startTime":115.174,"endTime":115.618,"body":"Rosenberg,"},{"startTime":115.618,"endTime":116.062,"body":"managing"},{"startTime":116.062,"endTime":116.506,"body":"director"},{"startTime":116.506,"endTime":116.95,"body":"at"},{"startTime":116.95,"endTime":117.394,"body":"BlackRock"},{"startTime":117.394,"endTime":117.838,"body":"Systematic,"},{"startTime":117.838,"endTime":118.282,"body":"where"},{"startTime":118.282,"endTime":118.726,"body":"he"},{"startTime":118.726,"endTime":119.17,"body":"serves"},{"startTime":119.17,"endTime":119.614,"body":"as"},{"startTime":119.614,"endTime":120.058,"body":"a"},{"startTime":120.058,"endTime":120.502,"body":"member"},{"startTime":120.502,"endTime":120.946,"body":"of"},{"startTime":120.946,"endTime":121.39,"body":"the"},{"startTime":121.39,"endTime":121.834,"body":"SFI"},{"startTime":121.834,"endTime":122.278,"body":"investment"},{"startTime":122.278,"endTime":122.722,"body":"and"},{"startTime":122.722,"endTime":123.166,"body":"executive"},{"startTime":123.166,"endTime":123.61,"body":"committees"},{"startTime":123.61,"endTime":124.054,"body":"and"},{"startTime":124.054,"endTime":124.498,"body":"as"},{"startTime":124.498,"endTime":124.942,"body":"a"},{"startTime":124.942,"endTime":125.386,"body":"senior"},{"startTime":125.386,"endTime":125.83,"body":"portfolio"},{"startTime":125.83,"endTime":126.274,"body":"manager"},{"startTime":126.274,"endTime":126.718,"body":"of"},{"startTime":126.718,"endTime":127.162,"body":"a"},{"startTime":127.162,"endTime":127.606,"body":"number"},{"startTime":127.606,"endTime":128.05,"body":"of"},{"startTime":128.05,"endTime":128.494,"body":"the"},{"startTime":128.494,"endTime":128.938,"body":"investment"},{"startTime":128.938,"endTime":129.382,"body":"products"},{"startTime":129.382,"endTime":129.826,"body":"including"},{"startTime":129.826,"endTime":130.27,"body":"the"},{"startTime":130.27,"endTime":130.714,"body":"Systematic"},{"startTime":130.714,"endTime":131.158,"body":"Multi-strategy"},{"startTime":131.158,"endTime":131.602,"body":"Fund"},{"startTime":131.602,"endTime":132.046,"body":"as"},{"startTime":132.046,"endTime":132.49,"body":"part"},{"startTime":132.49,"endTime":132.934,"body":"of"},{"startTime":132.934,"endTime":133.378,"body":"our"},{"startTime":133.378,"endTime":133.822,"body":"conversations"},{"startTime":133.822,"endTime":134.266,"body":"with"},{"startTime":134.266,"endTime":134.71,"body":"industry"},{"startTime":134.71,"endTime":135.154,"body":"leaders"},{"startTime":135.154,"endTime":135.598,"body":"in"},{"startTime":135.598,"endTime":136.042,"body":"the"},{"startTime":136.042,"endTime":136.486,"body":"world"},{"startTime":136.486,"endTime":136.93,"body":"of"},{"startTime":136.93,"endTime":137.374,"body":"systematic"},{"startTime":137.374,"endTime":137.818,"body":"investing,"},{"startTime":137.818,"endTime":138.262,"body":"and"},{"startTime":138.262,"endTime":138.706,"body":"where"},{"startTime":138.706,"endTime":139.15,"body":"we,"},{"startTime":139.15,"endTime":139.594,"body":"admittedly,"},{"startTime":139.594,"endTime":140.038,"body":"have"},{"startTime":140.038,"endTime":140.482,"body":"a"},{"startTime":140.482,"endTime":140.926,"body":"bit"},{"startTime":140.926,"endTime":141.37,"body":"of"},{"startTime":141.37,"endTime":141.814,"body":"a"},{"startTime":141.814,"endTime":142.258,"body":"bias"},{"startTime":142.258,"endTime":142.702,"body":"towards"},{"startTime":142.702,"endTime":143.146,"body":"real"},{"startTime":143.146,"endTime":143.59,"body":"CTAs"},{"startTime":143.59,"endTime":144.034,"body":"and"},{"startTime":144.034,"endTime":144.478,"body":"trend"},{"startTime":144.478,"endTime":144.922,"body":"following."},{"startTime":103.63,"endTime":106.294,"body":"\rJeff,it's"},{"startTime":106.294,"endTime":107.626,"body":"really"},{"startTime":107.626,"endTime":108.958,"body":"a"},{"startTime":108.958,"endTime":110.29,"body":"great"},{"startTime":110.29,"endTime":111.622,"body":"pleasure"},{"startTime":111.622,"endTime":112.954,"body":"to"},{"startTime":112.954,"endTime":114.286,"body":"have"},{"startTime":114.286,"endTime":115.618,"body":"you"},{"startTime":115.618,"endTime":116.95,"body":"on"},{"startTime":116.95,"endTime":118.282,"body":"the"},{"startTime":118.282,"endTime":119.614,"body":"podcast."},{"startTime":119.614,"endTime":120.946,"body":"Thanks"},{"startTime":120.946,"endTime":122.278,"body":"so"},{"startTime":122.278,"endTime":123.61,"body":"much"},{"startTime":123.61,"endTime":124.942,"body":"for"},{"startTime":124.942,"endTime":126.274,"body":"making"},{"startTime":126.274,"endTime":127.606,"body":"time"},{"startTime":127.606,"endTime":128.938,"body":"to"},{"startTime":128.938,"endTime":130.27,"body":"join"},{"startTime":130.27,"endTime":131.602,"body":"us."},{"startTime":131.602,"endTime":132.934,"body":"We"},{"startTime":132.934,"endTime":134.266,"body":"have"},{"startTime":134.266,"endTime":135.598,"body":"so"},{"startTime":135.598,"endTime":136.93,"body":"much"},{"startTime":136.93,"endTime":138.262,"body":"been"},{"startTime":138.262,"endTime":139.594,"body":"looking"},{"startTime":139.594,"endTime":140.926,"body":"forward"},{"startTime":140.926,"endTime":142.258,"body":"to"},{"startTime":142.258,"endTime":143.59,"body":"this"},{"startTime":143.59,"endTime":144.922,"body":"conversation."},{"startTime":145.02,"endTime":145.28,"body":"Niels,"},{"startTime":145.28,"endTime":145.54,"body":"it's"},{"startTime":145.54,"endTime":145.8,"body":"great"},{"startTime":145.8,"endTime":146.06,"body":"to"},{"startTime":146.06,"endTime":146.32,"body":"be"},{"startTime":146.32,"endTime":146.58,"body":"here."},{"startTime":146.58,"endTime":146.847,"body":"Yeah,"},{"startTime":146.847,"endTime":147.114,"body":"absolutely."},{"startTime":147.114,"endTime":147.381,"body":"And"},{"startTime":147.381,"endTime":147.648,"body":"where"},{"startTime":147.648,"endTime":147.915,"body":"in"},{"startTime":147.915,"endTime":148.182,"body":"the"},{"startTime":148.182,"endTime":148.449,"body":"world"},{"startTime":148.449,"endTime":148.716,"body":"are"},{"startTime":148.716,"endTime":148.983,"body":"you"},{"startTime":148.983,"endTime":149.25,"body":"connecting"},{"startTime":149.25,"endTime":149.517,"body":"from"},{"startTime":149.517,"endTime":149.784,"body":"today?"},{"startTime":149.784,"endTime":150.051,"body":"And"},{"startTime":150.051,"endTime":150.318,"body":"I"},{"startTime":150.318,"endTime":150.585,"body":"was"},{"startTime":150.585,"endTime":150.852,"body":"also"},{"startTime":150.852,"endTime":151.119,"body":"going"},{"startTime":151.119,"endTime":151.386,"body":"to"},{"startTime":151.386,"endTime":151.653,"body":"ask"},{"startTime":151.653,"endTime":151.92,"body":"you"},{"startTime":151.92,"endTime":152.187,"body":"if"},{"startTime":152.187,"endTime":152.454,"body":"you"},{"startTime":152.454,"endTime":152.721,"body":"are"},{"startTime":152.721,"endTime":152.988,"body":"all"},{"startTime":152.988,"endTime":153.255,"body":"set"},{"startTime":153.255,"endTime":153.522,"body":"for"},{"startTime":153.522,"endTime":153.789,"body":"the"},{"startTime":153.789,"endTime":154.056,"body":"last"},{"startTime":154.056,"endTime":154.323,"body":"few"},{"startTime":154.323,"endTime":154.59,"body":"weeks"},{"startTime":154.59,"endTime":154.857,"body":"of"},{"startTime":154.857,"endTime":155.124,"body":"2025?"},{"startTime":156.01,"endTime":156.362,"body":"Yes,"},{"startTime":156.362,"endTime":156.714,"body":"I'm"},{"startTime":156.714,"endTime":157.066,"body":"coming"},{"startTime":157.066,"endTime":157.418,"body":"to"},{"startTime":157.418,"endTime":157.77,"body":"you"},{"startTime":157.77,"endTime":158.122,"body":"from"},{"startTime":158.122,"endTime":158.474,"body":"our"},{"startTime":158.474,"endTime":158.826,"body":"headquarters"},{"startTime":158.826,"endTime":159.178,"body":"in"},{"startTime":159.178,"endTime":159.53,"body":"New"},{"startTime":159.53,"endTime":159.882,"body":"York"},{"startTime":159.882,"endTime":160.234,"body":"City,"},{"startTime":160.234,"endTime":160.586,"body":"Hudson"},{"startTime":160.586,"endTime":160.938,"body":"Yards."},{"startTime":160.938,"endTime":161.29,"body":"And"},{"startTime":161.29,"endTime":161.642,"body":"yeah,"},{"startTime":161.642,"endTime":161.994,"body":"looking"},{"startTime":161.994,"endTime":162.346,"body":"forward"},{"startTime":162.346,"endTime":162.698,"body":"to"},{"startTime":162.698,"endTime":163.05,"body":"wrapping"},{"startTime":163.05,"endTime":163.402,"body":"up"},{"startTime":163.402,"endTime":163.754,"body":"what"},{"startTime":163.754,"endTime":164.106,"body":"has"},{"startTime":164.106,"endTime":164.458,"body":"been,"},{"startTime":164.458,"endTime":164.81,"body":"you"},{"startTime":164.81,"endTime":165.162,"body":"know,"},{"startTime":165.162,"endTime":165.514,"body":"quite"},{"startTime":165.514,"endTime":165.866,"body":"a"},{"startTime":165.866,"endTime":166.218,"body":"tumultuous"},{"startTime":166.218,"endTime":166.57,"body":"year."},{"startTime":166.97,"endTime":170.062,"body":"Absolutely."},{"startTime":170.062,"endTime":173.154,"body":"I"},{"startTime":173.154,"endTime":176.246,"body":"think"},{"startTime":176.246,"endTime":179.338,"body":"we'll"},{"startTime":179.338,"endTime":185.522,"body":"touch"},{"startTime":185.522,"endTime":188.614,"body":"on"},{"startTime":188.614,"endTime":191.706,"body":"that"},{"startTime":191.706,"endTime":194.798,"body":"during"},{"startTime":194.798,"endTime":197.89,"body":"our"},{"startTime":197.89,"endTime":200.982,"body":"conversation."},{"startTime":166.97,"endTime":167.716,"body":"\rNow,we've"},{"startTime":167.716,"endTime":168.089,"body":"got"},{"startTime":168.089,"endTime":168.462,"body":"a"},{"startTime":168.462,"endTime":168.835,"body":"great"},{"startTime":168.835,"endTime":169.208,"body":"lineup"},{"startTime":169.208,"endTime":169.581,"body":"of"},{"startTime":169.581,"endTime":169.954,"body":"different"},{"startTime":169.954,"endTime":170.327,"body":"topics"},{"startTime":170.327,"endTime":170.7,"body":"that"},{"startTime":170.7,"endTime":171.073,"body":"we"},{"startTime":171.073,"endTime":171.446,"body":"wanted"},{"startTime":171.446,"endTime":171.819,"body":"to"},{"startTime":171.819,"endTime":172.192,"body":"discuss"},{"startTime":172.192,"endTime":172.565,"body":"with"},{"startTime":172.565,"endTime":172.938,"body":"you,"},{"startTime":172.938,"endTime":173.311,"body":"but"},{"startTime":173.311,"endTime":173.684,"body":"before"},{"startTime":173.684,"endTime":174.057,"body":"we"},{"startTime":174.057,"endTime":174.43,"body":"go"},{"startTime":174.43,"endTime":174.803,"body":"into"},{"startTime":174.803,"endTime":175.176,"body":"them,"},{"startTime":175.176,"endTime":175.549,"body":"I"},{"startTime":175.549,"endTime":175.922,"body":"would"},{"startTime":175.922,"endTime":176.295,"body":"like"},{"startTime":176.295,"endTime":176.668,"body":"to"},{"startTime":176.668,"endTime":177.041,"body":"maybe"},{"startTime":177.041,"endTime":177.414,"body":"set"},{"startTime":177.414,"endTime":177.787,"body":"the"},{"startTime":177.787,"endTime":178.16,"body":"stage"},{"startTime":178.16,"endTime":178.533,"body":"a"},{"startTime":178.533,"endTime":178.906,"body":"little"},{"startTime":178.906,"endTime":179.279,"body":"bit"},{"startTime":179.279,"endTime":179.652,"body":"for"},{"startTime":179.652,"endTime":180.025,"body":"our"},{"startTime":180.025,"endTime":180.398,"body":"conversation."},{"startTime":180.398,"endTime":180.771,"body":"My"},{"startTime":180.771,"endTime":181.144,"body":"bio"},{"startTime":181.144,"endTime":181.517,"body":"of"},{"startTime":181.517,"endTime":181.89,"body":"you"},{"startTime":181.89,"endTime":182.263,"body":"was"},{"startTime":182.263,"endTime":182.636,"body":"very"},{"startTime":182.636,"endTime":183.009,"body":"brief,"},{"startTime":183.009,"endTime":183.382,"body":"so"},{"startTime":183.382,"endTime":183.755,"body":"it's"},{"startTime":183.755,"endTime":184.128,"body":"always"},{"startTime":184.128,"endTime":184.501,"body":"good"},{"startTime":184.501,"endTime":184.874,"body":"to"},{"startTime":184.874,"endTime":185.247,"body":"hear"},{"startTime":185.247,"endTime":185.62,"body":"a"},{"startTime":185.62,"endTime":185.993,"body":"little"},{"startTime":185.993,"endTime":186.366,"body":"bit"},{"startTime":186.366,"endTime":186.739,"body":"about"},{"startTime":186.739,"endTime":187.112,"body":"how"},{"startTime":187.112,"endTime":187.485,"body":"your"},{"startTime":187.485,"endTime":187.858,"body":"own"},{"startTime":187.858,"endTime":188.231,"body":"background"},{"startTime":188.231,"endTime":188.604,"body":"is"},{"startTime":188.604,"endTime":188.977,"body":"described"},{"startTime":188.977,"endTime":189.35,"body":"in"},{"startTime":189.35,"endTime":189.723,"body":"your"},{"startTime":189.723,"endTime":190.096,"body":"own"},{"startTime":190.096,"endTime":190.469,"body":"words."},{"startTime":190.469,"endTime":190.842,"body":"So,"},{"startTime":190.842,"endTime":191.215,"body":"maybe"},{"startTime":191.215,"endTime":191.588,"body":"you"},{"startTime":191.588,"endTime":191.961,"body":"can"},{"startTime":191.961,"endTime":192.334,"body":"share"},{"startTime":192.334,"endTime":192.707,"body":"a"},{"startTime":192.707,"endTime":193.08,"body":"few"},{"startTime":193.08,"endTime":193.453,"body":"highlights"},{"startTime":193.453,"endTime":193.826,"body":"of"},{"startTime":193.826,"endTime":194.199,"body":"that"},{"startTime":194.199,"endTime":194.572,"body":"journey,"},{"startTime":194.572,"endTime":194.945,"body":"and"},{"startTime":194.945,"endTime":195.318,"body":"ultimately,"},{"startTime":195.318,"endTime":195.691,"body":"you"},{"startTime":195.691,"endTime":196.064,"body":"know,"},{"startTime":196.064,"endTime":196.437,"body":"how"},{"startTime":196.437,"endTime":196.81,"body":"you"},{"startTime":196.81,"endTime":197.183,"body":"got"},{"startTime":197.183,"endTime":197.556,"body":"into"},{"startTime":197.556,"endTime":197.929,"body":"the"},{"startTime":197.929,"endTime":198.302,"body":"systematic"},{"startTime":198.302,"endTime":198.675,"body":"world"},{"startTime":198.675,"endTime":199.048,"body":"and"},{"startTime":199.048,"endTime":199.421,"body":"ended"},{"startTime":199.421,"endTime":199.794,"body":"up"},{"startTime":199.794,"endTime":200.167,"body":"at"},{"startTime":200.167,"endTime":200.54,"body":"BlackRock"},{"startTime":200.54,"endTime":200.913,"body":"Systematic."},{"startTime":201.95,"endTime":203.34,"body":"Yeah,"},{"startTime":203.34,"endTime":204.73,"body":"I'll"},{"startTime":204.73,"endTime":206.12,"body":"try"},{"startTime":206.12,"endTime":207.51,"body":"to"},{"startTime":207.51,"endTime":208.9,"body":"do"},{"startTime":208.9,"endTime":210.29,"body":"a"},{"startTime":210.29,"endTime":211.68,"body":"quick"},{"startTime":211.68,"endTime":213.07,"body":"version"},{"startTime":213.07,"endTime":214.46,"body":"of"},{"startTime":214.46,"endTime":215.85,"body":"this."},{"startTime":215.85,"endTime":217.24,"body":"There's"},{"startTime":217.24,"endTime":218.63,"body":"another"},{"startTime":218.63,"endTime":220.02,"body":"podcast"},{"startTime":220.02,"endTime":221.41,"body":"I"},{"startTime":221.41,"endTime":222.8,"body":"recently"},{"startTime":222.8,"endTime":224.19,"body":"did"},{"startTime":224.19,"endTime":225.58,"body":"where"},{"startTime":225.58,"endTime":226.97,"body":"there's"},{"startTime":226.97,"endTime":228.36,"body":"a"},{"startTime":228.36,"endTime":229.75,"body":"longer"},{"startTime":229.75,"endTime":231.14,"body":"version,"},{"startTime":231.14,"endTime":232.53,"body":"but"},{"startTime":232.53,"endTime":233.92,"body":"the"},{"startTime":233.92,"endTime":235.31,"body":"short"},{"startTime":235.31,"endTime":236.7,"body":"version"},{"startTime":236.7,"endTime":238.09,"body":"is"},{"startTime":238.09,"endTime":239.48,"body":"I"},{"startTime":239.48,"endTime":240.87,"body":"started"},{"startTime":240.87,"endTime":242.26,"body":"in"},{"startTime":242.26,"endTime":243.65,"body":"fixed"},{"startTime":243.65,"endTime":245.04,"body":"income"},{"startTime":245.04,"endTime":246.43,"body":"kind"},{"startTime":246.43,"endTime":247.82,"body":"of"},{"startTime":247.82,"endTime":249.21,"body":"at"},{"startTime":249.21,"endTime":250.6,"body":"the"},{"startTime":250.6,"endTime":251.99,"body":"birth"},{"startTime":251.99,"endTime":253.38,"body":"of"},{"startTime":253.38,"endTime":254.77,"body":"mortgage"},{"startTime":254.77,"endTime":256.16,"body":"market,"},{"startTime":256.16,"endTime":257.55,"body":"Liar’s"},{"startTime":257.55,"endTime":258.94,"body":"Poker,"},{"startTime":258.94,"endTime":260.33,"body":"mortgage"},{"startTime":260.33,"endTime":261.72,"body":"models,"},{"startTime":261.72,"endTime":263.11,"body":"OAS"},{"startTime":263.11,"endTime":264.5,"body":"Models,"},{"startTime":264.5,"endTime":265.89,"body":"I"},{"startTime":265.89,"endTime":267.28,"body":"was"},{"startTime":267.28,"endTime":268.67,"body":"really,"},{"startTime":268.67,"endTime":270.06,"body":"you"},{"startTime":270.06,"endTime":271.45,"body":"know,"},{"startTime":271.45,"endTime":272.84,"body":"fascinated"},{"startTime":272.84,"endTime":274.23,"body":"with"},{"startTime":274.23,"endTime":275.62,"body":"that."},{"startTime":275.62,"endTime":277.01,"body":"I"},{"startTime":277.01,"endTime":278.4,"body":"got"},{"startTime":278.4,"endTime":279.79,"body":"turned"},{"startTime":279.79,"endTime":281.18,"body":"on"},{"startTime":281.18,"endTime":282.57,"body":"to"},{"startTime":282.57,"endTime":283.96,"body":"the"},{"startTime":283.96,"endTime":285.35,"body":"application"},{"startTime":285.35,"endTime":286.74,"body":"of"},{"startTime":286.74,"endTime":288.13,"body":"mathematics"},{"startTime":288.13,"endTime":289.52,"body":"to"},{"startTime":289.52,"endTime":290.91,"body":"finance"},{"startTime":290.91,"endTime":292.3,"body":"by"},{"startTime":292.3,"endTime":293.69,"body":"a"},{"startTime":293.69,"endTime":295.08,"body":"professor"},{"startTime":295.08,"endTime":296.47,"body":"of"},{"startTime":296.47,"endTime":297.86,"body":"mine"},{"startTime":297.86,"endTime":299.25,"body":"in"},{"startTime":299.25,"endTime":300.64,"body":"undergrad."},{"startTime":201.95,"endTime":204.896,"body":"\rHekind"},{"startTime":204.896,"endTime":206.369,"body":"of"},{"startTime":206.369,"endTime":207.842,"body":"helped"},{"startTime":207.842,"endTime":209.315,"body":"me"},{"startTime":209.315,"endTime":210.788,"body":"through"},{"startTime":210.788,"endTime":212.261,"body":"a"},{"startTime":212.261,"endTime":213.734,"body":"PhD"},{"startTime":213.734,"endTime":215.207,"body":"application"},{"startTime":215.207,"endTime":216.68,"body":"process,"},{"startTime":216.68,"endTime":218.153,"body":"which"},{"startTime":218.153,"endTime":219.626,"body":"ultimately"},{"startTime":219.626,"endTime":221.099,"body":"I"},{"startTime":221.099,"endTime":222.572,"body":"kind"},{"startTime":222.572,"endTime":224.045,"body":"of"},{"startTime":224.045,"endTime":225.518,"body":"bailed"},{"startTime":225.518,"endTime":226.991,"body":"out"},{"startTime":226.991,"endTime":228.464,"body":"of"},{"startTime":228.464,"endTime":229.937,"body":"and"},{"startTime":229.937,"endTime":231.41,"body":"ended"},{"startTime":231.41,"endTime":232.883,"body":"up"},{"startTime":232.883,"endTime":234.356,"body":"doing"},{"startTime":234.356,"endTime":235.829,"body":"one"},{"startTime":235.829,"endTime":237.302,"body":"of"},{"startTime":237.302,"endTime":238.775,"body":"the"},{"startTime":238.775,"endTime":240.248,"body":"first"},{"startTime":240.248,"endTime":241.721,"body":"masters"},{"startTime":241.721,"endTime":243.194,"body":"of"},{"startTime":243.194,"endTime":244.667,"body":"finance"},{"startTime":244.667,"endTime":246.14,"body":"in,"},{"startTime":246.14,"endTime":247.613,"body":"well,"},{"startTime":247.613,"endTime":249.086,"body":"now"},{"startTime":249.086,"endTime":250.559,"body":"we"},{"startTime":250.559,"endTime":252.032,"body":"call"},{"startTime":252.032,"endTime":253.505,"body":"them"},{"startTime":253.505,"endTime":254.978,"body":"MFEs,"},{"startTime":254.978,"endTime":256.451,"body":"Master's"},{"startTime":256.451,"endTime":257.924,"body":"in"},{"startTime":257.924,"endTime":259.397,"body":"Financial"},{"startTime":259.397,"endTime":260.87,"body":"Engineering,"},{"startTime":260.87,"endTime":262.343,"body":"but"},{"startTime":262.343,"endTime":263.816,"body":"I"},{"startTime":263.816,"endTime":265.289,"body":"did"},{"startTime":265.289,"endTime":266.762,"body":"it"},{"startTime":266.762,"endTime":268.235,"body":"at"},{"startTime":268.235,"endTime":269.708,"body":"Carnegie"},{"startTime":269.708,"endTime":271.181,"body":"Mellon,"},{"startTime":271.181,"endTime":272.654,"body":"so"},{"startTime":272.654,"endTime":274.127,"body":"if"},{"startTime":274.127,"endTime":275.6,"body":"they"},{"startTime":275.6,"endTime":277.073,"body":"call"},{"startTime":277.073,"endTime":278.546,"body":"it"},{"startTime":278.546,"endTime":280.019,"body":"something"},{"startTime":280.019,"endTime":281.492,"body":"different;"},{"startTime":281.492,"endTime":282.965,"body":"Masters"},{"startTime":282.965,"endTime":284.438,"body":"of"},{"startTime":284.438,"endTime":285.911,"body":"Science"},{"startTime":285.911,"endTime":287.384,"body":"and"},{"startTime":287.384,"endTime":288.857,"body":"Computational"},{"startTime":288.857,"endTime":290.33,"body":"Finance,"},{"startTime":290.33,"endTime":291.803,"body":"and"},{"startTime":291.803,"endTime":293.276,"body":"really"},{"startTime":293.276,"endTime":294.749,"body":"got"},{"startTime":294.749,"endTime":296.222,"body":"interested"},{"startTime":296.222,"endTime":297.695,"body":"in"},{"startTime":297.695,"endTime":299.168,"body":"that"},{"startTime":299.168,"endTime":300.641,"body":"aspect."},{"startTime":201.95,"endTime":204.386,"body":"\rAndas"},{"startTime":204.386,"endTime":205.604,"body":"I"},{"startTime":205.604,"endTime":206.822,"body":"came"},{"startTime":206.822,"endTime":208.04,"body":"out,"},{"startTime":208.04,"endTime":209.258,"body":"it"},{"startTime":209.258,"endTime":210.476,"body":"was"},{"startTime":210.476,"endTime":211.694,"body":"kind"},{"startTime":211.694,"endTime":212.912,"body":"of"},{"startTime":212.912,"endTime":214.13,"body":"the"},{"startTime":214.13,"endTime":215.348,"body":"peak"},{"startTime":215.348,"endTime":216.566,"body":"of"},{"startTime":216.566,"endTime":217.784,"body":"the"},{"startTime":217.784,"endTime":219.002,"body":"derivatives"},{"startTime":219.002,"endTime":220.22,"body":"boom,"},{"startTime":220.22,"endTime":221.438,"body":"kind"},{"startTime":221.438,"endTime":222.656,"body":"of"},{"startTime":222.656,"endTime":223.874,"body":"banker's"},{"startTime":223.874,"endTime":225.092,"body":"trust"},{"startTime":225.092,"endTime":226.31,"body":"and"},{"startTime":226.31,"endTime":227.528,"body":"the"},{"startTime":227.528,"endTime":228.746,"body":"application"},{"startTime":228.746,"endTime":229.964,"body":"of"},{"startTime":229.964,"endTime":231.182,"body":"stochastic"},{"startTime":231.182,"endTime":232.4,"body":"calculus"},{"startTime":232.4,"endTime":233.618,"body":"and"},{"startTime":233.618,"endTime":234.836,"body":"derivative"},{"startTime":234.836,"endTime":236.054,"body":"pricing."},{"startTime":236.054,"endTime":237.272,"body":"That"},{"startTime":237.272,"endTime":238.49,"body":"was"},{"startTime":238.49,"endTime":239.708,"body":"really"},{"startTime":239.708,"endTime":240.926,"body":"where"},{"startTime":240.926,"endTime":242.144,"body":"I"},{"startTime":242.144,"endTime":243.362,"body":"started"},{"startTime":243.362,"endTime":244.58,"body":"and"},{"startTime":244.58,"endTime":245.798,"body":"learned"},{"startTime":245.798,"endTime":247.016,"body":"about"},{"startTime":247.016,"endTime":248.234,"body":"this"},{"startTime":248.234,"endTime":249.452,"body":"thing"},{"startTime":249.452,"endTime":250.67,"body":"called"},{"startTime":250.67,"endTime":251.888,"body":"the"},{"startTime":251.888,"endTime":253.106,"body":"Merton"},{"startTime":253.106,"endTime":254.324,"body":"model,"},{"startTime":254.324,"endTime":255.542,"body":"which"},{"startTime":255.542,"endTime":256.76,"body":"was"},{"startTime":256.76,"endTime":257.978,"body":"the"},{"startTime":257.978,"endTime":259.196,"body":"application"},{"startTime":259.196,"endTime":260.414,"body":"of"},{"startTime":260.414,"endTime":261.632,"body":"kind"},{"startTime":261.632,"endTime":262.85,"body":"of"},{"startTime":262.85,"endTime":264.068,"body":"Merton"},{"startTime":264.068,"endTime":265.286,"body":"option"},{"startTime":265.286,"endTime":266.504,"body":"pricing"},{"startTime":266.504,"endTime":267.722,"body":"to"},{"startTime":267.722,"endTime":268.94,"body":"value"},{"startTime":268.94,"endTime":270.158,"body":"corporate"},{"startTime":270.158,"endTime":271.376,"body":"debt."},{"startTime":271.376,"endTime":272.594,"body":"Got"},{"startTime":272.594,"endTime":273.812,"body":"into"},{"startTime":273.812,"endTime":275.03,"body":"the"},{"startTime":275.03,"endTime":276.248,"body":"corporate"},{"startTime":276.248,"endTime":277.466,"body":"strategy"},{"startTime":277.466,"endTime":278.684,"body":"and"},{"startTime":278.684,"endTime":279.902,"body":"research"},{"startTime":279.902,"endTime":281.12,"body":"function"},{"startTime":281.12,"endTime":282.338,"body":"on"},{"startTime":282.338,"endTime":283.556,"body":"the"},{"startTime":283.556,"endTime":284.774,"body":"sell"},{"startTime":284.774,"endTime":285.992,"body":"side,"},{"startTime":285.992,"endTime":287.21,"body":"built"},{"startTime":287.21,"endTime":288.428,"body":"the"},{"startTime":288.428,"endTime":289.646,"body":"first"},{"startTime":289.646,"endTime":290.864,"body":"application"},{"startTime":290.864,"endTime":292.082,"body":"of"},{"startTime":292.082,"endTime":293.3,"body":"a"},{"startTime":293.3,"endTime":294.518,"body":"Merton"},{"startTime":294.518,"endTime":295.736,"body":"model"},{"startTime":295.736,"endTime":296.954,"body":"to"},{"startTime":296.954,"endTime":298.172,"body":"publicly"},{"startTime":298.172,"endTime":299.39,"body":"traded"},{"startTime":299.39,"endTime":300.608,"body":"debt."},{"startTime":201.95,"endTime":205.24,"body":"\rThenwe"},{"startTime":205.24,"endTime":206.885,"body":"had"},{"startTime":206.885,"endTime":208.53,"body":"the"},{"startTime":208.53,"endTime":210.175,"body":"boom"},{"startTime":210.175,"endTime":211.82,"body":"in"},{"startTime":211.82,"endTime":213.465,"body":"credit"},{"startTime":213.465,"endTime":215.11,"body":"derivatives,"},{"startTime":215.11,"endTime":216.755,"body":"and"},{"startTime":216.755,"endTime":218.4,"body":"CDS"},{"startTime":218.4,"endTime":220.045,"body":"markets,"},{"startTime":220.045,"endTime":221.69,"body":"and"},{"startTime":221.69,"endTime":223.335,"body":"structured"},{"startTime":223.335,"endTime":224.98,"body":"products,"},{"startTime":224.98,"endTime":226.625,"body":"and"},{"startTime":226.625,"endTime":228.27,"body":"that"},{"startTime":228.27,"endTime":229.915,"body":"was"},{"startTime":229.915,"endTime":231.56,"body":"really"},{"startTime":231.56,"endTime":233.205,"body":"kind"},{"startTime":233.205,"endTime":234.85,"body":"of"},{"startTime":234.85,"endTime":236.495,"body":"my"},{"startTime":236.495,"endTime":238.14,"body":"entree"},{"startTime":238.14,"endTime":239.785,"body":"into"},{"startTime":239.785,"endTime":241.43,"body":"Systematic."},{"startTime":241.43,"endTime":243.075,"body":"And"},{"startTime":243.075,"endTime":244.72,"body":"about"},{"startTime":244.72,"endTime":246.365,"body":"15"},{"startTime":246.365,"endTime":248.01,"body":"years"},{"startTime":248.01,"endTime":249.655,"body":"ago"},{"startTime":249.655,"endTime":251.3,"body":"joined"},{"startTime":251.3,"endTime":252.945,"body":"BlackRock"},{"startTime":252.945,"endTime":254.59,"body":"on"},{"startTime":254.59,"endTime":256.235,"body":"the"},{"startTime":256.235,"endTime":257.88,"body":"buy"},{"startTime":257.88,"endTime":259.525,"body":"side,"},{"startTime":259.525,"endTime":261.17,"body":"and"},{"startTime":261.17,"endTime":262.815,"body":"about"},{"startTime":262.815,"endTime":264.46,"body":"eight"},{"startTime":264.46,"endTime":266.105,"body":"years"},{"startTime":266.105,"endTime":267.75,"body":"ago"},{"startTime":267.75,"endTime":269.395,"body":"joined"},{"startTime":269.395,"endTime":271.04,"body":"BlackRock"},{"startTime":271.04,"endTime":272.685,"body":"Systematic."},{"startTime":272.685,"endTime":274.33,"body":"IT"},{"startTime":274.33,"endTime":275.975,"body":"was"},{"startTime":275.975,"endTime":277.62,"body":"kind"},{"startTime":277.62,"endTime":279.265,"body":"of"},{"startTime":279.265,"endTime":280.91,"body":"a"},{"startTime":280.91,"endTime":282.555,"body":"return"},{"startTime":282.555,"endTime":284.2,"body":"home"},{"startTime":284.2,"endTime":285.845,"body":"for"},{"startTime":285.845,"endTime":287.49,"body":"me,"},{"startTime":287.49,"endTime":289.135,"body":"if"},{"startTime":289.135,"endTime":290.78,"body":"you"},{"startTime":290.78,"endTime":292.425,"body":"will,"},{"startTime":292.425,"endTime":294.07,"body":"coming"},{"startTime":294.07,"endTime":295.715,"body":"back"},{"startTime":295.715,"endTime":297.36,"body":"to"},{"startTime":297.36,"endTime":299.005,"body":"systematic"},{"startTime":299.005,"endTime":300.65,"body":"investing."},{"startTime":301.46,"endTime":302.246,"body":"Sounds"},{"startTime":302.246,"endTime":303.032,"body":"great."},{"startTime":303.032,"endTime":303.818,"body":"Now,"},{"startTime":303.818,"endTime":304.604,"body":"for"},{"startTime":304.604,"endTime":305.39,"body":"our"},{"startTime":305.39,"endTime":306.176,"body":"conversation"},{"startTime":306.176,"endTime":306.962,"body":"today,"},{"startTime":306.962,"endTime":307.748,"body":"we"},{"startTime":307.748,"endTime":308.534,"body":"probably"},{"startTime":308.534,"endTime":309.32,"body":"all"},{"startTime":309.32,"endTime":310.106,"body":"have"},{"startTime":310.106,"endTime":310.892,"body":"our"},{"startTime":310.892,"endTime":311.678,"body":"own"},{"startTime":311.678,"endTime":312.464,"body":"favorite"},{"startTime":312.464,"endTime":313.25,"body":"topics"},{"startTime":313.25,"endTime":314.036,"body":"and"},{"startTime":314.036,"endTime":314.822,"body":"hopefully"},{"startTime":314.822,"endTime":315.608,"body":"we'll"},{"startTime":315.608,"endTime":316.394,"body":"touch"},{"startTime":316.394,"endTime":317.18,"body":"on"},{"startTime":317.18,"endTime":317.966,"body":"many"},{"startTime":317.966,"endTime":318.752,"body":"of"},{"startTime":318.752,"endTime":319.538,"body":"them"},{"startTime":319.538,"endTime":320.324,"body":"in"},{"startTime":320.324,"endTime":321.11,"body":"a"},{"startTime":321.11,"endTime":321.896,"body":"somewhat"},{"startTime":321.896,"endTime":322.682,"body":"logical"},{"startTime":322.682,"endTime":323.468,"body":"order."},{"startTime":323.468,"endTime":324.254,"body":"So,"},{"startTime":324.254,"endTime":325.04,"body":"let's"},{"startTime":325.04,"endTime":325.826,"body":"just"},{"startTime":325.826,"endTime":326.612,"body":"dive"},{"startTime":326.612,"endTime":327.398,"body":"in"},{"startTime":327.398,"endTime":328.184,"body":"and"},{"startTime":328.184,"endTime":328.97,"body":"I"},{"startTime":328.97,"endTime":329.756,"body":"think"},{"startTime":329.756,"endTime":330.542,"body":"we'll"},{"startTime":330.542,"endTime":331.328,"body":"be"},{"startTime":331.328,"endTime":332.114,"body":"spending"},{"startTime":332.114,"endTime":332.9,"body":"a"},{"startTime":332.9,"endTime":333.686,"body":"lot"},{"startTime":333.686,"endTime":334.472,"body":"of"},{"startTime":334.472,"endTime":335.258,"body":"our"},{"startTime":335.258,"endTime":336.044,"body":"time"},{"startTime":336.044,"endTime":336.83,"body":"today"},{"startTime":336.83,"endTime":337.616,"body":"talking"},{"startTime":337.616,"endTime":338.402,"body":"about"},{"startTime":338.402,"endTime":339.188,"body":"how"},{"startTime":339.188,"endTime":339.974,"body":"to"},{"startTime":339.974,"endTime":340.76,"body":"approach"},{"startTime":340.76,"endTime":341.546,"body":"the"},{"startTime":341.546,"endTime":342.332,"body":"markets"},{"startTime":342.332,"endTime":343.118,"body":"from"},{"startTime":343.118,"endTime":343.904,"body":"a"},{"startTime":343.904,"endTime":344.69,"body":"systematic"},{"startTime":344.69,"endTime":345.476,"body":"point"},{"startTime":345.476,"endTime":346.262,"body":"of"},{"startTime":346.262,"endTime":347.048,"body":"view"},{"startTime":347.048,"endTime":347.834,"body":"and"},{"startTime":347.834,"endTime":348.62,"body":"how"},{"startTime":348.62,"endTime":349.406,"body":"these"},{"startTime":349.406,"endTime":350.192,"body":"type"},{"startTime":350.192,"endTime":350.978,"body":"of"},{"startTime":350.978,"endTime":351.764,"body":"strategies"},{"startTime":351.764,"endTime":352.55,"body":"fit"},{"startTime":352.55,"endTime":353.336,"body":"in."},{"startTime":301.46,"endTime":303.716,"body":"\rButI"},{"startTime":303.716,"endTime":304.844,"body":"would"},{"startTime":304.844,"endTime":305.972,"body":"like"},{"startTime":305.972,"endTime":307.1,"body":"to"},{"startTime":307.1,"endTime":308.228,"body":"start"},{"startTime":308.228,"endTime":309.356,"body":"in"},{"startTime":309.356,"endTime":310.484,"body":"a"},{"startTime":310.484,"endTime":311.612,"body":"slightly"},{"startTime":311.612,"endTime":312.74,"body":"different"},{"startTime":312.74,"endTime":313.868,"body":"place"},{"startTime":313.868,"endTime":314.996,"body":"and"},{"startTime":314.996,"endTime":316.124,"body":"that"},{"startTime":316.124,"endTime":317.252,"body":"is"},{"startTime":317.252,"endTime":318.38,"body":"kind"},{"startTime":318.38,"endTime":319.508,"body":"of"},{"startTime":319.508,"endTime":320.636,"body":"to"},{"startTime":320.636,"endTime":321.764,"body":"hear"},{"startTime":321.764,"endTime":322.892,"body":"a"},{"startTime":322.892,"endTime":324.02,"body":"little"},{"startTime":324.02,"endTime":325.148,"body":"bit"},{"startTime":325.148,"endTime":326.276,"body":"more"},{"startTime":326.276,"endTime":327.404,"body":"about"},{"startTime":327.404,"endTime":328.532,"body":"your"},{"startTime":328.532,"endTime":329.66,"body":"current"},{"startTime":329.66,"endTime":330.788,"body":"big"},{"startTime":330.788,"endTime":331.916,"body":"picture,"},{"startTime":331.916,"endTime":333.044,"body":"let's"},{"startTime":333.044,"endTime":334.172,"body":"call"},{"startTime":334.172,"endTime":335.3,"body":"it"},{"startTime":335.3,"endTime":336.428,"body":"global"},{"startTime":336.428,"endTime":337.556,"body":"macro"},{"startTime":337.556,"endTime":338.684,"body":"view."},{"startTime":338.684,"endTime":339.812,"body":"And"},{"startTime":339.812,"endTime":340.94,"body":"where"},{"startTime":340.94,"endTime":342.068,"body":"you"},{"startTime":342.068,"endTime":343.196,"body":"think"},{"startTime":343.196,"endTime":344.324,"body":"we"},{"startTime":344.324,"endTime":345.452,"body":"are"},{"startTime":345.452,"endTime":346.58,"body":"in"},{"startTime":346.58,"endTime":347.708,"body":"the"},{"startTime":347.708,"endTime":348.836,"body":"world"},{"startTime":348.836,"endTime":349.964,"body":"of"},{"startTime":349.964,"endTime":351.092,"body":"investing"},{"startTime":351.092,"endTime":352.22,"body":"right"},{"startTime":352.22,"endTime":353.348,"body":"now."},{"startTime":301.46,"endTime":304.192,"body":"\rBecauseas"},{"startTime":304.192,"endTime":305.558,"body":"you"},{"startTime":305.558,"endTime":306.924,"body":"rightly"},{"startTime":306.924,"endTime":308.29,"body":"pointed"},{"startTime":308.29,"endTime":309.656,"body":"out"},{"startTime":309.656,"endTime":311.022,"body":"before,"},{"startTime":311.022,"endTime":312.388,"body":"2025"},{"startTime":312.388,"endTime":313.754,"body":"has"},{"startTime":313.754,"endTime":315.12,"body":"not"},{"startTime":315.12,"endTime":316.486,"body":"been"},{"startTime":316.486,"endTime":317.852,"body":"an"},{"startTime":317.852,"endTime":319.218,"body":"easy"},{"startTime":319.218,"endTime":320.584,"body":"year,"},{"startTime":320.584,"endTime":321.95,"body":"but"},{"startTime":321.95,"endTime":323.316,"body":"it's"},{"startTime":323.316,"endTime":324.682,"body":"also"},{"startTime":324.682,"endTime":326.048,"body":"been"},{"startTime":326.048,"endTime":327.414,"body":"a"},{"startTime":327.414,"endTime":328.78,"body":"year"},{"startTime":328.78,"endTime":330.146,"body":"that"},{"startTime":330.146,"endTime":331.512,"body":"I"},{"startTime":331.512,"endTime":332.878,"body":"think"},{"startTime":332.878,"endTime":334.244,"body":"has"},{"startTime":334.244,"endTime":335.61,"body":"taught"},{"startTime":335.61,"endTime":336.976,"body":"us"},{"startTime":336.976,"endTime":338.342,"body":"all"},{"startTime":338.342,"endTime":339.708,"body":"a"},{"startTime":339.708,"endTime":341.074,"body":"lot."},{"startTime":341.074,"endTime":342.44,"body":"So"},{"startTime":342.44,"endTime":343.806,"body":"how"},{"startTime":343.806,"endTime":345.172,"body":"do"},{"startTime":345.172,"endTime":346.538,"body":"you"},{"startTime":346.538,"endTime":347.904,"body":"see"},{"startTime":347.904,"endTime":349.27,"body":"the"},{"startTime":349.27,"endTime":350.636,"body":"world"},{"startTime":350.636,"endTime":352.002,"body":"right"},{"startTime":352.002,"endTime":353.368,"body":"now?"},{"startTime":354.5,"endTime":367.042,"body":"Yeah."},{"startTime":367.042,"endTime":379.584,"body":"Where"},{"startTime":379.584,"endTime":392.126,"body":"do"},{"startTime":392.126,"endTime":404.668,"body":"you"},{"startTime":404.668,"endTime":417.21,"body":"jump"},{"startTime":417.21,"endTime":429.752,"body":"in"},{"startTime":429.752,"endTime":442.294,"body":"on"},{"startTime":442.294,"endTime":454.836,"body":"that"},{"startTime":454.836,"endTime":467.378,"body":"in"},{"startTime":467.378,"endTime":479.92,"body":"terms"},{"startTime":479.92,"endTime":492.462,"body":"of"},{"startTime":492.462,"endTime":505.004,"body":"kind"},{"startTime":505.004,"endTime":517.546,"body":"of"},{"startTime":517.546,"endTime":530.088,"body":"time"},{"startTime":530.088,"endTime":542.63,"body":"horizon?"},{"startTime":354.5,"endTime":542.639,"body":"\r"},{"startTime":354.5,"endTime":362.231,"body":"Iwouldsay"},{"startTime":362.231,"endTime":364.808,"body":"let's"},{"startTime":364.808,"endTime":367.385,"body":"draw"},{"startTime":367.385,"endTime":369.962,"body":"back"},{"startTime":369.962,"endTime":372.539,"body":"a"},{"startTime":372.539,"endTime":375.116,"body":"little"},{"startTime":375.116,"endTime":377.693,"body":"bit"},{"startTime":377.693,"endTime":380.27,"body":"from"},{"startTime":380.27,"endTime":382.847,"body":"the"},{"startTime":382.847,"endTime":385.424,"body":"near"},{"startTime":385.424,"endTime":388.001,"body":"term"},{"startTime":388.001,"endTime":390.578,"body":"to"},{"startTime":390.578,"endTime":393.155,"body":"a"},{"startTime":393.155,"endTime":395.732,"body":"little"},{"startTime":395.732,"endTime":398.309,"body":"bit"},{"startTime":398.309,"endTime":400.886,"body":"longer"},{"startTime":400.886,"endTime":403.463,"body":"horizon"},{"startTime":403.463,"endTime":406.04,"body":"perspective"},{"startTime":406.04,"endTime":408.617,"body":"on"},{"startTime":408.617,"endTime":411.194,"body":"the"},{"startTime":411.194,"endTime":413.771,"body":"macro"},{"startTime":413.771,"endTime":416.348,"body":"outlook."},{"startTime":416.348,"endTime":418.925,"body":"And"},{"startTime":418.925,"endTime":421.502,"body":"it's"},{"startTime":421.502,"endTime":424.079,"body":"really"},{"startTime":424.079,"endTime":426.656,"body":"about"},{"startTime":426.656,"endTime":429.233,"body":"adjusting"},{"startTime":429.233,"endTime":431.81,"body":"to"},{"startTime":431.81,"endTime":434.387,"body":"this"},{"startTime":434.387,"endTime":436.964,"body":"post"},{"startTime":436.964,"endTime":439.541,"body":"Covid"},{"startTime":439.541,"endTime":442.118,"body":"environment."},{"startTime":442.118,"endTime":444.695,"body":"And"},{"startTime":444.695,"endTime":447.272,"body":"that"},{"startTime":447.272,"endTime":449.849,"body":"adjustment"},{"startTime":449.849,"endTime":452.426,"body":"is"},{"startTime":452.426,"endTime":455.003,"body":"really"},{"startTime":455.003,"endTime":457.58,"body":"dealing"},{"startTime":457.58,"endTime":460.157,"body":"with"},{"startTime":460.157,"endTime":462.734,"body":"what"},{"startTime":462.734,"endTime":465.311,"body":"I"},{"startTime":465.311,"endTime":467.888,"body":"think"},{"startTime":467.888,"endTime":470.465,"body":"is"},{"startTime":470.465,"endTime":473.042,"body":"probably"},{"startTime":473.042,"endTime":475.619,"body":"the"},{"startTime":475.619,"endTime":478.196,"body":"largest"},{"startTime":478.196,"endTime":480.773,"body":"kind"},{"startTime":480.773,"endTime":483.35,"body":"of"},{"startTime":483.35,"endTime":485.927,"body":"shock"},{"startTime":485.927,"endTime":488.504,"body":"and"},{"startTime":488.504,"endTime":491.081,"body":"change"},{"startTime":491.081,"endTime":493.658,"body":"to"},{"startTime":493.658,"endTime":496.235,"body":"the"},{"startTime":496.235,"endTime":498.812,"body":"macro"},{"startTime":498.812,"endTime":501.389,"body":"backdrop,"},{"startTime":501.389,"endTime":503.966,"body":"which"},{"startTime":503.966,"endTime":506.543,"body":"is"},{"startTime":506.543,"endTime":509.12,"body":"kind"},{"startTime":509.12,"endTime":511.697,"body":"of"},{"startTime":511.697,"endTime":514.274,"body":"the"},{"startTime":514.274,"endTime":516.851,"body":"emergence"},{"startTime":516.851,"endTime":519.428,"body":"and"},{"startTime":519.428,"endTime":522.005,"body":"the"},{"startTime":522.005,"endTime":524.582,"body":"persistence"},{"startTime":524.582,"endTime":527.159,"body":"of"},{"startTime":527.159,"endTime":529.736,"body":"inflation"},{"startTime":529.736,"endTime":532.313,"body":"in"},{"startTime":532.313,"endTime":534.89,"body":"a"},{"startTime":534.89,"endTime":537.467,"body":"post"},{"startTime":537.467,"endTime":540.044,"body":"Covid"},{"startTime":540.044,"endTime":542.621,"body":"environment."},{"startTime":354.5,"endTime":360.116,"body":"\rSometimesI'll"},{"startTime":360.116,"endTime":362.924,"body":"tell"},{"startTime":362.924,"endTime":365.732,"body":"clients,"},{"startTime":365.732,"endTime":368.54,"body":"when"},{"startTime":368.54,"endTime":371.348,"body":"I'm"},{"startTime":371.348,"endTime":374.156,"body":"doing"},{"startTime":374.156,"endTime":376.964,"body":"presentations,"},{"startTime":376.964,"endTime":379.772,"body":"if"},{"startTime":379.772,"endTime":382.58,"body":"you"},{"startTime":382.58,"endTime":385.388,"body":"forget"},{"startTime":385.388,"endTime":388.196,"body":"everything"},{"startTime":388.196,"endTime":391.004,"body":"that"},{"startTime":391.004,"endTime":393.812,"body":"I"},{"startTime":393.812,"endTime":396.62,"body":"just"},{"startTime":396.62,"endTime":399.428,"body":"spent"},{"startTime":399.428,"endTime":402.236,"body":"the"},{"startTime":402.236,"endTime":405.044,"body":"last"},{"startTime":405.044,"endTime":407.852,"body":"hour"},{"startTime":407.852,"endTime":410.66,"body":"talking"},{"startTime":410.66,"endTime":413.468,"body":"about,"},{"startTime":413.468,"endTime":416.276,"body":"I"},{"startTime":416.276,"endTime":419.084,"body":"want"},{"startTime":419.084,"endTime":421.892,"body":"you"},{"startTime":421.892,"endTime":424.7,"body":"to"},{"startTime":424.7,"endTime":427.508,"body":"take"},{"startTime":427.508,"endTime":430.316,"body":"away"},{"startTime":430.316,"endTime":433.124,"body":"one"},{"startTime":433.124,"endTime":435.932,"body":"thing"},{"startTime":435.932,"endTime":438.74,"body":"that"},{"startTime":438.74,"endTime":441.548,"body":"the"},{"startTime":441.548,"endTime":444.356,"body":"pre-Covid"},{"startTime":444.356,"endTime":447.164,"body":"environment"},{"startTime":447.164,"endTime":449.972,"body":"was"},{"startTime":449.972,"endTime":452.78,"body":"one"},{"startTime":452.78,"endTime":455.588,"body":"of"},{"startTime":455.588,"endTime":458.396,"body":"too"},{"startTime":458.396,"endTime":461.204,"body":"little"},{"startTime":461.204,"endTime":464.012,"body":"inflation."},{"startTime":464.012,"endTime":466.82,"body":"And"},{"startTime":466.82,"endTime":469.628,"body":"the"},{"startTime":469.628,"endTime":472.436,"body":"post"},{"startTime":472.436,"endTime":475.244,"body":"Covid"},{"startTime":475.244,"endTime":478.052,"body":"environment"},{"startTime":478.052,"endTime":480.86,"body":"is"},{"startTime":480.86,"endTime":483.668,"body":"an"},{"startTime":483.668,"endTime":486.476,"body":"environment"},{"startTime":486.476,"endTime":489.284,"body":"of"},{"startTime":489.284,"endTime":492.092,"body":"too"},{"startTime":492.092,"endTime":494.9,"body":"much"},{"startTime":494.9,"endTime":497.708,"body":"inflation."},{"startTime":497.708,"endTime":500.516,"body":"And"},{"startTime":500.516,"endTime":503.324,"body":"that"},{"startTime":503.324,"endTime":506.132,"body":"is"},{"startTime":506.132,"endTime":508.94,"body":"a"},{"startTime":508.94,"endTime":511.748,"body":"major"},{"startTime":511.748,"endTime":514.556,"body":"structural"},{"startTime":514.556,"endTime":517.364,"body":"change"},{"startTime":517.364,"endTime":520.172,"body":"that"},{"startTime":520.172,"endTime":522.98,"body":"we're"},{"startTime":522.98,"endTime":525.788,"body":"all"},{"startTime":525.788,"endTime":528.596,"body":"kind"},{"startTime":528.596,"endTime":531.404,"body":"of"},{"startTime":531.404,"endTime":534.212,"body":"still"},{"startTime":534.212,"endTime":537.02,"body":"trying"},{"startTime":537.02,"endTime":539.828,"body":"to"},{"startTime":539.828,"endTime":542.636,"body":"navigate."},{"startTime":354.5,"endTime":368.436,"body":"\rNowif"},{"startTime":368.436,"endTime":375.404,"body":"we"},{"startTime":375.404,"endTime":382.372,"body":"fast"},{"startTime":382.372,"endTime":389.34,"body":"forward"},{"startTime":389.34,"endTime":396.308,"body":"that"},{"startTime":396.308,"endTime":403.276,"body":"to"},{"startTime":403.276,"endTime":410.244,"body":"today,"},{"startTime":410.244,"endTime":417.212,"body":"the"},{"startTime":417.212,"endTime":424.18,"body":"issue"},{"startTime":424.18,"endTime":431.148,"body":"is"},{"startTime":431.148,"endTime":438.116,"body":"inflation's"},{"startTime":438.116,"endTime":445.084,"body":"coming"},{"startTime":445.084,"endTime":452.052,"body":"down,"},{"startTime":452.052,"endTime":459.02,"body":"right?"},{"startTime":459.02,"endTime":465.988,"body":"So"},{"startTime":465.988,"endTime":472.956,"body":"yeah,"},{"startTime":472.956,"endTime":479.924,"body":"it's"},{"startTime":479.924,"endTime":486.892,"body":"too"},{"startTime":486.892,"endTime":493.86,"body":"much"},{"startTime":493.86,"endTime":500.828,"body":"inflation,"},{"startTime":500.828,"endTime":507.796,"body":"but"},{"startTime":507.796,"endTime":514.764,"body":"not"},{"startTime":514.764,"endTime":521.732,"body":"that"},{"startTime":521.732,"endTime":528.7,"body":"much"},{"startTime":528.7,"endTime":535.668,"body":"too"},{"startTime":535.668,"endTime":542.636,"body":"much."},{"startTime":354.5,"endTime":360.032,"body":"\rAndso,"},{"startTime":360.032,"endTime":362.798,"body":"people"},{"startTime":362.798,"endTime":365.564,"body":"are"},{"startTime":365.564,"endTime":368.33,"body":"getting"},{"startTime":368.33,"endTime":371.096,"body":"more"},{"startTime":371.096,"endTime":373.862,"body":"comfortable"},{"startTime":373.862,"endTime":376.628,"body":"with"},{"startTime":376.628,"endTime":379.394,"body":"the"},{"startTime":379.394,"endTime":382.16,"body":"notion"},{"startTime":382.16,"endTime":384.926,"body":"that"},{"startTime":384.926,"endTime":387.692,"body":"the"},{"startTime":387.692,"endTime":390.458,"body":"Fed"},{"startTime":390.458,"endTime":393.224,"body":"can"},{"startTime":393.224,"endTime":395.99,"body":"cut"},{"startTime":395.99,"endTime":398.756,"body":"rates."},{"startTime":398.756,"endTime":401.522,"body":"The"},{"startTime":401.522,"endTime":404.288,"body":"Fed"},{"startTime":404.288,"endTime":407.054,"body":"has"},{"startTime":407.054,"endTime":409.82,"body":"cut"},{"startTime":409.82,"endTime":412.586,"body":"rates."},{"startTime":412.586,"endTime":415.352,"body":"But"},{"startTime":415.352,"endTime":418.118,"body":"we"},{"startTime":418.118,"endTime":420.884,"body":"really"},{"startTime":420.884,"endTime":423.65,"body":"are"},{"startTime":423.65,"endTime":426.416,"body":"still"},{"startTime":426.416,"endTime":429.182,"body":"dealing"},{"startTime":429.182,"endTime":431.948,"body":"with"},{"startTime":431.948,"endTime":434.714,"body":"that"},{"startTime":434.714,"endTime":437.48,"body":"fundamental"},{"startTime":437.48,"endTime":440.246,"body":"tension."},{"startTime":440.246,"endTime":443.012,"body":"And"},{"startTime":443.012,"endTime":445.778,"body":"that"},{"startTime":445.778,"endTime":448.544,"body":"tension"},{"startTime":448.544,"endTime":451.31,"body":"really"},{"startTime":451.31,"endTime":454.076,"body":"changes"},{"startTime":454.076,"endTime":456.842,"body":"the"},{"startTime":456.842,"endTime":459.608,"body":"structure"},{"startTime":459.608,"endTime":462.374,"body":"of"},{"startTime":462.374,"endTime":465.14,"body":"many"},{"startTime":465.14,"endTime":467.906,"body":"strategies,"},{"startTime":467.906,"endTime":470.672,"body":"investment,"},{"startTime":470.672,"endTime":473.438,"body":"portfolio"},{"startTime":473.438,"endTime":476.204,"body":"construction,"},{"startTime":476.204,"endTime":478.97,"body":"because"},{"startTime":478.97,"endTime":481.736,"body":"it"},{"startTime":481.736,"endTime":484.502,"body":"challenges"},{"startTime":484.502,"endTime":487.268,"body":"one"},{"startTime":487.268,"endTime":490.034,"body":"fundamental"},{"startTime":490.034,"endTime":492.8,"body":"construct"},{"startTime":492.8,"endTime":495.566,"body":"so"},{"startTime":495.566,"endTime":498.332,"body":"important"},{"startTime":498.332,"endTime":501.098,"body":"to"},{"startTime":501.098,"endTime":503.864,"body":"portfolio"},{"startTime":503.864,"endTime":506.63,"body":"construction,"},{"startTime":506.63,"endTime":509.396,"body":"and"},{"startTime":509.396,"endTime":512.162,"body":"that"},{"startTime":512.162,"endTime":514.928,"body":"is"},{"startTime":514.928,"endTime":517.694,"body":"the"},{"startTime":517.694,"endTime":520.46,"body":"relationship"},{"startTime":520.46,"endTime":523.226,"body":"between"},{"startTime":523.226,"endTime":525.992,"body":"risky"},{"startTime":525.992,"endTime":528.758,"body":"assets"},{"startTime":528.758,"endTime":531.524,"body":"and"},{"startTime":531.524,"endTime":534.29,"body":"safe"},{"startTime":534.29,"endTime":537.056,"body":"assets;"},{"startTime":537.056,"endTime":539.822,"body":"stock/bond"},{"startTime":539.822,"endTime":542.588,"body":"correlation."},{"startTime":354.5,"endTime":360.378,"body":"\rAndwe"},{"startTime":360.378,"endTime":363.317,"body":"talk"},{"startTime":363.317,"endTime":366.256,"body":"a"},{"startTime":366.256,"endTime":369.195,"body":"lot"},{"startTime":369.195,"endTime":372.134,"body":"about"},{"startTime":372.134,"endTime":375.073,"body":"this"},{"startTime":375.073,"endTime":378.012,"body":"in"},{"startTime":378.012,"endTime":380.951,"body":"portfolio"},{"startTime":380.951,"endTime":383.89,"body":"construction,"},{"startTime":383.89,"endTime":386.829,"body":"but"},{"startTime":386.829,"endTime":389.768,"body":"I"},{"startTime":389.768,"endTime":392.707,"body":"like"},{"startTime":392.707,"endTime":395.646,"body":"to"},{"startTime":395.646,"endTime":398.585,"body":"bring"},{"startTime":398.585,"endTime":401.524,"body":"it"},{"startTime":401.524,"endTime":404.463,"body":"back"},{"startTime":404.463,"endTime":407.402,"body":"to"},{"startTime":407.402,"endTime":410.341,"body":"now."},{"startTime":410.341,"endTime":413.28,"body":"Let's"},{"startTime":413.28,"endTime":416.219,"body":"talk"},{"startTime":416.219,"endTime":419.158,"body":"about"},{"startTime":419.158,"endTime":422.097,"body":"the"},{"startTime":422.097,"endTime":425.036,"body":"moment"},{"startTime":425.036,"endTime":427.975,"body":"issue"},{"startTime":427.975,"endTime":430.914,"body":"of"},{"startTime":430.914,"endTime":433.853,"body":"now,"},{"startTime":433.853,"endTime":436.792,"body":"in"},{"startTime":436.792,"endTime":439.731,"body":"the"},{"startTime":439.731,"endTime":442.67,"body":"macro"},{"startTime":442.67,"endTime":445.609,"body":"space,"},{"startTime":445.609,"endTime":448.548,"body":"is"},{"startTime":448.548,"endTime":451.487,"body":"the"},{"startTime":451.487,"endTime":454.426,"body":"tension"},{"startTime":454.426,"endTime":457.365,"body":"in"},{"startTime":457.365,"endTime":460.304,"body":"the"},{"startTime":460.304,"endTime":463.243,"body":"Fed"},{"startTime":463.243,"endTime":466.182,"body":"and"},{"startTime":466.182,"endTime":469.121,"body":"what"},{"startTime":469.121,"endTime":472.06,"body":"we"},{"startTime":472.06,"endTime":474.999,"body":"heard"},{"startTime":474.999,"endTime":477.938,"body":"from"},{"startTime":477.938,"endTime":480.877,"body":"the"},{"startTime":480.877,"endTime":483.816,"body":"minutes"},{"startTime":483.816,"endTime":486.755,"body":"last"},{"startTime":486.755,"endTime":489.694,"body":"week."},{"startTime":489.694,"endTime":492.633,"body":"And"},{"startTime":492.633,"endTime":495.572,"body":"what"},{"startTime":495.572,"endTime":498.511,"body":"you're"},{"startTime":498.511,"endTime":501.45,"body":"seeing"},{"startTime":501.45,"endTime":504.389,"body":"there"},{"startTime":504.389,"endTime":507.328,"body":"is"},{"startTime":507.328,"endTime":510.267,"body":"the"},{"startTime":510.267,"endTime":513.206,"body":"tension"},{"startTime":513.206,"endTime":516.145,"body":"that"},{"startTime":516.145,"endTime":519.084,"body":"exists"},{"startTime":519.084,"endTime":522.023,"body":"as"},{"startTime":522.023,"endTime":524.962,"body":"a"},{"startTime":524.962,"endTime":527.901,"body":"result"},{"startTime":527.901,"endTime":530.84,"body":"of"},{"startTime":530.84,"endTime":533.779,"body":"having"},{"startTime":533.779,"endTime":536.718,"body":"too"},{"startTime":536.718,"endTime":539.657,"body":"much"},{"startTime":539.657,"endTime":542.596,"body":"inflation."},{"startTime":354.5,"endTime":360.2,"body":"\rAndthat"},{"startTime":360.2,"endTime":363.05,"body":"tension"},{"startTime":363.05,"endTime":365.9,"body":"is"},{"startTime":365.9,"endTime":368.75,"body":"that"},{"startTime":368.75,"endTime":371.6,"body":"the"},{"startTime":371.6,"endTime":374.45,"body":"Fed"},{"startTime":374.45,"endTime":377.3,"body":"no"},{"startTime":377.3,"endTime":380.15,"body":"longer"},{"startTime":380.15,"endTime":383,"body":"operates"},{"startTime":383,"endTime":385.85,"body":"in"},{"startTime":385.85,"endTime":388.7,"body":"a"},{"startTime":388.7,"endTime":391.55,"body":"world"},{"startTime":391.55,"endTime":394.4,"body":"of"},{"startTime":394.4,"endTime":397.25,"body":"divine"},{"startTime":397.25,"endTime":400.1,"body":"coincidence"},{"startTime":400.1,"endTime":402.95,"body":"of"},{"startTime":402.95,"endTime":405.8,"body":"monetary"},{"startTime":405.8,"endTime":408.65,"body":"policy."},{"startTime":408.65,"endTime":411.5,"body":"Divine"},{"startTime":411.5,"endTime":414.35,"body":"coincidence"},{"startTime":414.35,"endTime":417.2,"body":"of"},{"startTime":417.2,"endTime":420.05,"body":"monetary"},{"startTime":420.05,"endTime":422.9,"body":"policy"},{"startTime":422.9,"endTime":425.75,"body":"exists"},{"startTime":425.75,"endTime":428.6,"body":"when"},{"startTime":428.6,"endTime":431.45,"body":"you"},{"startTime":431.45,"endTime":434.3,"body":"have"},{"startTime":434.3,"endTime":437.15,"body":"too"},{"startTime":437.15,"endTime":440,"body":"little"},{"startTime":440,"endTime":442.85,"body":"inflation."},{"startTime":442.85,"endTime":445.7,"body":"The"},{"startTime":445.7,"endTime":448.55,"body":"Fed"},{"startTime":448.55,"endTime":451.4,"body":"and"},{"startTime":451.4,"endTime":454.25,"body":"central"},{"startTime":454.25,"endTime":457.1,"body":"bankers"},{"startTime":457.1,"endTime":459.95,"body":"can"},{"startTime":459.95,"endTime":462.8,"body":"pursue"},{"startTime":462.8,"endTime":465.65,"body":"(in"},{"startTime":465.65,"endTime":468.5,"body":"the"},{"startTime":468.5,"endTime":471.35,"body":"Fed's"},{"startTime":471.35,"endTime":474.2,"body":"case,"},{"startTime":474.2,"endTime":477.05,"body":"its"},{"startTime":477.05,"endTime":479.9,"body":"dual"},{"startTime":479.9,"endTime":482.75,"body":"mandate)"},{"startTime":482.75,"endTime":485.6,"body":"both"},{"startTime":485.6,"endTime":488.45,"body":"objectives"},{"startTime":488.45,"endTime":491.3,"body":"at"},{"startTime":491.3,"endTime":494.15,"body":"the"},{"startTime":494.15,"endTime":497,"body":"same"},{"startTime":497,"endTime":499.85,"body":"time"},{"startTime":499.85,"endTime":502.7,"body":"with"},{"startTime":502.7,"endTime":505.55,"body":"the"},{"startTime":505.55,"endTime":508.4,"body":"same"},{"startTime":508.4,"endTime":511.25,"body":"direction"},{"startTime":511.25,"endTime":514.1,"body":"of"},{"startTime":514.1,"endTime":516.95,"body":"a"},{"startTime":516.95,"endTime":519.8,"body":"singular"},{"startTime":519.8,"endTime":522.65,"body":"policy."},{"startTime":522.65,"endTime":525.5,"body":"Accommodation"},{"startTime":525.5,"endTime":528.35,"body":"raises"},{"startTime":528.35,"endTime":531.2,"body":"inflation"},{"startTime":531.2,"endTime":534.05,"body":"and"},{"startTime":534.05,"endTime":536.9,"body":"stimulates"},{"startTime":536.9,"endTime":539.75,"body":"the"},{"startTime":539.75,"endTime":542.6,"body":"economy."},{"startTime":354.5,"endTime":359.952,"body":"\rThatmeans"},{"startTime":359.952,"endTime":362.678,"body":"there's"},{"startTime":362.678,"endTime":365.404,"body":"no"},{"startTime":365.404,"endTime":368.13,"body":"conflict"},{"startTime":368.13,"endTime":370.856,"body":"in"},{"startTime":370.856,"endTime":373.582,"body":"monetary"},{"startTime":373.582,"endTime":376.308,"body":"policy."},{"startTime":376.308,"endTime":379.034,"body":"It"},{"startTime":379.034,"endTime":381.76,"body":"makes"},{"startTime":381.76,"endTime":384.486,"body":"bonds"},{"startTime":384.486,"endTime":387.212,"body":"incredibly"},{"startTime":387.212,"endTime":389.938,"body":"powerful"},{"startTime":389.938,"endTime":392.664,"body":"as"},{"startTime":392.664,"endTime":395.39,"body":"diversifiers."},{"startTime":395.39,"endTime":398.116,"body":"That"},{"startTime":398.116,"endTime":400.842,"body":"was"},{"startTime":400.842,"endTime":403.568,"body":"the"},{"startTime":403.568,"endTime":406.294,"body":"pre-Covid"},{"startTime":406.294,"endTime":409.02,"body":"environment."},{"startTime":409.02,"endTime":411.746,"body":"What"},{"startTime":411.746,"endTime":414.472,"body":"we're"},{"startTime":414.472,"endTime":417.198,"body":"dealing"},{"startTime":417.198,"endTime":419.924,"body":"with"},{"startTime":419.924,"endTime":422.65,"body":"is"},{"startTime":422.65,"endTime":425.376,"body":"the"},{"startTime":425.376,"endTime":428.102,"body":"post"},{"startTime":428.102,"endTime":430.828,"body":"Covid"},{"startTime":430.828,"endTime":433.554,"body":"environment"},{"startTime":433.554,"endTime":436.28,"body":"and"},{"startTime":436.28,"endTime":439.006,"body":"what"},{"startTime":439.006,"endTime":441.732,"body":"you"},{"startTime":441.732,"endTime":444.458,"body":"see"},{"startTime":444.458,"endTime":447.184,"body":"today,"},{"startTime":447.184,"endTime":449.91,"body":"and"},{"startTime":449.91,"endTime":452.636,"body":"this"},{"startTime":452.636,"endTime":455.362,"body":"is"},{"startTime":455.362,"endTime":458.088,"body":"what"},{"startTime":458.088,"endTime":460.814,"body":"you're"},{"startTime":460.814,"endTime":463.54,"body":"hearing"},{"startTime":463.54,"endTime":466.266,"body":"when"},{"startTime":466.266,"endTime":468.992,"body":"you're"},{"startTime":468.992,"endTime":471.718,"body":"reading"},{"startTime":471.718,"endTime":474.444,"body":"the"},{"startTime":474.444,"endTime":477.17,"body":"minutes,"},{"startTime":477.17,"endTime":479.896,"body":"when"},{"startTime":479.896,"endTime":482.622,"body":"you're"},{"startTime":482.622,"endTime":485.348,"body":"seeing"},{"startTime":485.348,"endTime":488.074,"body":"the"},{"startTime":488.074,"endTime":490.8,"body":"various"},{"startTime":490.8,"endTime":493.526,"body":"statements"},{"startTime":493.526,"endTime":496.252,"body":"and"},{"startTime":496.252,"endTime":498.978,"body":"every"},{"startTime":498.978,"endTime":501.704,"body":"headline"},{"startTime":501.704,"endTime":504.43,"body":"coming"},{"startTime":504.43,"endTime":507.156,"body":"out"},{"startTime":507.156,"endTime":509.882,"body":"of"},{"startTime":509.882,"endTime":512.608,"body":"every"},{"startTime":512.608,"endTime":515.334,"body":"different"},{"startTime":515.334,"endTime":518.06,"body":"voting"},{"startTime":518.06,"endTime":520.786,"body":"member."},{"startTime":520.786,"endTime":523.512,"body":"What"},{"startTime":523.512,"endTime":526.238,"body":"we're"},{"startTime":526.238,"endTime":528.964,"body":"seeing"},{"startTime":528.964,"endTime":531.69,"body":"play"},{"startTime":531.69,"endTime":534.416,"body":"out"},{"startTime":534.416,"endTime":537.142,"body":"is"},{"startTime":537.142,"endTime":539.868,"body":"that"},{"startTime":539.868,"endTime":542.594,"body":"tension."},{"startTime":354.5,"endTime":358.3,"body":"\rPowelltalked"},{"startTime":358.3,"endTime":360.2,"body":"about"},{"startTime":360.2,"endTime":362.1,"body":"it."},{"startTime":362.1,"endTime":364,"body":"There"},{"startTime":364,"endTime":365.9,"body":"is"},{"startTime":365.9,"endTime":367.8,"body":"no"},{"startTime":367.8,"endTime":369.7,"body":"riskless"},{"startTime":369.7,"endTime":371.6,"body":"path"},{"startTime":371.6,"endTime":373.5,"body":"for"},{"startTime":373.5,"endTime":375.4,"body":"the"},{"startTime":375.4,"endTime":377.3,"body":"path"},{"startTime":377.3,"endTime":379.2,"body":"of"},{"startTime":379.2,"endTime":381.1,"body":"monetary"},{"startTime":381.1,"endTime":383,"body":"policy,"},{"startTime":383,"endTime":384.9,"body":"but"},{"startTime":384.9,"endTime":386.8,"body":"that's"},{"startTime":386.8,"endTime":388.7,"body":"new"},{"startTime":388.7,"endTime":390.6,"body":"for"},{"startTime":390.6,"endTime":392.5,"body":"investors"},{"startTime":392.5,"endTime":394.4,"body":"because"},{"startTime":394.4,"endTime":396.3,"body":"for"},{"startTime":396.3,"endTime":398.2,"body":"about"},{"startTime":398.2,"endTime":400.1,"body":"30"},{"startTime":400.1,"endTime":402,"body":"years"},{"startTime":402,"endTime":403.9,"body":"there"},{"startTime":403.9,"endTime":405.8,"body":"was"},{"startTime":405.8,"endTime":407.7,"body":"a"},{"startTime":407.7,"endTime":409.6,"body":"risk"},{"startTime":409.6,"endTime":411.5,"body":"free"},{"startTime":411.5,"endTime":413.4,"body":"path"},{"startTime":413.4,"endTime":415.3,"body":"and"},{"startTime":415.3,"endTime":417.2,"body":"that"},{"startTime":417.2,"endTime":419.1,"body":"path"},{"startTime":419.1,"endTime":421,"body":"was"},{"startTime":421,"endTime":422.9,"body":"towards"},{"startTime":422.9,"endTime":424.8,"body":"accommodation."},{"startTime":424.8,"endTime":426.7,"body":"So,"},{"startTime":426.7,"endTime":428.6,"body":"I"},{"startTime":428.6,"endTime":430.5,"body":"think"},{"startTime":430.5,"endTime":432.4,"body":"that's"},{"startTime":432.4,"endTime":434.3,"body":"the"},{"startTime":434.3,"endTime":436.2,"body":"big"},{"startTime":436.2,"endTime":438.1,"body":"picture"},{"startTime":438.1,"endTime":440,"body":"framing."},{"startTime":440,"endTime":441.9,"body":"And"},{"startTime":441.9,"endTime":443.8,"body":"then"},{"startTime":443.8,"endTime":445.7,"body":"we"},{"startTime":445.7,"endTime":447.6,"body":"get"},{"startTime":447.6,"endTime":449.5,"body":"stuck"},{"startTime":449.5,"endTime":451.4,"body":"into"},{"startTime":451.4,"endTime":453.3,"body":"kind"},{"startTime":453.3,"endTime":455.2,"body":"of"},{"startTime":455.2,"endTime":457.1,"body":"the"},{"startTime":457.1,"endTime":459,"body":"little"},{"startTime":459,"endTime":460.9,"body":"minutiae."},{"startTime":460.9,"endTime":462.8,"body":"Will"},{"startTime":462.8,"endTime":464.7,"body":"they,"},{"startTime":464.7,"endTime":466.6,"body":"won't"},{"startTime":466.6,"endTime":468.5,"body":"they?"},{"startTime":468.5,"endTime":470.4,"body":"What"},{"startTime":470.4,"endTime":472.3,"body":"are"},{"startTime":472.3,"endTime":474.2,"body":"the"},{"startTime":474.2,"endTime":476.1,"body":"odds?"},{"startTime":476.1,"endTime":478,"body":"What"},{"startTime":478,"endTime":479.9,"body":"are"},{"startTime":479.9,"endTime":481.8,"body":"futures"},{"startTime":481.8,"endTime":483.7,"body":"prices"},{"startTime":483.7,"endTime":485.6,"body":"saying"},{"startTime":485.6,"endTime":487.5,"body":"about"},{"startTime":487.5,"endTime":489.4,"body":"December?"},{"startTime":489.4,"endTime":491.3,"body":"And"},{"startTime":491.3,"endTime":493.2,"body":"we'll"},{"startTime":493.2,"endTime":495.1,"body":"get"},{"startTime":495.1,"endTime":497,"body":"into"},{"startTime":497,"endTime":498.9,"body":"that"},{"startTime":498.9,"endTime":500.8,"body":"as"},{"startTime":500.8,"endTime":502.7,"body":"well."},{"startTime":502.7,"endTime":504.6,"body":"But"},{"startTime":504.6,"endTime":506.5,"body":"this"},{"startTime":506.5,"endTime":508.4,"body":"is"},{"startTime":508.4,"endTime":510.3,"body":"kind"},{"startTime":510.3,"endTime":512.2,"body":"of"},{"startTime":512.2,"endTime":514.1,"body":"the"},{"startTime":514.1,"endTime":516,"body":"construct"},{"startTime":516,"endTime":517.9,"body":"in"},{"startTime":517.9,"endTime":519.8,"body":"which"},{"startTime":519.8,"endTime":521.7,"body":"I"},{"startTime":521.7,"endTime":523.6,"body":"think"},{"startTime":523.6,"endTime":525.5,"body":"about"},{"startTime":525.5,"endTime":527.4,"body":"the"},{"startTime":527.4,"endTime":529.3,"body":"macro"},{"startTime":529.3,"endTime":531.2,"body":"environment"},{"startTime":531.2,"endTime":533.1,"body":"on"},{"startTime":533.1,"endTime":535,"body":"some"},{"startTime":535,"endTime":536.9,"body":"of"},{"startTime":536.9,"endTime":538.8,"body":"these"},{"startTime":538.8,"endTime":540.7,"body":"critical"},{"startTime":540.7,"endTime":542.6,"body":"issues."},{"startTime":542.96,"endTime":544.673,"body":"I'd"},{"startTime":544.673,"endTime":546.386,"body":"love"},{"startTime":546.386,"endTime":548.099,"body":"to"},{"startTime":548.099,"endTime":549.812,"body":"get"},{"startTime":549.812,"endTime":551.525,"body":"Alan"},{"startTime":551.525,"endTime":553.238,"body":"involved"},{"startTime":553.238,"endTime":554.951,"body":"here"},{"startTime":554.951,"endTime":556.664,"body":"with"},{"startTime":556.664,"endTime":558.377,"body":"your"},{"startTime":558.377,"endTime":560.09,"body":"macro"},{"startTime":560.09,"endTime":561.803,"body":"background"},{"startTime":561.803,"endTime":563.516,"body":"as"},{"startTime":563.516,"endTime":565.229,"body":"well,"},{"startTime":565.229,"endTime":566.942,"body":"Alan."},{"startTime":566.942,"endTime":568.655,"body":"But"},{"startTime":568.655,"endTime":570.368,"body":"before"},{"startTime":570.368,"endTime":572.081,"body":"I"},{"startTime":572.081,"endTime":573.794,"body":"just"},{"startTime":573.794,"endTime":575.507,"body":"have"},{"startTime":575.507,"endTime":577.22,"body":"kind"},{"startTime":577.22,"endTime":578.933,"body":"of"},{"startTime":578.933,"endTime":580.646,"body":"a"},{"startTime":580.646,"endTime":582.359,"body":"follow"},{"startTime":582.359,"endTime":584.072,"body":"up"},{"startTime":584.072,"endTime":585.785,"body":"question."},{"startTime":542.96,"endTime":585.8,"body":"\r"},{"startTime":542.96,"endTime":544.418,"body":"Idoshare"},{"startTime":544.418,"endTime":544.904,"body":"your"},{"startTime":544.904,"endTime":545.39,"body":"view"},{"startTime":545.39,"endTime":545.876,"body":"and"},{"startTime":545.876,"endTime":546.362,"body":"I"},{"startTime":546.362,"endTime":546.848,"body":"do"},{"startTime":546.848,"endTime":547.334,"body":"think"},{"startTime":547.334,"endTime":547.82,"body":"there"},{"startTime":547.82,"endTime":548.306,"body":"is"},{"startTime":548.306,"endTime":548.792,"body":"a"},{"startTime":548.792,"endTime":549.278,"body":"risk"},{"startTime":549.278,"endTime":549.764,"body":"to"},{"startTime":549.764,"endTime":550.25,"body":"inflation,"},{"startTime":550.25,"endTime":550.736,"body":"but"},{"startTime":550.736,"endTime":551.222,"body":"I"},{"startTime":551.222,"endTime":551.708,"body":"also"},{"startTime":551.708,"endTime":552.194,"body":"struggle"},{"startTime":552.194,"endTime":552.68,"body":"and"},{"startTime":552.68,"endTime":553.166,"body":"I"},{"startTime":553.166,"endTime":553.652,"body":"think"},{"startTime":553.652,"endTime":554.138,"body":"a"},{"startTime":554.138,"endTime":554.624,"body":"lot"},{"startTime":554.624,"endTime":555.11,"body":"of"},{"startTime":555.11,"endTime":555.596,"body":"people"},{"startTime":555.596,"endTime":556.082,"body":"might"},{"startTime":556.082,"endTime":556.568,"body":"agree"},{"startTime":556.568,"endTime":557.054,"body":"with"},{"startTime":557.054,"endTime":557.54,"body":"that."},{"startTime":557.54,"endTime":558.026,"body":"They"},{"startTime":558.026,"endTime":558.512,"body":"struggle"},{"startTime":558.512,"endTime":558.998,"body":"identifying"},{"startTime":558.998,"endTime":559.484,"body":"where"},{"startTime":559.484,"endTime":559.97,"body":"most"},{"startTime":559.97,"endTime":560.456,"body":"of"},{"startTime":560.456,"endTime":560.942,"body":"the"},{"startTime":560.942,"endTime":561.428,"body":"inflation"},{"startTime":561.428,"endTime":561.914,"body":"risk"},{"startTime":561.914,"endTime":562.4,"body":"would"},{"startTime":562.4,"endTime":562.886,"body":"come"},{"startTime":562.886,"endTime":563.372,"body":"from."},{"startTime":563.372,"endTime":563.858,"body":"Do"},{"startTime":563.858,"endTime":564.344,"body":"you"},{"startTime":564.344,"endTime":564.83,"body":"have"},{"startTime":564.83,"endTime":565.316,"body":"a"},{"startTime":565.316,"endTime":565.802,"body":"sense"},{"startTime":565.802,"endTime":566.288,"body":"of…"},{"startTime":566.288,"endTime":566.774,"body":"And"},{"startTime":566.774,"endTime":567.26,"body":"obviously"},{"startTime":567.26,"endTime":567.746,"body":"you're"},{"startTime":567.746,"endTime":568.232,"body":"based"},{"startTime":568.232,"endTime":568.718,"body":"in"},{"startTime":568.718,"endTime":569.204,"body":"the"},{"startTime":569.204,"endTime":569.69,"body":"US,"},{"startTime":569.69,"endTime":570.176,"body":"Alan,"},{"startTime":570.176,"endTime":570.662,"body":"and"},{"startTime":570.662,"endTime":571.148,"body":"I"},{"startTime":571.148,"endTime":571.634,"body":"am"},{"startTime":571.634,"endTime":572.12,"body":"not"},{"startTime":572.12,"endTime":572.606,"body":"based"},{"startTime":572.606,"endTime":573.092,"body":"in"},{"startTime":573.092,"endTime":573.578,"body":"the"},{"startTime":573.578,"endTime":574.064,"body":"US,"},{"startTime":574.064,"endTime":574.55,"body":"so,"},{"startTime":574.55,"endTime":575.036,"body":"you"},{"startTime":575.036,"endTime":575.522,"body":"may"},{"startTime":575.522,"endTime":576.008,"body":"have"},{"startTime":576.008,"endTime":576.494,"body":"a"},{"startTime":576.494,"endTime":576.98,"body":"different"},{"startTime":576.98,"endTime":577.466,"body":"perspective,"},{"startTime":577.466,"endTime":577.952,"body":"of"},{"startTime":577.952,"endTime":578.438,"body":"course."},{"startTime":578.438,"endTime":578.924,"body":"But"},{"startTime":578.924,"endTime":579.41,"body":"where"},{"startTime":579.41,"endTime":579.896,"body":"do"},{"startTime":579.896,"endTime":580.382,"body":"you"},{"startTime":580.382,"endTime":580.868,"body":"think"},{"startTime":580.868,"endTime":581.354,"body":"the"},{"startTime":581.354,"endTime":581.84,"body":"risk"},{"startTime":581.84,"endTime":582.326,"body":"of"},{"startTime":582.326,"endTime":582.812,"body":"the"},{"startTime":582.812,"endTime":583.298,"body":"resurgence"},{"startTime":583.298,"endTime":583.784,"body":"of"},{"startTime":583.784,"endTime":584.27,"body":"inflation"},{"startTime":584.27,"endTime":584.756,"body":"might"},{"startTime":584.756,"endTime":585.242,"body":"arise"},{"startTime":585.242,"endTime":585.728,"body":"from?"},{"startTime":586.92,"endTime":589.754,"body":"Yeah,"},{"startTime":589.754,"endTime":592.588,"body":"and"},{"startTime":592.588,"endTime":595.422,"body":"before"},{"startTime":595.422,"endTime":598.256,"body":"answering"},{"startTime":598.256,"endTime":601.09,"body":"that"},{"startTime":601.09,"endTime":603.924,"body":"question,"},{"startTime":603.924,"endTime":606.758,"body":"I"},{"startTime":606.758,"endTime":609.592,"body":"want"},{"startTime":609.592,"endTime":612.426,"body":"to"},{"startTime":612.426,"endTime":615.26,"body":"make"},{"startTime":615.26,"endTime":618.094,"body":"a"},{"startTime":618.094,"endTime":620.928,"body":"couple"},{"startTime":620.928,"endTime":623.762,"body":"of"},{"startTime":623.762,"endTime":626.596,"body":"clarifying"},{"startTime":626.596,"endTime":629.43,"body":"points."},{"startTime":629.43,"endTime":632.264,"body":"I'm"},{"startTime":632.264,"endTime":635.098,"body":"not"},{"startTime":635.098,"endTime":637.932,"body":"really"},{"startTime":637.932,"endTime":640.766,"body":"that"},{"startTime":640.766,"endTime":643.6,"body":"concerned"},{"startTime":643.6,"endTime":646.434,"body":"about"},{"startTime":646.434,"endTime":649.268,"body":"the"},{"startTime":649.268,"endTime":652.102,"body":"risk"},{"startTime":652.102,"endTime":654.936,"body":"of"},{"startTime":654.936,"endTime":657.77,"body":"resurgent"},{"startTime":657.77,"endTime":660.604,"body":"inflation."},{"startTime":660.604,"endTime":663.438,"body":"And"},{"startTime":663.438,"endTime":666.272,"body":"I"},{"startTime":666.272,"endTime":669.106,"body":"think"},{"startTime":669.106,"endTime":671.94,"body":"when"},{"startTime":671.94,"endTime":674.774,"body":"we"},{"startTime":674.774,"endTime":677.608,"body":"talk"},{"startTime":677.608,"endTime":680.442,"body":"about"},{"startTime":680.442,"endTime":683.276,"body":"this"},{"startTime":683.276,"endTime":686.11,"body":"from"},{"startTime":686.11,"endTime":688.944,"body":"a"},{"startTime":688.944,"endTime":691.778,"body":"global"},{"startTime":691.778,"endTime":694.612,"body":"perspective,"},{"startTime":694.612,"endTime":697.446,"body":"you"},{"startTime":697.446,"endTime":700.28,"body":"have"},{"startTime":700.28,"endTime":703.114,"body":"a"},{"startTime":703.114,"endTime":705.948,"body":"very"},{"startTime":705.948,"endTime":708.782,"body":"different"},{"startTime":708.782,"endTime":711.616,"body":"perspective."},{"startTime":711.616,"endTime":714.45,"body":"Most"},{"startTime":714.45,"endTime":717.284,"body":"of"},{"startTime":717.284,"endTime":720.118,"body":"that"},{"startTime":720.118,"endTime":722.952,"body":"inflation"},{"startTime":722.952,"endTime":725.786,"body":"concern"},{"startTime":725.786,"endTime":728.62,"body":"is"},{"startTime":728.62,"endTime":731.454,"body":"really"},{"startTime":731.454,"endTime":734.288,"body":"in"},{"startTime":734.288,"endTime":737.122,"body":"the"},{"startTime":737.122,"endTime":739.956,"body":"US."},{"startTime":739.956,"endTime":742.79,"body":"Outside"},{"startTime":742.79,"endTime":745.624,"body":"the"},{"startTime":745.624,"endTime":748.458,"body":"US"},{"startTime":748.458,"endTime":751.292,"body":"you"},{"startTime":751.292,"endTime":754.126,"body":"don't"},{"startTime":754.126,"endTime":756.96,"body":"really"},{"startTime":756.96,"endTime":759.794,"body":"see"},{"startTime":759.794,"endTime":762.628,"body":"the"},{"startTime":762.628,"endTime":765.462,"body":"same"},{"startTime":765.462,"endTime":768.296,"body":"sort"},{"startTime":768.296,"endTime":771.13,"body":"of"},{"startTime":771.13,"endTime":773.964,"body":"factors"},{"startTime":773.964,"endTime":776.798,"body":"that"},{"startTime":776.798,"endTime":779.632,"body":"might"},{"startTime":779.632,"endTime":782.466,"body":"contribute"},{"startTime":782.466,"endTime":785.3,"body":"to"},{"startTime":785.3,"endTime":788.134,"body":"resurgent"},{"startTime":788.134,"endTime":790.968,"body":"inflation."},{"startTime":586.92,"endTime":595.082,"body":"\rWhatI"},{"startTime":595.082,"endTime":599.163,"body":"was"},{"startTime":599.163,"endTime":603.244,"body":"talking"},{"startTime":603.244,"endTime":607.325,"body":"about"},{"startTime":607.325,"endTime":611.406,"body":"before"},{"startTime":611.406,"endTime":615.487,"body":"was"},{"startTime":615.487,"endTime":619.568,"body":"really"},{"startTime":619.568,"endTime":623.649,"body":"the"},{"startTime":623.649,"endTime":627.73,"body":"concept"},{"startTime":627.73,"endTime":631.811,"body":"of"},{"startTime":631.811,"endTime":635.892,"body":"too"},{"startTime":635.892,"endTime":639.973,"body":"much"},{"startTime":639.973,"endTime":644.054,"body":"inflation"},{"startTime":644.054,"endTime":648.135,"body":"or"},{"startTime":648.135,"endTime":652.216,"body":"too"},{"startTime":652.216,"endTime":656.297,"body":"little"},{"startTime":656.297,"endTime":660.378,"body":"inflation."},{"startTime":660.378,"endTime":664.459,"body":"That"},{"startTime":664.459,"endTime":668.54,"body":"we've"},{"startTime":668.54,"endTime":672.621,"body":"shifted"},{"startTime":672.621,"endTime":676.702,"body":"the"},{"startTime":676.702,"endTime":680.783,"body":"ground"},{"startTime":680.783,"endTime":684.864,"body":"and"},{"startTime":684.864,"endTime":688.945,"body":"that's"},{"startTime":688.945,"endTime":693.026,"body":"created"},{"startTime":693.026,"endTime":697.107,"body":"this"},{"startTime":697.107,"endTime":701.188,"body":"tension."},{"startTime":701.188,"endTime":705.269,"body":"Now,"},{"startTime":705.269,"endTime":709.35,"body":"inflation's"},{"startTime":709.35,"endTime":713.431,"body":"come"},{"startTime":713.431,"endTime":717.512,"body":"down,"},{"startTime":717.512,"endTime":721.593,"body":"it"},{"startTime":721.593,"endTime":725.674,"body":"just"},{"startTime":725.674,"endTime":729.755,"body":"hasn't"},{"startTime":729.755,"endTime":733.836,"body":"come"},{"startTime":733.836,"endTime":737.917,"body":"down"},{"startTime":737.917,"endTime":741.998,"body":"all"},{"startTime":741.998,"endTime":746.079,"body":"the"},{"startTime":746.079,"endTime":750.16,"body":"way"},{"startTime":750.16,"endTime":754.241,"body":"to"},{"startTime":754.241,"endTime":758.322,"body":"2%"},{"startTime":758.322,"endTime":762.403,"body":"and"},{"startTime":762.403,"endTime":766.484,"body":"it's"},{"startTime":766.484,"endTime":770.565,"body":"kind"},{"startTime":770.565,"endTime":774.646,"body":"of"},{"startTime":774.646,"endTime":778.727,"body":"lingering"},{"startTime":778.727,"endTime":782.808,"body":"here"},{"startTime":782.808,"endTime":786.889,"body":"at"},{"startTime":786.889,"endTime":790.97,"body":"3%."},{"startTime":586.92,"endTime":593.61,"body":"\rThat'snot"},{"startTime":593.61,"endTime":596.955,"body":"a"},{"startTime":596.955,"endTime":600.3,"body":"resurgence"},{"startTime":600.3,"endTime":603.645,"body":"of"},{"startTime":603.645,"endTime":606.99,"body":"inflation,"},{"startTime":606.99,"endTime":610.335,"body":"but"},{"startTime":610.335,"endTime":613.68,"body":"it"},{"startTime":613.68,"endTime":617.025,"body":"is"},{"startTime":617.025,"endTime":620.37,"body":"more"},{"startTime":620.37,"endTime":623.715,"body":"this"},{"startTime":623.715,"endTime":627.06,"body":"kind"},{"startTime":627.06,"endTime":630.405,"body":"of"},{"startTime":630.405,"endTime":633.75,"body":"lingering"},{"startTime":633.75,"endTime":637.095,"body":"concern"},{"startTime":637.095,"endTime":640.44,"body":"about"},{"startTime":640.44,"endTime":643.785,"body":"elevated"},{"startTime":643.785,"endTime":647.13,"body":"inflation."},{"startTime":647.13,"endTime":650.475,"body":"And"},{"startTime":650.475,"endTime":653.82,"body":"then,"},{"startTime":653.82,"endTime":657.165,"body":"to"},{"startTime":657.165,"endTime":660.51,"body":"answer"},{"startTime":660.51,"endTime":663.855,"body":"the"},{"startTime":663.855,"endTime":667.2,"body":"question,"},{"startTime":667.2,"endTime":670.545,"body":"what"},{"startTime":670.545,"endTime":673.89,"body":"are"},{"startTime":673.89,"endTime":677.235,"body":"some"},{"startTime":677.235,"endTime":680.58,"body":"of"},{"startTime":680.58,"endTime":683.925,"body":"the"},{"startTime":683.925,"endTime":687.27,"body":"scenarios"},{"startTime":687.27,"endTime":690.615,"body":"that"},{"startTime":690.615,"endTime":693.96,"body":"might"},{"startTime":693.96,"endTime":697.305,"body":"lead"},{"startTime":697.305,"endTime":700.65,"body":"into,"},{"startTime":700.65,"endTime":703.995,"body":"not"},{"startTime":703.995,"endTime":707.34,"body":"necessarily"},{"startTime":707.34,"endTime":710.685,"body":"this"},{"startTime":710.685,"endTime":714.03,"body":"when"},{"startTime":714.03,"endTime":717.375,"body":"people"},{"startTime":717.375,"endTime":720.72,"body":"have"},{"startTime":720.72,"endTime":724.065,"body":"sort"},{"startTime":724.065,"endTime":727.41,"body":"of"},{"startTime":727.41,"endTime":730.755,"body":"the"},{"startTime":730.755,"endTime":734.1,"body":"memory"},{"startTime":734.1,"endTime":737.445,"body":"of"},{"startTime":737.445,"endTime":740.79,"body":"COVID"},{"startTime":740.79,"endTime":744.135,"body":"and"},{"startTime":744.135,"endTime":747.48,"body":"you"},{"startTime":747.48,"endTime":750.825,"body":"ask"},{"startTime":750.825,"endTime":754.17,"body":"the"},{"startTime":754.17,"endTime":757.515,"body":"question"},{"startTime":757.515,"endTime":760.86,"body":"of"},{"startTime":760.86,"endTime":764.205,"body":"resurgent"},{"startTime":764.205,"endTime":767.55,"body":"inflation,"},{"startTime":767.55,"endTime":770.895,"body":"people"},{"startTime":770.895,"endTime":774.24,"body":"might"},{"startTime":774.24,"endTime":777.585,"body":"think"},{"startTime":777.585,"endTime":780.93,"body":"that's"},{"startTime":780.93,"endTime":784.275,"body":"what"},{"startTime":784.275,"endTime":787.62,"body":"you"},{"startTime":787.62,"endTime":790.965,"body":"mean."},{"startTime":586.92,"endTime":593.104,"body":"\rIt'sgoing"},{"startTime":593.104,"endTime":596.196,"body":"to"},{"startTime":596.196,"endTime":599.288,"body":"be"},{"startTime":599.288,"endTime":602.38,"body":"very"},{"startTime":602.38,"endTime":605.472,"body":"hard"},{"startTime":605.472,"endTime":608.564,"body":"to"},{"startTime":608.564,"endTime":611.656,"body":"get"},{"startTime":611.656,"endTime":614.748,"body":"to"},{"startTime":614.748,"endTime":617.84,"body":"those"},{"startTime":617.84,"endTime":620.932,"body":"kinds"},{"startTime":620.932,"endTime":624.024,"body":"of"},{"startTime":624.024,"endTime":627.116,"body":"inflation"},{"startTime":627.116,"endTime":630.208,"body":"levels."},{"startTime":630.208,"endTime":633.3,"body":"Resurgent"},{"startTime":633.3,"endTime":636.392,"body":"inflation"},{"startTime":636.392,"endTime":639.484,"body":"really"},{"startTime":639.484,"endTime":642.576,"body":"means,"},{"startTime":642.576,"endTime":645.668,"body":"first"},{"startTime":645.668,"endTime":648.76,"body":"and"},{"startTime":648.76,"endTime":651.852,"body":"foremost,"},{"startTime":651.852,"endTime":654.944,"body":"the"},{"startTime":654.944,"endTime":658.036,"body":"lack"},{"startTime":658.036,"endTime":661.128,"body":"of"},{"startTime":661.128,"endTime":664.22,"body":"the"},{"startTime":664.22,"endTime":667.312,"body":"continual"},{"startTime":667.312,"endTime":670.404,"body":"collapse"},{"startTime":670.404,"endTime":673.496,"body":"of"},{"startTime":673.496,"endTime":676.588,"body":"inflation"},{"startTime":676.588,"endTime":679.68,"body":"down"},{"startTime":679.68,"endTime":682.772,"body":"to"},{"startTime":682.772,"endTime":685.864,"body":"the"},{"startTime":685.864,"endTime":688.956,"body":"2%"},{"startTime":688.956,"endTime":692.048,"body":"target."},{"startTime":692.048,"endTime":695.14,"body":"I"},{"startTime":695.14,"endTime":698.232,"body":"think"},{"startTime":698.232,"endTime":701.324,"body":"the"},{"startTime":701.324,"endTime":704.416,"body":"risk"},{"startTime":704.416,"endTime":707.508,"body":"that"},{"startTime":707.508,"endTime":710.6,"body":"we"},{"startTime":710.6,"endTime":713.692,"body":"have"},{"startTime":713.692,"endTime":716.784,"body":"of"},{"startTime":716.784,"endTime":719.876,"body":"that"},{"startTime":719.876,"endTime":722.968,"body":"is"},{"startTime":722.968,"endTime":726.06,"body":"actually"},{"startTime":726.06,"endTime":729.152,"body":"not"},{"startTime":729.152,"endTime":732.244,"body":"a"},{"startTime":732.244,"endTime":735.336,"body":"risk."},{"startTime":735.336,"endTime":738.428,"body":"It"},{"startTime":738.428,"endTime":741.52,"body":"is"},{"startTime":741.52,"endTime":744.612,"body":"the"},{"startTime":744.612,"endTime":747.704,"body":"reality."},{"startTime":747.704,"endTime":750.796,"body":"And"},{"startTime":750.796,"endTime":753.888,"body":"that"},{"startTime":753.888,"endTime":756.98,"body":"isn't"},{"startTime":756.98,"endTime":760.072,"body":"so"},{"startTime":760.072,"endTime":763.164,"body":"much"},{"startTime":763.164,"endTime":766.256,"body":"resurgent"},{"startTime":766.256,"endTime":769.348,"body":"inflation"},{"startTime":769.348,"endTime":772.44,"body":"as"},{"startTime":772.44,"endTime":775.532,"body":"persistent"},{"startTime":775.532,"endTime":778.624,"body":"inflation."},{"startTime":778.624,"endTime":781.716,"body":"Persistent"},{"startTime":781.716,"endTime":784.808,"body":"above"},{"startTime":784.808,"endTime":787.9,"body":"target"},{"startTime":787.9,"endTime":790.992,"body":"inflation."},{"startTime":586.92,"endTime":592.922,"body":"\rNow,some"},{"startTime":592.922,"endTime":595.923,"body":"people"},{"startTime":595.923,"endTime":598.924,"body":"might"},{"startTime":598.924,"endTime":601.925,"body":"say,"},{"startTime":601.925,"endTime":604.926,"body":"hey,"},{"startTime":604.926,"endTime":607.927,"body":"what's"},{"startTime":607.927,"endTime":610.928,"body":"the"},{"startTime":610.928,"endTime":613.929,"body":"big"},{"startTime":613.929,"endTime":616.93,"body":"deal?"},{"startTime":616.93,"endTime":619.931,"body":"2%"},{"startTime":619.931,"endTime":622.932,"body":"target"},{"startTime":622.932,"endTime":625.933,"body":"just"},{"startTime":625.933,"endTime":628.934,"body":"raised"},{"startTime":628.934,"endTime":631.935,"body":"the"},{"startTime":631.935,"endTime":634.936,"body":"target"},{"startTime":634.936,"endTime":637.937,"body":"to"},{"startTime":637.937,"endTime":640.938,"body":"3%."},{"startTime":640.938,"endTime":643.939,"body":"And"},{"startTime":643.939,"endTime":646.94,"body":"you"},{"startTime":646.94,"endTime":649.941,"body":"know"},{"startTime":649.941,"endTime":652.942,"body":"what,"},{"startTime":652.942,"endTime":655.943,"body":"I"},{"startTime":655.943,"endTime":658.944,"body":"kind"},{"startTime":658.944,"endTime":661.945,"body":"of"},{"startTime":661.945,"endTime":664.946,"body":"agree"},{"startTime":664.946,"endTime":667.947,"body":"with"},{"startTime":667.947,"endTime":670.948,"body":"that."},{"startTime":670.948,"endTime":673.949,"body":"There"},{"startTime":673.949,"endTime":676.95,"body":"isn't"},{"startTime":676.95,"endTime":679.951,"body":"a"},{"startTime":679.951,"endTime":682.952,"body":"huge"},{"startTime":682.952,"endTime":685.953,"body":"deal"},{"startTime":685.953,"endTime":688.954,"body":"to"},{"startTime":688.954,"endTime":691.955,"body":"that"},{"startTime":691.955,"endTime":694.956,"body":"except"},{"startTime":694.956,"endTime":697.957,"body":"that"},{"startTime":697.957,"endTime":700.958,"body":"the"},{"startTime":700.958,"endTime":703.959,"body":"Fed"},{"startTime":703.959,"endTime":706.96,"body":"tells"},{"startTime":706.96,"endTime":709.961,"body":"you"},{"startTime":709.961,"endTime":712.962,"body":"that"},{"startTime":712.962,"endTime":715.963,"body":"their"},{"startTime":715.963,"endTime":718.964,"body":"target"},{"startTime":718.964,"endTime":721.965,"body":"is"},{"startTime":721.965,"endTime":724.966,"body":"2%."},{"startTime":724.966,"endTime":727.967,"body":"So,"},{"startTime":727.967,"endTime":730.968,"body":"there's"},{"startTime":730.968,"endTime":733.969,"body":"a"},{"startTime":733.969,"endTime":736.97,"body":"credibility"},{"startTime":736.97,"endTime":739.971,"body":"problem."},{"startTime":739.971,"endTime":742.972,"body":"And"},{"startTime":742.972,"endTime":745.973,"body":"that"},{"startTime":745.973,"endTime":748.974,"body":"problem"},{"startTime":748.974,"endTime":751.975,"body":"then"},{"startTime":751.975,"endTime":754.976,"body":"feeds"},{"startTime":754.976,"endTime":757.977,"body":"back"},{"startTime":757.977,"endTime":760.978,"body":"into"},{"startTime":760.978,"endTime":763.979,"body":"are"},{"startTime":763.979,"endTime":766.98,"body":"we"},{"startTime":766.98,"endTime":769.981,"body":"compensating"},{"startTime":769.981,"endTime":772.982,"body":"investors"},{"startTime":772.982,"endTime":775.983,"body":"enough"},{"startTime":775.983,"endTime":778.984,"body":"for"},{"startTime":778.984,"endTime":781.985,"body":"a"},{"startTime":781.985,"endTime":784.986,"body":"3%"},{"startTime":784.986,"endTime":787.987,"body":"inflationary"},{"startTime":787.987,"endTime":790.988,"body":"environment?"},{"startTime":586.92,"endTime":593.398,"body":"\rAndI"},{"startTime":593.398,"endTime":596.637,"body":"think"},{"startTime":596.637,"endTime":599.876,"body":"the"},{"startTime":599.876,"endTime":603.115,"body":"answer"},{"startTime":603.115,"endTime":606.354,"body":"to"},{"startTime":606.354,"endTime":609.593,"body":"that"},{"startTime":609.593,"endTime":612.832,"body":"is"},{"startTime":612.832,"endTime":616.071,"body":"probably"},{"startTime":616.071,"endTime":619.31,"body":"not."},{"startTime":619.31,"endTime":622.549,"body":"And"},{"startTime":622.549,"endTime":625.788,"body":"that's"},{"startTime":625.788,"endTime":629.027,"body":"a"},{"startTime":629.027,"endTime":632.266,"body":"big"},{"startTime":632.266,"endTime":635.505,"body":"debate"},{"startTime":635.505,"endTime":638.744,"body":"around"},{"startTime":638.744,"endTime":641.983,"body":"term"},{"startTime":641.983,"endTime":645.222,"body":"premium"},{"startTime":645.222,"endTime":648.461,"body":"and"},{"startTime":648.461,"endTime":651.7,"body":"the"},{"startTime":651.7,"endTime":654.939,"body":"value"},{"startTime":654.939,"endTime":658.178,"body":"of"},{"startTime":658.178,"endTime":661.417,"body":"the"},{"startTime":661.417,"endTime":664.656,"body":"hedging"},{"startTime":664.656,"endTime":667.895,"body":"efficacy"},{"startTime":667.895,"endTime":671.134,"body":"of"},{"startTime":671.134,"endTime":674.373,"body":"back"},{"startTime":674.373,"endTime":677.612,"body":"end"},{"startTime":677.612,"endTime":680.851,"body":"yields"},{"startTime":680.851,"endTime":684.09,"body":"versus"},{"startTime":684.09,"endTime":687.329,"body":"front"},{"startTime":687.329,"endTime":690.568,"body":"end"},{"startTime":690.568,"endTime":693.807,"body":"yields"},{"startTime":693.807,"endTime":697.046,"body":"and"},{"startTime":697.046,"endTime":700.285,"body":"a"},{"startTime":700.285,"endTime":703.524,"body":"bunch"},{"startTime":703.524,"endTime":706.763,"body":"of"},{"startTime":706.763,"endTime":710.002,"body":"other"},{"startTime":710.002,"endTime":713.241,"body":"topics."},{"startTime":713.241,"endTime":716.48,"body":"I"},{"startTime":716.48,"endTime":719.719,"body":"think"},{"startTime":719.719,"endTime":722.958,"body":"that's"},{"startTime":722.958,"endTime":726.197,"body":"what"},{"startTime":726.197,"endTime":729.436,"body":"we"},{"startTime":729.436,"endTime":732.675,"body":"mean"},{"startTime":732.675,"endTime":735.914,"body":"when"},{"startTime":735.914,"endTime":739.153,"body":"we"},{"startTime":739.153,"endTime":742.392,"body":"talk"},{"startTime":742.392,"endTime":745.631,"body":"about"},{"startTime":745.631,"endTime":748.87,"body":"this"},{"startTime":748.87,"endTime":752.109,"body":"kind"},{"startTime":752.109,"endTime":755.348,"body":"of"},{"startTime":755.348,"endTime":758.587,"body":"inflation"},{"startTime":758.587,"endTime":761.826,"body":"uncertainty."},{"startTime":761.826,"endTime":765.065,"body":"Not"},{"startTime":765.065,"endTime":768.304,"body":"so"},{"startTime":768.304,"endTime":771.543,"body":"much"},{"startTime":771.543,"endTime":774.782,"body":"resurgent"},{"startTime":774.782,"endTime":778.021,"body":"inflation,"},{"startTime":778.021,"endTime":781.26,"body":"but"},{"startTime":781.26,"endTime":784.499,"body":"more"},{"startTime":784.499,"endTime":787.738,"body":"inflation"},{"startTime":787.738,"endTime":790.977,"body":"uncertainty."},{"startTime":586.92,"endTime":593.398,"body":"\rAndthen"},{"startTime":593.398,"endTime":596.637,"body":"to"},{"startTime":596.637,"endTime":599.876,"body":"kind"},{"startTime":599.876,"endTime":603.115,"body":"of"},{"startTime":603.115,"endTime":606.354,"body":"get"},{"startTime":606.354,"endTime":609.593,"body":"to,"},{"startTime":609.593,"endTime":612.832,"body":"okay,"},{"startTime":612.832,"endTime":616.071,"body":"what"},{"startTime":616.071,"endTime":619.31,"body":"are"},{"startTime":619.31,"endTime":622.549,"body":"the,"},{"startTime":622.549,"endTime":625.788,"body":"some"},{"startTime":625.788,"endTime":629.027,"body":"of"},{"startTime":629.027,"endTime":632.266,"body":"the"},{"startTime":632.266,"endTime":635.505,"body":"key"},{"startTime":635.505,"endTime":638.744,"body":"issues?"},{"startTime":638.744,"endTime":641.983,"body":"The"},{"startTime":641.983,"endTime":645.222,"body":"key"},{"startTime":645.222,"endTime":648.461,"body":"issue"},{"startTime":648.461,"endTime":651.7,"body":"in"},{"startTime":651.7,"endTime":654.939,"body":"inflation,"},{"startTime":654.939,"endTime":658.178,"body":"and"},{"startTime":658.178,"endTime":661.417,"body":"inflation"},{"startTime":661.417,"endTime":664.656,"body":"uncertainty,"},{"startTime":664.656,"endTime":667.895,"body":"is"},{"startTime":667.895,"endTime":671.134,"body":"wages,"},{"startTime":671.134,"endTime":674.373,"body":"and"},{"startTime":674.373,"endTime":677.612,"body":"wage"},{"startTime":677.612,"endTime":680.851,"body":"inflation,"},{"startTime":680.851,"endTime":684.09,"body":"and"},{"startTime":684.09,"endTime":687.329,"body":"real"},{"startTime":687.329,"endTime":690.568,"body":"incomes."},{"startTime":690.568,"endTime":693.807,"body":"And"},{"startTime":693.807,"endTime":697.046,"body":"what"},{"startTime":697.046,"endTime":700.285,"body":"we're"},{"startTime":700.285,"endTime":703.524,"body":"talking"},{"startTime":703.524,"endTime":706.763,"body":"about"},{"startTime":706.763,"endTime":710.002,"body":"here,"},{"startTime":710.002,"endTime":713.241,"body":"in"},{"startTime":713.241,"endTime":716.48,"body":"the"},{"startTime":716.48,"endTime":719.719,"body":"US,"},{"startTime":719.719,"endTime":722.958,"body":"is"},{"startTime":722.958,"endTime":726.197,"body":"the"},{"startTime":726.197,"endTime":729.436,"body":"affordability"},{"startTime":729.436,"endTime":732.675,"body":"crisis."},{"startTime":732.675,"endTime":735.914,"body":"And"},{"startTime":735.914,"endTime":739.153,"body":"prices"},{"startTime":739.153,"endTime":742.392,"body":"are"},{"startTime":742.392,"endTime":745.631,"body":"just"},{"startTime":745.631,"endTime":748.87,"body":"too"},{"startTime":748.87,"endTime":752.109,"body":"damn"},{"startTime":752.109,"endTime":755.348,"body":"high,"},{"startTime":755.348,"endTime":758.587,"body":"and"},{"startTime":758.587,"endTime":761.826,"body":"the"},{"startTime":761.826,"endTime":765.065,"body":"rent's"},{"startTime":765.065,"endTime":768.304,"body":"too"},{"startTime":768.304,"endTime":771.543,"body":"damn"},{"startTime":771.543,"endTime":774.782,"body":"high,"},{"startTime":774.782,"endTime":778.021,"body":"is"},{"startTime":778.021,"endTime":781.26,"body":"back"},{"startTime":781.26,"endTime":784.499,"body":"as"},{"startTime":784.499,"endTime":787.738,"body":"a"},{"startTime":787.738,"endTime":790.977,"body":"theme."},{"startTime":586.92,"endTime":590.438,"body":"\rOkay,so"},{"startTime":590.438,"endTime":592.197,"body":"there's"},{"startTime":592.197,"endTime":593.956,"body":"prices"},{"startTime":593.956,"endTime":595.715,"body":"and"},{"startTime":595.715,"endTime":597.474,"body":"there's"},{"startTime":597.474,"endTime":599.233,"body":"price"},{"startTime":599.233,"endTime":600.992,"body":"level."},{"startTime":600.992,"endTime":602.751,"body":"That's"},{"startTime":602.751,"endTime":604.51,"body":"what"},{"startTime":604.51,"endTime":606.269,"body":"you're"},{"startTime":606.269,"endTime":608.028,"body":"seeing"},{"startTime":608.028,"endTime":609.787,"body":"politically"},{"startTime":609.787,"endTime":611.546,"body":"as"},{"startTime":611.546,"endTime":613.305,"body":"a"},{"startTime":613.305,"endTime":615.064,"body":"problem."},{"startTime":615.064,"endTime":616.823,"body":"Inflation"},{"startTime":616.823,"endTime":618.582,"body":"has"},{"startTime":618.582,"endTime":620.341,"body":"actually"},{"startTime":620.341,"endTime":622.1,"body":"kind"},{"startTime":622.1,"endTime":623.859,"body":"of"},{"startTime":623.859,"endTime":625.618,"body":"come"},{"startTime":625.618,"endTime":627.377,"body":"back"},{"startTime":627.377,"endTime":629.136,"body":"down,"},{"startTime":629.136,"endTime":630.895,"body":"so,"},{"startTime":630.895,"endTime":632.654,"body":"it's"},{"startTime":632.654,"endTime":634.413,"body":"not"},{"startTime":634.413,"endTime":636.172,"body":"so"},{"startTime":636.172,"endTime":637.931,"body":"much"},{"startTime":637.931,"endTime":639.69,"body":"a"},{"startTime":639.69,"endTime":641.449,"body":"problem."},{"startTime":641.449,"endTime":643.208,"body":"But"},{"startTime":643.208,"endTime":644.967,"body":"when"},{"startTime":644.967,"endTime":646.726,"body":"people"},{"startTime":646.726,"endTime":648.485,"body":"talk"},{"startTime":648.485,"endTime":650.244,"body":"about"},{"startTime":650.244,"endTime":652.003,"body":"the"},{"startTime":652.003,"endTime":653.762,"body":"affordability"},{"startTime":653.762,"endTime":655.521,"body":"crisis,"},{"startTime":655.521,"endTime":657.28,"body":"what"},{"startTime":657.28,"endTime":659.039,"body":"they're"},{"startTime":659.039,"endTime":660.798,"body":"talking"},{"startTime":660.798,"endTime":662.557,"body":"about"},{"startTime":662.557,"endTime":664.316,"body":"is"},{"startTime":664.316,"endTime":666.075,"body":"real"},{"startTime":666.075,"endTime":667.834,"body":"income"},{"startTime":667.834,"endTime":669.593,"body":"growth"},{"startTime":669.593,"endTime":671.352,"body":"didn't"},{"startTime":671.352,"endTime":673.111,"body":"keep"},{"startTime":673.111,"endTime":674.87,"body":"up"},{"startTime":674.87,"endTime":676.629,"body":"with"},{"startTime":676.629,"endTime":678.388,"body":"the"},{"startTime":678.388,"endTime":680.147,"body":"surge"},{"startTime":680.147,"endTime":681.906,"body":"of"},{"startTime":681.906,"endTime":683.665,"body":"inflation."},{"startTime":683.665,"endTime":685.424,"body":"And"},{"startTime":685.424,"endTime":687.183,"body":"so,"},{"startTime":687.183,"endTime":688.942,"body":"people"},{"startTime":688.942,"endTime":690.701,"body":"feel"},{"startTime":690.701,"endTime":692.46,"body":"worse"},{"startTime":692.46,"endTime":694.219,"body":"off."},{"startTime":694.219,"endTime":695.978,"body":"And"},{"startTime":695.978,"endTime":697.737,"body":"what's"},{"startTime":697.737,"endTime":699.496,"body":"the"},{"startTime":699.496,"endTime":701.255,"body":"resolution"},{"startTime":701.255,"endTime":703.014,"body":"to"},{"startTime":703.014,"endTime":704.773,"body":"that?"},{"startTime":704.773,"endTime":706.532,"body":"Well,"},{"startTime":706.532,"endTime":708.291,"body":"you"},{"startTime":708.291,"endTime":710.05,"body":"don't"},{"startTime":710.05,"endTime":711.809,"body":"want"},{"startTime":711.809,"endTime":713.568,"body":"to"},{"startTime":713.568,"endTime":715.327,"body":"put"},{"startTime":715.327,"endTime":717.086,"body":"prices"},{"startTime":717.086,"endTime":718.845,"body":"back"},{"startTime":718.845,"endTime":720.604,"body":"down."},{"startTime":720.604,"endTime":722.363,"body":"That's"},{"startTime":722.363,"endTime":724.122,"body":"a"},{"startTime":724.122,"endTime":725.881,"body":"deflationary"},{"startTime":725.881,"endTime":727.64,"body":"spiral."},{"startTime":727.64,"endTime":729.399,"body":"That's"},{"startTime":729.399,"endTime":731.158,"body":"a"},{"startTime":731.158,"endTime":732.917,"body":"bad"},{"startTime":732.917,"endTime":734.676,"body":"economic"},{"startTime":734.676,"endTime":736.435,"body":"outcome."},{"startTime":736.435,"endTime":738.194,"body":"So,"},{"startTime":738.194,"endTime":739.953,"body":"what"},{"startTime":739.953,"endTime":741.712,"body":"you"},{"startTime":741.712,"endTime":743.471,"body":"need"},{"startTime":743.471,"endTime":745.23,"body":"is"},{"startTime":745.23,"endTime":746.989,"body":"you"},{"startTime":746.989,"endTime":748.748,"body":"need"},{"startTime":748.748,"endTime":750.507,"body":"nominal"},{"startTime":750.507,"endTime":752.266,"body":"incomes"},{"startTime":752.266,"endTime":754.025,"body":"to"},{"startTime":754.025,"endTime":755.784,"body":"grow,"},{"startTime":755.784,"endTime":757.543,"body":"you"},{"startTime":757.543,"endTime":759.302,"body":"need"},{"startTime":759.302,"endTime":761.061,"body":"nominal"},{"startTime":761.061,"endTime":762.82,"body":"GDP"},{"startTime":762.82,"endTime":764.579,"body":"to"},{"startTime":764.579,"endTime":766.338,"body":"go"},{"startTime":766.338,"endTime":768.097,"body":"up."},{"startTime":768.097,"endTime":769.856,"body":"But"},{"startTime":769.856,"endTime":771.615,"body":"that's"},{"startTime":771.615,"endTime":773.374,"body":"inflationary,"},{"startTime":773.374,"endTime":775.133,"body":"and"},{"startTime":775.133,"endTime":776.892,"body":"the"},{"startTime":776.892,"endTime":778.651,"body":"source"},{"startTime":778.651,"endTime":780.41,"body":"of"},{"startTime":780.41,"endTime":782.169,"body":"that"},{"startTime":782.169,"endTime":783.928,"body":"is"},{"startTime":783.928,"endTime":785.687,"body":"wages"},{"startTime":785.687,"endTime":787.446,"body":"and"},{"startTime":787.446,"endTime":789.205,"body":"wage"},{"startTime":789.205,"endTime":790.964,"body":"pressure."},{"startTime":586.92,"endTime":596.412,"body":"\rSo,you"},{"startTime":596.412,"endTime":601.158,"body":"got"},{"startTime":601.158,"endTime":605.904,"body":"to"},{"startTime":605.904,"endTime":610.65,"body":"kind"},{"startTime":610.65,"endTime":615.396,"body":"of"},{"startTime":615.396,"endTime":620.142,"body":"watch"},{"startTime":620.142,"endTime":624.888,"body":"this"},{"startTime":624.888,"endTime":629.634,"body":"kind"},{"startTime":629.634,"endTime":634.38,"body":"of"},{"startTime":634.38,"endTime":639.126,"body":"petering"},{"startTime":639.126,"endTime":643.872,"body":"out"},{"startTime":643.872,"endTime":648.618,"body":"of"},{"startTime":648.618,"endTime":653.364,"body":"the"},{"startTime":653.364,"endTime":658.11,"body":"decline"},{"startTime":658.11,"endTime":662.856,"body":"in"},{"startTime":662.856,"endTime":667.602,"body":"the"},{"startTime":667.602,"endTime":672.348,"body":"wage"},{"startTime":672.348,"endTime":677.094,"body":"inflation"},{"startTime":677.094,"endTime":681.84,"body":"figures,"},{"startTime":681.84,"endTime":686.586,"body":"because"},{"startTime":686.586,"endTime":691.332,"body":"that's"},{"startTime":691.332,"endTime":696.078,"body":"really"},{"startTime":696.078,"endTime":700.824,"body":"your"},{"startTime":700.824,"endTime":705.57,"body":"source"},{"startTime":705.57,"endTime":710.316,"body":"of"},{"startTime":710.316,"endTime":715.062,"body":"where"},{"startTime":715.062,"endTime":719.808,"body":"you're"},{"startTime":719.808,"endTime":724.554,"body":"going"},{"startTime":724.554,"endTime":729.3,"body":"to"},{"startTime":729.3,"endTime":734.046,"body":"have"},{"startTime":734.046,"endTime":738.792,"body":"not"},{"startTime":738.792,"endTime":743.538,"body":"so"},{"startTime":743.538,"endTime":748.284,"body":"much"},{"startTime":748.284,"endTime":753.03,"body":"resurgent"},{"startTime":753.03,"endTime":757.776,"body":"inflation,"},{"startTime":757.776,"endTime":762.522,"body":"but"},{"startTime":762.522,"endTime":767.268,"body":"I"},{"startTime":767.268,"endTime":772.014,"body":"would"},{"startTime":772.014,"endTime":776.76,"body":"call"},{"startTime":776.76,"endTime":781.506,"body":"it"},{"startTime":781.506,"endTime":786.252,"body":"persistent"},{"startTime":786.252,"endTime":790.998,"body":"inflation."},{"startTime":791.8,"endTime":792.084,"body":"I"},{"startTime":792.084,"endTime":792.368,"body":"agree"},{"startTime":792.368,"endTime":792.652,"body":"with"},{"startTime":792.652,"endTime":792.936,"body":"that."},{"startTime":792.936,"endTime":793.22,"body":"And"},{"startTime":793.22,"endTime":793.504,"body":"before"},{"startTime":793.504,"endTime":793.788,"body":"I"},{"startTime":793.788,"endTime":794.072,"body":"hand"},{"startTime":794.072,"endTime":794.356,"body":"it"},{"startTime":794.356,"endTime":794.64,"body":"over"},{"startTime":794.64,"endTime":794.924,"body":"to"},{"startTime":794.924,"endTime":795.208,"body":"Alan,"},{"startTime":795.208,"endTime":795.492,"body":"I"},{"startTime":795.492,"endTime":795.776,"body":"just"},{"startTime":795.776,"endTime":796.06,"body":"wanted"},{"startTime":796.06,"endTime":796.344,"body":"to"},{"startTime":796.344,"endTime":796.628,"body":"add,"},{"startTime":796.628,"endTime":796.912,"body":"and"},{"startTime":796.912,"endTime":797.196,"body":"I"},{"startTime":797.196,"endTime":797.48,"body":"don't"},{"startTime":797.48,"endTime":797.764,"body":"know"},{"startTime":797.764,"endTime":798.048,"body":"if"},{"startTime":798.048,"endTime":798.332,"body":"you"},{"startTime":798.332,"endTime":798.616,"body":"agree"},{"startTime":798.616,"endTime":798.9,"body":"with"},{"startTime":798.9,"endTime":799.184,"body":"this,"},{"startTime":799.184,"endTime":799.468,"body":"I"},{"startTime":799.468,"endTime":799.752,"body":"think"},{"startTime":799.752,"endTime":800.036,"body":"the"},{"startTime":800.036,"endTime":800.32,"body":"other"},{"startTime":800.32,"endTime":800.604,"body":"challenge"},{"startTime":800.604,"endTime":800.888,"body":"actually"},{"startTime":800.888,"endTime":801.172,"body":"will"},{"startTime":801.172,"endTime":801.456,"body":"be"},{"startTime":801.456,"endTime":801.74,"body":"lack"},{"startTime":801.74,"endTime":802.024,"body":"of"},{"startTime":802.024,"endTime":802.308,"body":"stability"},{"startTime":802.308,"endTime":802.592,"body":"and"},{"startTime":802.592,"endTime":802.876,"body":"inflation"},{"startTime":802.876,"endTime":803.16,"body":"in"},{"startTime":803.16,"endTime":803.444,"body":"inflation."},{"startTime":803.444,"endTime":803.728,"body":"Meaning"},{"startTime":803.728,"endTime":804.012,"body":"we"},{"startTime":804.012,"endTime":804.296,"body":"used"},{"startTime":804.296,"endTime":804.58,"body":"to"},{"startTime":804.58,"endTime":804.864,"body":"have"},{"startTime":804.864,"endTime":805.148,"body":"very"},{"startTime":805.148,"endTime":805.432,"body":"stable"},{"startTime":805.432,"endTime":805.716,"body":"inflation."},{"startTime":805.716,"endTime":806,"body":"People"},{"startTime":806,"endTime":806.284,"body":"could"},{"startTime":806.284,"endTime":806.568,"body":"plan."},{"startTime":806.568,"endTime":806.852,"body":"But"},{"startTime":806.852,"endTime":807.136,"body":"post"},{"startTime":807.136,"endTime":807.42,"body":"Covid,"},{"startTime":807.42,"endTime":807.704,"body":"I"},{"startTime":807.704,"endTime":807.988,"body":"think"},{"startTime":807.988,"endTime":808.272,"body":"going"},{"startTime":808.272,"endTime":808.556,"body":"forward"},{"startTime":808.556,"endTime":808.84,"body":"we'll"},{"startTime":808.84,"endTime":809.124,"body":"continue"},{"startTime":809.124,"endTime":809.408,"body":"to"},{"startTime":809.408,"endTime":809.692,"body":"have"},{"startTime":809.692,"endTime":809.976,"body":"kind"},{"startTime":809.976,"endTime":810.26,"body":"of"},{"startTime":810.26,"endTime":810.544,"body":"unstable"},{"startTime":810.544,"endTime":810.828,"body":"inflation,"},{"startTime":810.828,"endTime":811.112,"body":"if"},{"startTime":811.112,"endTime":811.396,"body":"that's"},{"startTime":811.396,"endTime":811.68,"body":"the"},{"startTime":811.68,"endTime":811.964,"body":"right"},{"startTime":811.964,"endTime":812.248,"body":"way"},{"startTime":812.248,"endTime":812.532,"body":"to"},{"startTime":812.532,"endTime":812.816,"body":"describe"},{"startTime":812.816,"endTime":813.1,"body":"it."},{"startTime":813.2,"endTime":813.554,"body":"And"},{"startTime":813.554,"endTime":813.908,"body":"before"},{"startTime":813.908,"endTime":814.262,"body":"Alan"},{"startTime":814.262,"endTime":814.616,"body":"comes"},{"startTime":814.616,"endTime":814.97,"body":"in,"},{"startTime":814.97,"endTime":815.324,"body":"I"},{"startTime":815.324,"endTime":815.678,"body":"want"},{"startTime":815.678,"endTime":816.032,"body":"to"},{"startTime":816.032,"endTime":816.386,"body":"add"},{"startTime":816.386,"endTime":816.74,"body":"one"},{"startTime":816.74,"endTime":817.094,"body":"other"},{"startTime":817.094,"endTime":817.448,"body":"concept."},{"startTime":817.448,"endTime":817.802,"body":"To"},{"startTime":817.802,"endTime":818.156,"body":"your"},{"startTime":818.156,"endTime":818.51,"body":"point"},{"startTime":818.51,"endTime":818.864,"body":"about"},{"startTime":818.864,"endTime":819.218,"body":"unstable"},{"startTime":819.218,"endTime":819.572,"body":"inflation"},{"startTime":819.572,"endTime":819.926,"body":"is"},{"startTime":819.926,"endTime":820.28,"body":"once"},{"startTime":820.28,"endTime":820.634,"body":"you"},{"startTime":820.634,"endTime":820.988,"body":"sort"},{"startTime":820.988,"endTime":821.342,"body":"of"},{"startTime":821.342,"endTime":821.696,"body":"unleash"},{"startTime":821.696,"endTime":822.05,"body":"the"},{"startTime":822.05,"endTime":822.404,"body":"furies"},{"startTime":822.404,"endTime":822.758,"body":"of"},{"startTime":822.758,"endTime":823.112,"body":"inflation,"},{"startTime":823.112,"endTime":823.466,"body":"once"},{"startTime":823.466,"endTime":823.82,"body":"you"},{"startTime":823.82,"endTime":824.174,"body":"teach"},{"startTime":824.174,"endTime":824.528,"body":"people"},{"startTime":824.528,"endTime":824.882,"body":"you"},{"startTime":824.882,"endTime":825.236,"body":"can"},{"startTime":825.236,"endTime":825.59,"body":"adjust"},{"startTime":825.59,"endTime":825.944,"body":"prices,"},{"startTime":825.944,"endTime":826.298,"body":"price"},{"startTime":826.298,"endTime":826.652,"body":"adjustments"},{"startTime":826.652,"endTime":827.006,"body":"become"},{"startTime":827.006,"endTime":827.36,"body":"easier."},{"startTime":827.36,"endTime":827.714,"body":"So,"},{"startTime":827.714,"endTime":828.068,"body":"for"},{"startTime":828.068,"endTime":828.422,"body":"that"},{"startTime":828.422,"endTime":828.776,"body":"really"},{"startTime":828.776,"endTime":829.13,"body":"long"},{"startTime":829.13,"endTime":829.484,"body":"period"},{"startTime":829.484,"endTime":829.838,"body":"of"},{"startTime":829.838,"endTime":830.192,"body":"too"},{"startTime":830.192,"endTime":830.546,"body":"little"},{"startTime":830.546,"endTime":830.9,"body":"inflation,"},{"startTime":830.9,"endTime":831.254,"body":"it"},{"startTime":831.254,"endTime":831.608,"body":"was"},{"startTime":831.608,"endTime":831.962,"body":"very"},{"startTime":831.962,"endTime":832.316,"body":"hard"},{"startTime":832.316,"endTime":832.67,"body":"to"},{"startTime":832.67,"endTime":833.024,"body":"adjust"},{"startTime":833.024,"endTime":833.378,"body":"prices."},{"startTime":833.378,"endTime":833.732,"body":"People"},{"startTime":833.732,"endTime":834.086,"body":"were"},{"startTime":834.086,"endTime":834.44,"body":"afraid"},{"startTime":834.44,"endTime":834.794,"body":"of"},{"startTime":834.794,"endTime":835.148,"body":"adjusting"},{"startTime":835.148,"endTime":835.502,"body":"prices"},{"startTime":835.502,"endTime":835.856,"body":"because"},{"startTime":835.856,"endTime":836.21,"body":"they"},{"startTime":836.21,"endTime":836.564,"body":"thought"},{"startTime":836.564,"endTime":836.918,"body":"they'd"},{"startTime":836.918,"endTime":837.272,"body":"lose"},{"startTime":837.272,"endTime":837.626,"body":"market"},{"startTime":837.626,"endTime":837.98,"body":"share."},{"startTime":837.98,"endTime":838.334,"body":"Once"},{"startTime":838.334,"endTime":838.688,"body":"you've"},{"startTime":838.688,"endTime":839.042,"body":"gone"},{"startTime":839.042,"endTime":839.396,"body":"through"},{"startTime":839.396,"endTime":839.75,"body":"that"},{"startTime":839.75,"endTime":840.104,"body":"process,"},{"startTime":840.104,"endTime":840.458,"body":"then"},{"startTime":840.458,"endTime":840.812,"body":"it's"},{"startTime":840.812,"endTime":841.166,"body":"easier"},{"startTime":841.166,"endTime":841.52,"body":"the"},{"startTime":841.52,"endTime":841.874,"body":"next"},{"startTime":841.874,"endTime":842.228,"body":"time"},{"startTime":842.228,"endTime":842.582,"body":"to"},{"startTime":842.582,"endTime":842.936,"body":"see"},{"startTime":842.936,"endTime":843.29,"body":"the"},{"startTime":843.29,"endTime":843.644,"body":"price"},{"startTime":843.644,"endTime":843.998,"body":"increases."},{"startTime":843.998,"endTime":844.352,"body":"And"},{"startTime":844.352,"endTime":844.706,"body":"that's"},{"startTime":844.706,"endTime":845.06,"body":"a"},{"startTime":845.06,"endTime":845.414,"body":"little"},{"startTime":845.414,"endTime":845.768,"body":"bit"},{"startTime":845.768,"endTime":846.122,"body":"of"},{"startTime":846.122,"endTime":846.476,"body":"a"},{"startTime":846.476,"endTime":846.83,"body":"concern"},{"startTime":846.83,"endTime":847.184,"body":"or"},{"startTime":847.184,"endTime":847.538,"body":"a"},{"startTime":847.538,"endTime":847.892,"body":"source,"},{"startTime":847.892,"endTime":848.246,"body":"if"},{"startTime":848.246,"endTime":848.6,"body":"you"},{"startTime":848.6,"endTime":848.954,"body":"will,"},{"startTime":848.954,"endTime":849.308,"body":"of"},{"startTime":849.308,"endTime":849.662,"body":"I"},{"startTime":849.662,"endTime":850.016,"body":"don't"},{"startTime":850.016,"endTime":850.37,"body":"want"},{"startTime":850.37,"endTime":850.724,"body":"to"},{"startTime":850.724,"endTime":851.078,"body":"use"},{"startTime":851.078,"endTime":851.432,"body":"the"},{"startTime":851.432,"endTime":851.786,"body":"term"},{"startTime":851.786,"endTime":852.14,"body":"resurgent"},{"startTime":852.14,"endTime":852.494,"body":"inflation,"},{"startTime":852.494,"endTime":852.848,"body":"but"},{"startTime":852.848,"endTime":853.202,"body":"persistent"},{"startTime":853.202,"endTime":853.556,"body":"inflation."},{"startTime":854.14,"endTime":854.462,"body":"Alan,"},{"startTime":854.462,"endTime":854.784,"body":"finally,"},{"startTime":854.784,"endTime":855.106,"body":"over"},{"startTime":855.106,"endTime":855.428,"body":"to"},{"startTime":855.428,"endTime":855.75,"body":"you,"},{"startTime":855.75,"endTime":856.072,"body":"my"},{"startTime":856.072,"endTime":856.394,"body":"friend."},{"startTime":857.36,"endTime":858.008,"body":"Well,"},{"startTime":858.008,"endTime":858.656,"body":"Jeff,"},{"startTime":858.656,"endTime":859.304,"body":"you"},{"startTime":859.304,"endTime":859.952,"body":"talked"},{"startTime":859.952,"endTime":860.6,"body":"about"},{"startTime":860.6,"endTime":861.248,"body":"pre-Covid,"},{"startTime":861.248,"endTime":861.896,"body":"and"},{"startTime":861.896,"endTime":862.544,"body":"post"},{"startTime":862.544,"endTime":863.192,"body":"Covid,"},{"startTime":863.192,"endTime":863.84,"body":"and"},{"startTime":863.84,"endTime":864.488,"body":"inflation,"},{"startTime":864.488,"endTime":865.136,"body":"obviously,"},{"startTime":865.136,"endTime":865.784,"body":"a"},{"startTime":865.784,"endTime":866.432,"body":"big"},{"startTime":866.432,"endTime":867.08,"body":"change."},{"startTime":867.08,"endTime":867.728,"body":"And"},{"startTime":867.728,"endTime":868.376,"body":"reflecting"},{"startTime":868.376,"endTime":869.024,"body":"that"},{"startTime":869.024,"endTime":869.672,"body":"if"},{"startTime":869.672,"endTime":870.32,"body":"we"},{"startTime":870.32,"endTime":870.968,"body":"went"},{"startTime":870.968,"endTime":871.616,"body":"back"},{"startTime":871.616,"endTime":872.264,"body":"a"},{"startTime":872.264,"endTime":872.912,"body":"few"},{"startTime":872.912,"endTime":873.56,"body":"years,"},{"startTime":873.56,"endTime":874.208,"body":"we"},{"startTime":874.208,"endTime":874.856,"body":"had"},{"startTime":874.856,"endTime":875.504,"body":"this"},{"startTime":875.504,"endTime":876.152,"body":"world"},{"startTime":876.152,"endTime":876.8,"body":"of"},{"startTime":876.8,"endTime":877.448,"body":"negative"},{"startTime":877.448,"endTime":878.096,"body":"yielding"},{"startTime":878.096,"endTime":878.744,"body":"bonds"},{"startTime":878.744,"endTime":879.392,"body":"around"},{"startTime":879.392,"endTime":880.04,"body":"the"},{"startTime":880.04,"endTime":880.688,"body":"world,"},{"startTime":880.688,"endTime":881.336,"body":"whatever"},{"startTime":881.336,"endTime":881.984,"body":"it"},{"startTime":881.984,"endTime":882.632,"body":"was,"},{"startTime":882.632,"endTime":883.28,"body":"US$10"},{"startTime":883.28,"endTime":883.928,"body":"trillion"},{"startTime":883.928,"endTime":884.576,"body":"more"},{"startTime":884.576,"endTime":885.224,"body":"maybe."},{"startTime":885.224,"endTime":885.872,"body":"Now,"},{"startTime":885.872,"endTime":886.52,"body":"as"},{"startTime":886.52,"endTime":887.168,"body":"you"},{"startTime":887.168,"endTime":887.816,"body":"say,"},{"startTime":887.816,"endTime":888.464,"body":"bonds"},{"startTime":888.464,"endTime":889.112,"body":"are"},{"startTime":889.112,"endTime":889.76,"body":"maybe"},{"startTime":889.76,"endTime":890.408,"body":"less"},{"startTime":890.408,"endTime":891.056,"body":"reliable"},{"startTime":891.056,"endTime":891.704,"body":"diversifiers,"},{"startTime":891.704,"endTime":892.352,"body":"but"},{"startTime":892.352,"endTime":893,"body":"they"},{"startTime":893,"endTime":893.648,"body":"offer"},{"startTime":893.648,"endTime":894.296,"body":"more"},{"startTime":894.296,"endTime":894.944,"body":"attractive"},{"startTime":894.944,"endTime":895.592,"body":"nominal"},{"startTime":895.592,"endTime":896.24,"body":"yields."},{"startTime":857.36,"endTime":858.884,"body":"\rSo,for"},{"startTime":858.884,"endTime":859.646,"body":"somebody"},{"startTime":859.646,"endTime":860.408,"body":"in"},{"startTime":860.408,"endTime":861.17,"body":"your"},{"startTime":861.17,"endTime":861.932,"body":"seat,"},{"startTime":861.932,"endTime":862.694,"body":"obviously"},{"startTime":862.694,"endTime":863.456,"body":"you're"},{"startTime":863.456,"endTime":864.218,"body":"involved"},{"startTime":864.218,"endTime":864.98,"body":"in"},{"startTime":864.98,"endTime":865.742,"body":"fixed"},{"startTime":865.742,"endTime":866.504,"body":"income,"},{"startTime":866.504,"endTime":867.266,"body":"you're"},{"startTime":867.266,"endTime":868.028,"body":"involved"},{"startTime":868.028,"endTime":868.79,"body":"in"},{"startTime":868.79,"endTime":869.552,"body":"systematic"},{"startTime":869.552,"endTime":870.314,"body":"fixed"},{"startTime":870.314,"endTime":871.076,"body":"income"},{"startTime":871.076,"endTime":871.838,"body":"and"},{"startTime":871.838,"endTime":872.6,"body":"systematic"},{"startTime":872.6,"endTime":873.362,"body":"in"},{"startTime":873.362,"endTime":874.124,"body":"alternative"},{"startTime":874.124,"endTime":874.886,"body":"strategies."},{"startTime":874.886,"endTime":875.648,"body":"How"},{"startTime":875.648,"endTime":876.41,"body":"do"},{"startTime":876.41,"endTime":877.172,"body":"you"},{"startTime":877.172,"endTime":877.934,"body":"think"},{"startTime":877.934,"endTime":878.696,"body":"about"},{"startTime":878.696,"endTime":879.458,"body":"where"},{"startTime":879.458,"endTime":880.22,"body":"all"},{"startTime":880.22,"endTime":880.982,"body":"of"},{"startTime":880.982,"endTime":881.744,"body":"those"},{"startTime":881.744,"endTime":882.506,"body":"fit"},{"startTime":882.506,"endTime":883.268,"body":"in"},{"startTime":883.268,"endTime":884.03,"body":"in"},{"startTime":884.03,"endTime":884.792,"body":"this"},{"startTime":884.792,"endTime":885.554,"body":"kind"},{"startTime":885.554,"endTime":886.316,"body":"of"},{"startTime":886.316,"endTime":887.078,"body":"world"},{"startTime":887.078,"endTime":887.84,"body":"of"},{"startTime":887.84,"endTime":888.602,"body":"higher"},{"startTime":888.602,"endTime":889.364,"body":"yields,"},{"startTime":889.364,"endTime":890.126,"body":"but"},{"startTime":890.126,"endTime":890.888,"body":"maybe"},{"startTime":890.888,"endTime":891.65,"body":"fixed"},{"startTime":891.65,"endTime":892.412,"body":"income"},{"startTime":892.412,"endTime":893.174,"body":"being"},{"startTime":893.174,"endTime":893.936,"body":"a"},{"startTime":893.936,"endTime":894.698,"body":"less"},{"startTime":894.698,"endTime":895.46,"body":"reliable"},{"startTime":895.46,"endTime":896.222,"body":"diversifier?"},{"startTime":896.809,"endTime":901.79,"body":"Yeah,"},{"startTime":901.79,"endTime":906.771,"body":"it's"},{"startTime":906.771,"endTime":911.752,"body":"a"},{"startTime":911.752,"endTime":916.733,"body":"great"},{"startTime":916.733,"endTime":921.714,"body":"question"},{"startTime":921.714,"endTime":926.695,"body":"and"},{"startTime":926.695,"endTime":931.676,"body":"it"},{"startTime":931.676,"endTime":936.657,"body":"really"},{"startTime":936.657,"endTime":941.638,"body":"touches"},{"startTime":941.638,"endTime":946.619,"body":"on"},{"startTime":946.619,"endTime":951.6,"body":"kind"},{"startTime":951.6,"endTime":956.581,"body":"of"},{"startTime":956.581,"endTime":961.562,"body":"a"},{"startTime":961.562,"endTime":966.543,"body":"critical"},{"startTime":966.543,"endTime":971.524,"body":"shift"},{"startTime":971.524,"endTime":976.505,"body":"in"},{"startTime":976.505,"endTime":981.486,"body":"investor"},{"startTime":981.486,"endTime":986.467,"body":"usage"},{"startTime":986.467,"endTime":991.448,"body":"of"},{"startTime":991.448,"endTime":996.429,"body":"fixed"},{"startTime":996.429,"endTime":1001.41,"body":"income."},{"startTime":1001.41,"endTime":1006.391,"body":"And"},{"startTime":1006.391,"endTime":1011.372,"body":"that"},{"startTime":1011.372,"endTime":1016.353,"body":"shift"},{"startTime":1016.353,"endTime":1021.334,"body":"is"},{"startTime":1021.334,"endTime":1026.315,"body":"because"},{"startTime":1026.315,"endTime":1031.296,"body":"income"},{"startTime":1031.296,"endTime":1036.277,"body":"is"},{"startTime":1036.277,"endTime":1041.258,"body":"a"},{"startTime":1041.258,"endTime":1046.239,"body":"more"},{"startTime":1046.239,"endTime":1051.22,"body":"attractive"},{"startTime":1051.22,"endTime":1056.201,"body":"source"},{"startTime":1056.201,"endTime":1061.182,"body":"of"},{"startTime":1061.182,"endTime":1066.163,"body":"use"},{"startTime":1066.163,"endTime":1071.144,"body":"of"},{"startTime":1071.144,"endTime":1076.125,"body":"fixed"},{"startTime":1076.125,"endTime":1081.106,"body":"income"},{"startTime":1081.106,"endTime":1086.087,"body":"in"},{"startTime":1086.087,"endTime":1091.068,"body":"portfolio"},{"startTime":1091.068,"endTime":1096.049,"body":"then"},{"startTime":1096.049,"endTime":1101.03,"body":"diversification."},{"startTime":896.809,"endTime":902.113,"body":"\rAndthat's"},{"startTime":902.113,"endTime":904.765,"body":"a"},{"startTime":904.765,"endTime":907.417,"body":"shift,"},{"startTime":907.417,"endTime":910.069,"body":"and"},{"startTime":910.069,"endTime":912.721,"body":"it"},{"startTime":912.721,"endTime":915.373,"body":"kind"},{"startTime":915.373,"endTime":918.025,"body":"of"},{"startTime":918.025,"endTime":920.677,"body":"mirrors"},{"startTime":920.677,"endTime":923.329,"body":"this"},{"startTime":923.329,"endTime":925.981,"body":"inflationary"},{"startTime":925.981,"endTime":928.633,"body":"pre-Covid,"},{"startTime":928.633,"endTime":931.285,"body":"post"},{"startTime":931.285,"endTime":933.937,"body":"Covid"},{"startTime":933.937,"endTime":936.589,"body":"environment."},{"startTime":936.589,"endTime":939.241,"body":"So,"},{"startTime":939.241,"endTime":941.893,"body":"when"},{"startTime":941.893,"endTime":944.545,"body":"you"},{"startTime":944.545,"endTime":947.197,"body":"had"},{"startTime":947.197,"endTime":949.849,"body":"the"},{"startTime":949.849,"endTime":952.501,"body":"post"},{"startTime":952.501,"endTime":955.153,"body":"1980s"},{"startTime":955.153,"endTime":957.805,"body":"disinflationary"},{"startTime":957.805,"endTime":960.457,"body":"environment,"},{"startTime":960.457,"endTime":963.109,"body":"and"},{"startTime":963.109,"endTime":965.761,"body":"disinflation"},{"startTime":965.761,"endTime":968.413,"body":"in"},{"startTime":968.413,"endTime":971.065,"body":"the"},{"startTime":971.065,"endTime":973.717,"body":"‘90s"},{"startTime":973.717,"endTime":976.369,"body":"and"},{"startTime":976.369,"endTime":979.021,"body":"2000s"},{"startTime":979.021,"endTime":981.673,"body":"led"},{"startTime":981.673,"endTime":984.325,"body":"to"},{"startTime":984.325,"endTime":986.977,"body":"too"},{"startTime":986.977,"endTime":989.629,"body":"little"},{"startTime":989.629,"endTime":992.281,"body":"inflation."},{"startTime":992.281,"endTime":994.933,"body":"We"},{"startTime":994.933,"endTime":997.585,"body":"had"},{"startTime":997.585,"endTime":1000.237,"body":"the"},{"startTime":1000.237,"endTime":1002.889,"body":"heyday,"},{"startTime":1002.889,"endTime":1005.541,"body":"the"},{"startTime":1005.541,"endTime":1008.193,"body":"halcyon"},{"startTime":1008.193,"endTime":1010.845,"body":"days"},{"startTime":1010.845,"endTime":1013.497,"body":"of"},{"startTime":1013.497,"endTime":1016.149,"body":"negative"},{"startTime":1016.149,"endTime":1018.801,"body":"stock/bond"},{"startTime":1018.801,"endTime":1021.453,"body":"correlation"},{"startTime":1021.453,"endTime":1024.105,"body":"with"},{"startTime":1024.105,"endTime":1026.757,"body":"high,"},{"startTime":1026.757,"endTime":1029.409,"body":"not"},{"startTime":1029.409,"endTime":1032.061,"body":"great,"},{"startTime":1032.061,"endTime":1034.713,"body":"but"},{"startTime":1034.713,"endTime":1037.365,"body":"at"},{"startTime":1037.365,"endTime":1040.017,"body":"least"},{"startTime":1040.017,"endTime":1042.669,"body":"for"},{"startTime":1042.669,"endTime":1045.321,"body":"a"},{"startTime":1045.321,"endTime":1047.973,"body":"while"},{"startTime":1047.973,"endTime":1050.625,"body":"there,"},{"startTime":1050.625,"endTime":1053.277,"body":"positive"},{"startTime":1053.277,"endTime":1055.929,"body":"real"},{"startTime":1055.929,"endTime":1058.581,"body":"yields."},{"startTime":1058.581,"endTime":1061.233,"body":"It"},{"startTime":1061.233,"endTime":1063.885,"body":"was"},{"startTime":1063.885,"endTime":1066.537,"body":"the"},{"startTime":1066.537,"endTime":1069.189,"body":"best"},{"startTime":1069.189,"endTime":1071.841,"body":"of"},{"startTime":1071.841,"endTime":1074.493,"body":"both"},{"startTime":1074.493,"endTime":1077.145,"body":"worlds."},{"startTime":1077.145,"endTime":1079.797,"body":"You"},{"startTime":1079.797,"endTime":1082.449,"body":"got"},{"startTime":1082.449,"endTime":1085.101,"body":"your"},{"startTime":1085.101,"endTime":1087.753,"body":"insurance"},{"startTime":1087.753,"endTime":1090.405,"body":"policy"},{"startTime":1090.405,"endTime":1093.057,"body":"that"},{"startTime":1093.057,"endTime":1095.709,"body":"paid"},{"startTime":1095.709,"endTime":1098.361,"body":"for"},{"startTime":1098.361,"endTime":1101.013,"body":"itself."},{"startTime":896.809,"endTime":900.455,"body":"\rAndso,"},{"startTime":900.455,"endTime":902.278,"body":"people"},{"startTime":902.278,"endTime":904.101,"body":"gravitated"},{"startTime":904.101,"endTime":905.924,"body":"towards"},{"startTime":905.924,"endTime":907.747,"body":"fixed"},{"startTime":907.747,"endTime":909.57,"body":"income"},{"startTime":909.57,"endTime":911.393,"body":"as"},{"startTime":911.393,"endTime":913.216,"body":"60/40"},{"startTime":913.216,"endTime":915.039,"body":"portfolio"},{"startTime":915.039,"endTime":916.862,"body":"construction."},{"startTime":916.862,"endTime":918.685,"body":"And"},{"startTime":918.685,"endTime":920.508,"body":"it"},{"startTime":920.508,"endTime":922.331,"body":"was"},{"startTime":922.331,"endTime":924.154,"body":"the"},{"startTime":924.154,"endTime":925.977,"body":"heyday"},{"startTime":925.977,"endTime":927.8,"body":"of"},{"startTime":927.8,"endTime":929.623,"body":"risk"},{"startTime":929.623,"endTime":931.446,"body":"parity"},{"startTime":931.446,"endTime":933.269,"body":"construction"},{"startTime":933.269,"endTime":935.092,"body":"and"},{"startTime":935.092,"endTime":936.915,"body":"a"},{"startTime":936.915,"endTime":938.738,"body":"lot"},{"startTime":938.738,"endTime":940.561,"body":"of"},{"startTime":940.561,"endTime":942.384,"body":"things"},{"startTime":942.384,"endTime":944.207,"body":"that"},{"startTime":944.207,"endTime":946.03,"body":"people"},{"startTime":946.03,"endTime":947.853,"body":"built"},{"startTime":947.853,"endTime":949.676,"body":"up."},{"startTime":949.676,"endTime":951.499,"body":"In"},{"startTime":951.499,"endTime":953.322,"body":"a"},{"startTime":953.322,"endTime":955.145,"body":"post"},{"startTime":955.145,"endTime":956.968,"body":"Covid"},{"startTime":956.968,"endTime":958.791,"body":"environment,"},{"startTime":958.791,"endTime":960.614,"body":"with"},{"startTime":960.614,"endTime":962.437,"body":"the"},{"startTime":962.437,"endTime":964.26,"body":"loss"},{"startTime":964.26,"endTime":966.083,"body":"of"},{"startTime":966.083,"endTime":967.906,"body":"diversification,"},{"startTime":967.906,"endTime":969.729,"body":"not"},{"startTime":969.729,"endTime":971.552,"body":"the"},{"startTime":971.552,"endTime":973.375,"body":"entire"},{"startTime":973.375,"endTime":975.198,"body":"loss"},{"startTime":975.198,"endTime":977.021,"body":"of"},{"startTime":977.021,"endTime":978.844,"body":"diversification,"},{"startTime":978.844,"endTime":980.667,"body":"but"},{"startTime":980.667,"endTime":982.49,"body":"the"},{"startTime":982.49,"endTime":984.313,"body":"lessening"},{"startTime":984.313,"endTime":986.136,"body":"of"},{"startTime":986.136,"endTime":987.959,"body":"the"},{"startTime":987.959,"endTime":989.782,"body":"effectiveness"},{"startTime":989.782,"endTime":991.605,"body":"of"},{"startTime":991.605,"endTime":993.428,"body":"diversification,"},{"startTime":993.428,"endTime":995.251,"body":"for"},{"startTime":995.251,"endTime":997.074,"body":"the"},{"startTime":997.074,"endTime":998.897,"body":"reasons"},{"startTime":998.897,"endTime":1000.72,"body":"we"},{"startTime":1000.72,"endTime":1002.543,"body":"just"},{"startTime":1002.543,"endTime":1004.366,"body":"talked"},{"startTime":1004.366,"endTime":1006.189,"body":"about"},{"startTime":1006.189,"endTime":1008.012,"body":"-"},{"startTime":1008.012,"endTime":1009.835,"body":"the"},{"startTime":1009.835,"endTime":1011.658,"body":"loss"},{"startTime":1011.658,"endTime":1013.481,"body":"of"},{"startTime":1013.481,"endTime":1015.304,"body":"divine"},{"startTime":1015.304,"endTime":1017.127,"body":"coincidence,"},{"startTime":1017.127,"endTime":1018.95,"body":"and"},{"startTime":1018.95,"endTime":1020.773,"body":"monetary"},{"startTime":1020.773,"endTime":1022.596,"body":"policy,"},{"startTime":1022.596,"endTime":1024.419,"body":"and"},{"startTime":1024.419,"endTime":1026.242,"body":"the"},{"startTime":1026.242,"endTime":1028.065,"body":"power"},{"startTime":1028.065,"endTime":1029.888,"body":"that"},{"startTime":1029.888,"endTime":1031.711,"body":"gives"},{"startTime":1031.711,"endTime":1033.534,"body":"to"},{"startTime":1033.534,"endTime":1035.357,"body":"bond"},{"startTime":1035.357,"endTime":1037.18,"body":"diversification"},{"startTime":1037.18,"endTime":1039.003,"body":"and"},{"startTime":1039.003,"endTime":1040.826,"body":"you've"},{"startTime":1040.826,"endTime":1042.649,"body":"gained"},{"startTime":1042.649,"endTime":1044.472,"body":"something."},{"startTime":1044.472,"endTime":1046.295,"body":"You've"},{"startTime":1046.295,"endTime":1048.118,"body":"lost"},{"startTime":1048.118,"endTime":1049.941,"body":"something"},{"startTime":1049.941,"endTime":1051.764,"body":"in"},{"startTime":1051.764,"endTime":1053.587,"body":"diversification,"},{"startTime":1053.587,"endTime":1055.41,"body":"you"},{"startTime":1055.41,"endTime":1057.233,"body":"gain"},{"startTime":1057.233,"endTime":1059.056,"body":"something"},{"startTime":1059.056,"endTime":1060.879,"body":"in"},{"startTime":1060.879,"endTime":1062.702,"body":"real"},{"startTime":1062.702,"endTime":1064.525,"body":"yields"},{"startTime":1064.525,"endTime":1066.348,"body":"and"},{"startTime":1066.348,"endTime":1068.171,"body":"real"},{"startTime":1068.171,"endTime":1069.994,"body":"yields"},{"startTime":1069.994,"endTime":1071.817,"body":"coming"},{"startTime":1071.817,"endTime":1073.64,"body":"back"},{"startTime":1073.64,"endTime":1075.463,"body":"to"},{"startTime":1075.463,"endTime":1077.286,"body":"positive"},{"startTime":1077.286,"endTime":1079.109,"body":"levels."},{"startTime":1079.109,"endTime":1080.932,"body":"And"},{"startTime":1080.932,"endTime":1082.755,"body":"so"},{"startTime":1082.755,"endTime":1084.578,"body":"that"},{"startTime":1084.578,"endTime":1086.401,"body":"makes"},{"startTime":1086.401,"endTime":1088.224,"body":"income"},{"startTime":1088.224,"endTime":1090.047,"body":"and"},{"startTime":1090.047,"endTime":1091.87,"body":"income"},{"startTime":1091.87,"endTime":1093.693,"body":"investing"},{"startTime":1093.693,"endTime":1095.516,"body":"a"},{"startTime":1095.516,"endTime":1097.339,"body":"bit"},{"startTime":1097.339,"endTime":1099.162,"body":"more"},{"startTime":1099.162,"endTime":1100.985,"body":"attractive."},{"startTime":896.809,"endTime":900.487,"body":"\rAndwe"},{"startTime":900.487,"endTime":902.326,"body":"go"},{"startTime":902.326,"endTime":904.165,"body":"back"},{"startTime":904.165,"endTime":906.004,"body":"further,"},{"startTime":906.004,"endTime":907.843,"body":"as"},{"startTime":907.843,"endTime":909.682,"body":"students"},{"startTime":909.682,"endTime":911.521,"body":"of"},{"startTime":911.521,"endTime":913.36,"body":"financial"},{"startTime":913.36,"endTime":915.199,"body":"markets"},{"startTime":915.199,"endTime":917.038,"body":"and"},{"startTime":917.038,"endTime":918.877,"body":"students"},{"startTime":918.877,"endTime":920.716,"body":"of"},{"startTime":920.716,"endTime":922.555,"body":"history,"},{"startTime":922.555,"endTime":924.394,"body":"we"},{"startTime":924.394,"endTime":926.233,"body":"recognize"},{"startTime":926.233,"endTime":928.072,"body":"that"},{"startTime":928.072,"endTime":929.911,"body":"the"},{"startTime":929.911,"endTime":931.75,"body":"origins"},{"startTime":931.75,"endTime":933.589,"body":"of"},{"startTime":933.589,"endTime":935.428,"body":"fixed"},{"startTime":935.428,"endTime":937.267,"body":"income"},{"startTime":937.267,"endTime":939.106,"body":"as"},{"startTime":939.106,"endTime":940.945,"body":"an"},{"startTime":940.945,"endTime":942.784,"body":"asset"},{"startTime":942.784,"endTime":944.623,"body":"class"},{"startTime":944.623,"endTime":946.462,"body":"was"},{"startTime":946.462,"endTime":948.301,"body":"in"},{"startTime":948.301,"endTime":950.14,"body":"income"},{"startTime":950.14,"endTime":951.979,"body":"asset"},{"startTime":951.979,"endTime":953.818,"body":"class,"},{"startTime":953.818,"endTime":955.657,"body":"not"},{"startTime":955.657,"endTime":957.496,"body":"this"},{"startTime":957.496,"endTime":959.335,"body":"thing"},{"startTime":959.335,"endTime":961.174,"body":"that"},{"startTime":961.174,"endTime":963.013,"body":"we"},{"startTime":963.013,"endTime":964.852,"body":"sort"},{"startTime":964.852,"endTime":966.691,"body":"of"},{"startTime":966.691,"endTime":968.53,"body":"developed"},{"startTime":968.53,"endTime":970.369,"body":"in"},{"startTime":970.369,"endTime":972.208,"body":"the"},{"startTime":972.208,"endTime":974.047,"body":"mid-70s"},{"startTime":974.047,"endTime":975.886,"body":"and"},{"startTime":975.886,"endTime":977.725,"body":"grew"},{"startTime":977.725,"endTime":979.564,"body":"up"},{"startTime":979.564,"endTime":981.403,"body":"in"},{"startTime":981.403,"endTime":983.242,"body":"the"},{"startTime":983.242,"endTime":985.081,"body":"80s."},{"startTime":985.081,"endTime":986.92,"body":"The"},{"startTime":986.92,"endTime":988.759,"body":"Lehman"},{"startTime":988.759,"endTime":990.598,"body":"Gov"},{"startTime":990.598,"endTime":992.437,"body":"Credit"},{"startTime":992.437,"endTime":994.276,"body":"Index,"},{"startTime":994.276,"endTime":996.115,"body":"total"},{"startTime":996.115,"endTime":997.954,"body":"return"},{"startTime":997.954,"endTime":999.793,"body":"investing,"},{"startTime":999.793,"endTime":1001.632,"body":"the"},{"startTime":1001.632,"endTime":1003.471,"body":"rise"},{"startTime":1003.471,"endTime":1005.31,"body":"of"},{"startTime":1005.31,"endTime":1007.149,"body":"Bill"},{"startTime":1007.149,"endTime":1008.988,"body":"Gross,"},{"startTime":1008.988,"endTime":1010.827,"body":"and"},{"startTime":1010.827,"endTime":1012.666,"body":"Pimco"},{"startTime":1012.666,"endTime":1014.505,"body":"popularizing."},{"startTime":1014.505,"endTime":1016.344,"body":"Don't"},{"startTime":1016.344,"endTime":1018.183,"body":"think"},{"startTime":1018.183,"endTime":1020.022,"body":"about"},{"startTime":1020.022,"endTime":1021.861,"body":"fixed"},{"startTime":1021.861,"endTime":1023.7,"body":"income"},{"startTime":1023.7,"endTime":1025.539,"body":"as"},{"startTime":1025.539,"endTime":1027.378,"body":"income,"},{"startTime":1027.378,"endTime":1029.217,"body":"think"},{"startTime":1029.217,"endTime":1031.056,"body":"about"},{"startTime":1031.056,"endTime":1032.895,"body":"fixed"},{"startTime":1032.895,"endTime":1034.734,"body":"income"},{"startTime":1034.734,"endTime":1036.573,"body":"as"},{"startTime":1036.573,"endTime":1038.412,"body":"total"},{"startTime":1038.412,"endTime":1040.251,"body":"return."},{"startTime":1040.251,"endTime":1042.09,"body":"And"},{"startTime":1042.09,"endTime":1043.929,"body":"so,"},{"startTime":1043.929,"endTime":1045.768,"body":"we"},{"startTime":1045.768,"endTime":1047.607,"body":"changed"},{"startTime":1047.607,"endTime":1049.446,"body":"for"},{"startTime":1049.446,"endTime":1051.285,"body":"an"},{"startTime":1051.285,"endTime":1053.124,"body":"entire"},{"startTime":1053.124,"endTime":1054.963,"body":"generation,"},{"startTime":1054.963,"endTime":1056.802,"body":"a"},{"startTime":1056.802,"endTime":1058.641,"body":"generation"},{"startTime":1058.641,"endTime":1060.48,"body":"that"},{"startTime":1060.48,"endTime":1062.319,"body":"I"},{"startTime":1062.319,"endTime":1064.158,"body":"grew"},{"startTime":1064.158,"endTime":1065.997,"body":"up"},{"startTime":1065.997,"endTime":1067.836,"body":"in,"},{"startTime":1067.836,"endTime":1069.675,"body":"thinking"},{"startTime":1069.675,"endTime":1071.514,"body":"about"},{"startTime":1071.514,"endTime":1073.353,"body":"fixed"},{"startTime":1073.353,"endTime":1075.192,"body":"income"},{"startTime":1075.192,"endTime":1077.031,"body":"as"},{"startTime":1077.031,"endTime":1078.87,"body":"a"},{"startTime":1078.87,"endTime":1080.709,"body":"portfolio"},{"startTime":1080.709,"endTime":1082.548,"body":"diversifier."},{"startTime":1082.548,"endTime":1084.387,"body":"And"},{"startTime":1084.387,"endTime":1086.226,"body":"it"},{"startTime":1086.226,"endTime":1088.065,"body":"was"},{"startTime":1088.065,"endTime":1089.904,"body":"a"},{"startTime":1089.904,"endTime":1091.743,"body":"great"},{"startTime":1091.743,"endTime":1093.582,"body":"environment."},{"startTime":1093.582,"endTime":1095.421,"body":"Yields"},{"startTime":1095.421,"endTime":1097.26,"body":"were"},{"startTime":1097.26,"endTime":1099.099,"body":"secularly"},{"startTime":1099.099,"endTime":1100.938,"body":"declining."},{"startTime":896.809,"endTime":901.913,"body":"\rThinkingabout"},{"startTime":901.913,"endTime":904.465,"body":"bonds"},{"startTime":904.465,"endTime":907.017,"body":"as"},{"startTime":907.017,"endTime":909.569,"body":"total"},{"startTime":909.569,"endTime":912.121,"body":"return"},{"startTime":912.121,"endTime":914.673,"body":"in"},{"startTime":914.673,"endTime":917.225,"body":"an"},{"startTime":917.225,"endTime":919.777,"body":"environment"},{"startTime":919.777,"endTime":922.329,"body":"of"},{"startTime":922.329,"endTime":924.881,"body":"secular"},{"startTime":924.881,"endTime":927.433,"body":"declining"},{"startTime":927.433,"endTime":929.985,"body":"interest"},{"startTime":929.985,"endTime":932.537,"body":"rates,"},{"startTime":932.537,"endTime":935.089,"body":"that's"},{"startTime":935.089,"endTime":937.641,"body":"a"},{"startTime":937.641,"endTime":940.193,"body":"pretty"},{"startTime":940.193,"endTime":942.745,"body":"good"},{"startTime":942.745,"endTime":945.297,"body":"strategy."},{"startTime":945.297,"endTime":947.849,"body":"You"},{"startTime":947.849,"endTime":950.401,"body":"hit"},{"startTime":950.401,"endTime":952.953,"body":"zero."},{"startTime":952.953,"endTime":955.505,"body":"I"},{"startTime":955.505,"endTime":958.057,"body":"wrote"},{"startTime":958.057,"endTime":960.609,"body":"this"},{"startTime":960.609,"endTime":963.161,"body":"piece"},{"startTime":963.161,"endTime":965.713,"body":"called"},{"startTime":965.713,"endTime":968.265,"body":"Investing"},{"startTime":968.265,"endTime":970.817,"body":"Without"},{"startTime":970.817,"endTime":973.369,"body":"a"},{"startTime":973.369,"endTime":975.921,"body":"Parachute,"},{"startTime":975.921,"endTime":978.473,"body":"like,"},{"startTime":978.473,"endTime":981.025,"body":"really,"},{"startTime":981.025,"endTime":983.577,"body":"you're"},{"startTime":983.577,"endTime":986.129,"body":"going"},{"startTime":986.129,"endTime":988.681,"body":"to"},{"startTime":988.681,"endTime":991.233,"body":"think,"},{"startTime":991.233,"endTime":993.785,"body":"yeah,"},{"startTime":993.785,"endTime":996.337,"body":"we"},{"startTime":996.337,"endTime":998.889,"body":"did"},{"startTime":998.889,"endTime":1001.441,"body":"hit"},{"startTime":1001.441,"endTime":1003.993,"body":"negative"},{"startTime":1003.993,"endTime":1006.545,"body":"yields,"},{"startTime":1006.545,"endTime":1009.097,"body":"and"},{"startTime":1009.097,"endTime":1011.649,"body":"that"},{"startTime":1011.649,"endTime":1014.201,"body":"was"},{"startTime":1014.201,"endTime":1016.753,"body":"a"},{"startTime":1016.753,"endTime":1019.305,"body":"really"},{"startTime":1019.305,"endTime":1021.857,"body":"interesting"},{"startTime":1021.857,"endTime":1024.409,"body":"time"},{"startTime":1024.409,"endTime":1026.961,"body":"when"},{"startTime":1026.961,"endTime":1029.513,"body":"we"},{"startTime":1029.513,"endTime":1032.065,"body":"didn't"},{"startTime":1032.065,"endTime":1034.617,"body":"know"},{"startTime":1034.617,"endTime":1037.169,"body":"whether"},{"startTime":1037.169,"endTime":1039.721,"body":"you"},{"startTime":1039.721,"endTime":1042.273,"body":"could"},{"startTime":1042.273,"endTime":1044.825,"body":"have"},{"startTime":1044.825,"endTime":1047.377,"body":"that."},{"startTime":1047.377,"endTime":1049.929,"body":"But"},{"startTime":1049.929,"endTime":1052.481,"body":"you're"},{"startTime":1052.481,"endTime":1055.033,"body":"kind"},{"startTime":1055.033,"endTime":1057.585,"body":"of"},{"startTime":1057.585,"endTime":1060.137,"body":"reaching"},{"startTime":1060.137,"endTime":1062.689,"body":"the"},{"startTime":1062.689,"endTime":1065.241,"body":"limits"},{"startTime":1065.241,"endTime":1067.793,"body":"of"},{"startTime":1067.793,"endTime":1070.345,"body":"this"},{"startTime":1070.345,"endTime":1072.897,"body":"diversification"},{"startTime":1072.897,"endTime":1075.449,"body":"argument"},{"startTime":1075.449,"endTime":1078.001,"body":"when"},{"startTime":1078.001,"endTime":1080.553,"body":"central"},{"startTime":1080.553,"endTime":1083.105,"body":"banks"},{"startTime":1083.105,"endTime":1085.657,"body":"couldn't"},{"startTime":1085.657,"endTime":1088.209,"body":"lower"},{"startTime":1088.209,"endTime":1090.761,"body":"interest"},{"startTime":1090.761,"endTime":1093.313,"body":"rates"},{"startTime":1093.313,"endTime":1095.865,"body":"that"},{"startTime":1095.865,"endTime":1098.417,"body":"much"},{"startTime":1098.417,"endTime":1100.969,"body":"more."},{"startTime":896.809,"endTime":900.075,"body":"\rAndthat"},{"startTime":900.075,"endTime":901.708,"body":"began"},{"startTime":901.708,"endTime":903.341,"body":"this"},{"startTime":903.341,"endTime":904.974,"body":"pivot"},{"startTime":904.974,"endTime":906.607,"body":"away"},{"startTime":906.607,"endTime":908.24,"body":"from"},{"startTime":908.24,"endTime":909.873,"body":"fixed"},{"startTime":909.873,"endTime":911.506,"body":"income"},{"startTime":911.506,"endTime":913.139,"body":"solely"},{"startTime":913.139,"endTime":914.772,"body":"as"},{"startTime":914.772,"endTime":916.405,"body":"kind"},{"startTime":916.405,"endTime":918.038,"body":"of"},{"startTime":918.038,"endTime":919.671,"body":"diversifier"},{"startTime":919.671,"endTime":921.304,"body":"and"},{"startTime":921.304,"endTime":922.937,"body":"total"},{"startTime":922.937,"endTime":924.57,"body":"return"},{"startTime":924.57,"endTime":926.203,"body":"with"},{"startTime":926.203,"endTime":927.836,"body":"a"},{"startTime":927.836,"endTime":929.469,"body":"little"},{"startTime":929.469,"endTime":931.102,"body":"bit"},{"startTime":931.102,"endTime":932.735,"body":"of"},{"startTime":932.735,"endTime":934.368,"body":"movement"},{"startTime":934.368,"endTime":936.001,"body":"towards"},{"startTime":936.001,"endTime":937.634,"body":"fixed"},{"startTime":937.634,"endTime":939.267,"body":"income"},{"startTime":939.267,"endTime":940.9,"body":"is"},{"startTime":940.9,"endTime":942.533,"body":"income,"},{"startTime":942.533,"endTime":944.166,"body":"and,"},{"startTime":944.166,"endTime":945.799,"body":"as"},{"startTime":945.799,"endTime":947.432,"body":"you"},{"startTime":947.432,"endTime":949.065,"body":"were"},{"startTime":949.065,"endTime":950.698,"body":"sort"},{"startTime":950.698,"endTime":952.331,"body":"of"},{"startTime":952.331,"endTime":953.964,"body":"suggesting,"},{"startTime":953.964,"endTime":955.597,"body":"Alan,"},{"startTime":955.597,"endTime":957.23,"body":"the"},{"startTime":957.23,"endTime":958.863,"body":"rise"},{"startTime":958.863,"endTime":960.496,"body":"of"},{"startTime":960.496,"endTime":962.129,"body":"alternatives,"},{"startTime":962.129,"endTime":963.762,"body":"and"},{"startTime":963.762,"endTime":965.395,"body":"systematic"},{"startTime":965.395,"endTime":967.028,"body":"strategies,"},{"startTime":967.028,"endTime":968.661,"body":"and"},{"startTime":968.661,"endTime":970.294,"body":"systematic"},{"startTime":970.294,"endTime":971.927,"body":"trend."},{"startTime":971.927,"endTime":973.56,"body":"You"},{"startTime":973.56,"endTime":975.193,"body":"know,"},{"startTime":975.193,"endTime":976.826,"body":"it's"},{"startTime":976.826,"endTime":978.459,"body":"opening"},{"startTime":978.459,"endTime":980.092,"body":"the"},{"startTime":980.092,"endTime":981.725,"body":"door,"},{"startTime":981.725,"endTime":983.358,"body":"if"},{"startTime":983.358,"endTime":984.991,"body":"you"},{"startTime":984.991,"endTime":986.624,"body":"will,"},{"startTime":986.624,"endTime":988.257,"body":"for"},{"startTime":988.257,"endTime":989.89,"body":"other"},{"startTime":989.89,"endTime":991.523,"body":"types"},{"startTime":991.523,"endTime":993.156,"body":"of"},{"startTime":993.156,"endTime":994.789,"body":"diversifying"},{"startTime":994.789,"endTime":996.422,"body":"strategies"},{"startTime":996.422,"endTime":998.055,"body":"to"},{"startTime":998.055,"endTime":999.688,"body":"help"},{"startTime":999.688,"endTime":1001.321,"body":"fill"},{"startTime":1001.321,"endTime":1002.954,"body":"the"},{"startTime":1002.954,"endTime":1004.587,"body":"gap"},{"startTime":1004.587,"endTime":1006.22,"body":"that"},{"startTime":1006.22,"endTime":1007.853,"body":"is"},{"startTime":1007.853,"endTime":1009.486,"body":"being"},{"startTime":1009.486,"endTime":1011.119,"body":"created"},{"startTime":1011.119,"endTime":1012.752,"body":"by"},{"startTime":1012.752,"endTime":1014.385,"body":"the"},{"startTime":1014.385,"endTime":1016.018,"body":"structural"},{"startTime":1016.018,"endTime":1017.651,"body":"change."},{"startTime":1017.651,"endTime":1019.284,"body":"Systematic"},{"startTime":1019.284,"endTime":1020.917,"body":"trend"},{"startTime":1020.917,"endTime":1022.55,"body":"is"},{"startTime":1022.55,"endTime":1024.183,"body":"one"},{"startTime":1024.183,"endTime":1025.816,"body":"of"},{"startTime":1025.816,"endTime":1027.449,"body":"that."},{"startTime":1027.449,"endTime":1029.082,"body":"Liquid"},{"startTime":1029.082,"endTime":1030.715,"body":"alternatives"},{"startTime":1030.715,"endTime":1032.348,"body":"are"},{"startTime":1032.348,"endTime":1033.981,"body":"one"},{"startTime":1033.981,"endTime":1035.614,"body":"of"},{"startTime":1035.614,"endTime":1037.247,"body":"that."},{"startTime":1037.247,"endTime":1038.88,"body":"And"},{"startTime":1038.88,"endTime":1040.513,"body":"traditional"},{"startTime":1040.513,"endTime":1042.146,"body":"fixed"},{"startTime":1042.146,"endTime":1043.779,"body":"income"},{"startTime":1043.779,"endTime":1045.412,"body":"can"},{"startTime":1045.412,"endTime":1047.045,"body":"kind"},{"startTime":1047.045,"endTime":1048.678,"body":"of"},{"startTime":1048.678,"endTime":1050.311,"body":"move"},{"startTime":1050.311,"endTime":1051.944,"body":"a"},{"startTime":1051.944,"endTime":1053.577,"body":"little"},{"startTime":1053.577,"endTime":1055.21,"body":"bit"},{"startTime":1055.21,"endTime":1056.843,"body":"towards"},{"startTime":1056.843,"endTime":1058.476,"body":"income."},{"startTime":1058.476,"endTime":1060.109,"body":"It"},{"startTime":1060.109,"endTime":1061.742,"body":"gives"},{"startTime":1061.742,"endTime":1063.375,"body":"a"},{"startTime":1063.375,"endTime":1065.008,"body":"little"},{"startTime":1065.008,"endTime":1066.641,"body":"bit"},{"startTime":1066.641,"endTime":1068.274,"body":"of"},{"startTime":1068.274,"endTime":1069.907,"body":"room"},{"startTime":1069.907,"endTime":1071.54,"body":"in"},{"startTime":1071.54,"endTime":1073.173,"body":"the"},{"startTime":1073.173,"endTime":1074.806,"body":"marketplace,"},{"startTime":1074.806,"endTime":1076.439,"body":"if"},{"startTime":1076.439,"endTime":1078.072,"body":"you"},{"startTime":1078.072,"endTime":1079.705,"body":"will,"},{"startTime":1079.705,"endTime":1081.338,"body":"for"},{"startTime":1081.338,"endTime":1082.971,"body":"alternative"},{"startTime":1082.971,"endTime":1084.604,"body":"forms"},{"startTime":1084.604,"endTime":1086.237,"body":"of"},{"startTime":1086.237,"endTime":1087.87,"body":"diversification,"},{"startTime":1087.87,"endTime":1089.503,"body":"which"},{"startTime":1089.503,"endTime":1091.136,"body":"is"},{"startTime":1091.136,"endTime":1092.769,"body":"a"},{"startTime":1092.769,"endTime":1094.402,"body":"big"},{"startTime":1094.402,"endTime":1096.035,"body":"part"},{"startTime":1096.035,"endTime":1097.668,"body":"of"},{"startTime":1097.668,"endTime":1099.301,"body":"our"},{"startTime":1099.301,"endTime":1100.934,"body":"themes."},{"startTime":1103.151,"endTime":1103.593,"body":"And"},{"startTime":1103.593,"endTime":1104.035,"body":"I"},{"startTime":1104.035,"endTime":1104.477,"body":"guess"},{"startTime":1104.477,"endTime":1104.919,"body":"a"},{"startTime":1104.919,"endTime":1105.361,"body":"more"},{"startTime":1105.361,"endTime":1105.803,"body":"recent"},{"startTime":1105.803,"endTime":1106.245,"body":"kind"},{"startTime":1106.245,"endTime":1106.687,"body":"of"},{"startTime":1106.687,"endTime":1107.129,"body":"change"},{"startTime":1107.129,"endTime":1107.571,"body":"in"},{"startTime":1107.571,"endTime":1108.013,"body":"the"},{"startTime":1108.013,"endTime":1108.455,"body":"macro"},{"startTime":1108.455,"endTime":1108.897,"body":"backdrop"},{"startTime":1108.897,"endTime":1109.339,"body":"that"},{"startTime":1109.339,"endTime":1109.781,"body":"kind"},{"startTime":1109.781,"endTime":1110.223,"body":"of"},{"startTime":1110.223,"endTime":1110.665,"body":"has"},{"startTime":1110.665,"endTime":1111.107,"body":"come"},{"startTime":1111.107,"endTime":1111.549,"body":"to"},{"startTime":1111.549,"endTime":1111.991,"body":"the"},{"startTime":1111.991,"endTime":1112.433,"body":"fore"},{"startTime":1112.433,"endTime":1112.875,"body":"has"},{"startTime":1112.875,"endTime":1113.317,"body":"been"},{"startTime":1113.317,"endTime":1113.759,"body":"all"},{"startTime":1113.759,"endTime":1114.201,"body":"of"},{"startTime":1114.201,"endTime":1114.643,"body":"this"},{"startTime":1114.643,"endTime":1115.085,"body":"chat"},{"startTime":1115.085,"endTime":1115.527,"body":"of"},{"startTime":1115.527,"endTime":1115.969,"body":"fiscal"},{"startTime":1115.969,"endTime":1116.411,"body":"dominance,"},{"startTime":1116.411,"endTime":1116.853,"body":"high"},{"startTime":1116.853,"endTime":1117.295,"body":"debt"},{"startTime":1117.295,"endTime":1117.737,"body":"levels,"},{"startTime":1117.737,"endTime":1118.179,"body":"possible"},{"startTime":1118.179,"endTime":1118.621,"body":"financial"},{"startTime":1118.621,"endTime":1119.063,"body":"repression"},{"startTime":1119.063,"endTime":1119.505,"body":"down"},{"startTime":1119.505,"endTime":1119.947,"body":"the"},{"startTime":1119.947,"endTime":1120.389,"body":"road."},{"startTime":1120.389,"endTime":1120.831,"body":"As"},{"startTime":1120.831,"endTime":1121.273,"body":"a"},{"startTime":1121.273,"endTime":1121.715,"body":"fixed"},{"startTime":1121.715,"endTime":1122.157,"body":"income"},{"startTime":1122.157,"endTime":1122.599,"body":"investor"},{"startTime":1122.599,"endTime":1123.041,"body":"or"},{"startTime":1123.041,"endTime":1123.483,"body":"somebody"},{"startTime":1123.483,"endTime":1123.925,"body":"thinking"},{"startTime":1123.925,"endTime":1124.367,"body":"about"},{"startTime":1124.367,"endTime":1124.809,"body":"systematic"},{"startTime":1124.809,"endTime":1125.251,"body":"investing"},{"startTime":1125.251,"endTime":1125.693,"body":"and"},{"startTime":1125.693,"endTime":1126.135,"body":"fixed"},{"startTime":1126.135,"endTime":1126.577,"body":"income,"},{"startTime":1126.577,"endTime":1127.019,"body":"this"},{"startTime":1127.019,"endTime":1127.461,"body":"could"},{"startTime":1127.461,"endTime":1127.903,"body":"be"},{"startTime":1127.903,"endTime":1128.345,"body":"quite"},{"startTime":1128.345,"endTime":1128.787,"body":"a"},{"startTime":1128.787,"endTime":1129.229,"body":"tail"},{"startTime":1129.229,"endTime":1129.671,"body":"risk"},{"startTime":1129.671,"endTime":1130.113,"body":"to"},{"startTime":1130.113,"endTime":1130.555,"body":"be"},{"startTime":1130.555,"endTime":1130.997,"body":"aware"},{"startTime":1130.997,"endTime":1131.439,"body":"of."},{"startTime":1103.151,"endTime":1105.845,"body":"\rIsthat"},{"startTime":1105.845,"endTime":1107.192,"body":"something"},{"startTime":1107.192,"endTime":1108.539,"body":"that"},{"startTime":1108.539,"endTime":1109.886,"body":"can"},{"startTime":1109.886,"endTime":1111.233,"body":"be"},{"startTime":1111.233,"endTime":1112.58,"body":"modeled"},{"startTime":1112.58,"endTime":1113.927,"body":"or"},{"startTime":1113.927,"endTime":1115.274,"body":"thought"},{"startTime":1115.274,"endTime":1116.621,"body":"about"},{"startTime":1116.621,"endTime":1117.968,"body":"or"},{"startTime":1117.968,"endTime":1119.315,"body":"how"},{"startTime":1119.315,"endTime":1120.662,"body":"do"},{"startTime":1120.662,"endTime":1122.009,"body":"you"},{"startTime":1122.009,"endTime":1123.356,"body":"think"},{"startTime":1123.356,"endTime":1124.703,"body":"about"},{"startTime":1124.703,"endTime":1126.05,"body":"it"},{"startTime":1126.05,"endTime":1127.397,"body":"as"},{"startTime":1127.397,"endTime":1128.744,"body":"a"},{"startTime":1128.744,"endTime":1130.091,"body":"systematic"},{"startTime":1130.091,"endTime":1131.438,"body":"trader?"},{"startTime":1131.841,"endTime":1135.652,"body":"Well,"},{"startTime":1135.652,"endTime":1139.463,"body":"you"},{"startTime":1139.463,"endTime":1143.274,"body":"definitely"},{"startTime":1143.274,"endTime":1147.085,"body":"can"},{"startTime":1147.085,"endTime":1150.896,"body":"think"},{"startTime":1150.896,"endTime":1154.707,"body":"about"},{"startTime":1154.707,"endTime":1158.518,"body":"it,"},{"startTime":1158.518,"endTime":1162.329,"body":"and"},{"startTime":1162.329,"endTime":1166.14,"body":"you"},{"startTime":1166.14,"endTime":1169.951,"body":"definitely"},{"startTime":1169.951,"endTime":1173.762,"body":"have"},{"startTime":1173.762,"endTime":1177.573,"body":"to"},{"startTime":1177.573,"endTime":1181.384,"body":"think"},{"startTime":1181.384,"endTime":1185.195,"body":"about"},{"startTime":1185.195,"endTime":1189.006,"body":"it."},{"startTime":1189.006,"endTime":1192.817,"body":"How"},{"startTime":1192.817,"endTime":1196.628,"body":"well"},{"startTime":1196.628,"endTime":1200.439,"body":"you"},{"startTime":1200.439,"endTime":1204.25,"body":"can"},{"startTime":1204.25,"endTime":1208.061,"body":"model"},{"startTime":1208.061,"endTime":1211.872,"body":"it"},{"startTime":1211.872,"endTime":1215.683,"body":"and"},{"startTime":1215.683,"endTime":1219.494,"body":"how"},{"startTime":1219.494,"endTime":1223.305,"body":"well"},{"startTime":1223.305,"endTime":1227.116,"body":"it"},{"startTime":1227.116,"endTime":1230.927,"body":"fits"},{"startTime":1230.927,"endTime":1234.738,"body":"into"},{"startTime":1234.738,"endTime":1238.549,"body":"various"},{"startTime":1238.549,"endTime":1242.36,"body":"systematic"},{"startTime":1242.36,"endTime":1246.171,"body":"frameworks"},{"startTime":1246.171,"endTime":1249.982,"body":"is"},{"startTime":1249.982,"endTime":1253.793,"body":"something"},{"startTime":1253.793,"endTime":1257.604,"body":"we"},{"startTime":1257.604,"endTime":1261.415,"body":"could"},{"startTime":1261.415,"endTime":1265.226,"body":"maybe"},{"startTime":1265.226,"endTime":1269.037,"body":"discuss"},{"startTime":1269.037,"endTime":1272.848,"body":"a"},{"startTime":1272.848,"endTime":1276.659,"body":"bit"},{"startTime":1276.659,"endTime":1280.47,"body":"more,"},{"startTime":1280.47,"endTime":1284.281,"body":"but"},{"startTime":1284.281,"endTime":1288.092,"body":"let's"},{"startTime":1288.092,"endTime":1291.903,"body":"unpack,"},{"startTime":1291.903,"endTime":1295.714,"body":"a"},{"startTime":1295.714,"endTime":1299.525,"body":"little"},{"startTime":1299.525,"endTime":1303.336,"body":"bit,"},{"startTime":1303.336,"endTime":1307.147,"body":"the"},{"startTime":1307.147,"endTime":1310.958,"body":"fiscal"},{"startTime":1310.958,"endTime":1314.769,"body":"issues"},{"startTime":1314.769,"endTime":1318.58,"body":"and"},{"startTime":1318.58,"endTime":1322.391,"body":"the"},{"startTime":1322.391,"endTime":1326.202,"body":"financial"},{"startTime":1326.202,"endTime":1330.013,"body":"repression"},{"startTime":1330.013,"endTime":1333.824,"body":"issues."},{"startTime":1131.841,"endTime":1139.053,"body":"\rYes,this"},{"startTime":1139.053,"endTime":1142.659,"body":"is"},{"startTime":1142.659,"endTime":1146.265,"body":"another"},{"startTime":1146.265,"endTime":1149.871,"body":"theme"},{"startTime":1149.871,"endTime":1153.477,"body":"that's"},{"startTime":1153.477,"endTime":1157.083,"body":"sort"},{"startTime":1157.083,"endTime":1160.689,"body":"of"},{"startTime":1160.689,"endTime":1164.295,"body":"coming"},{"startTime":1164.295,"endTime":1167.901,"body":"out"},{"startTime":1167.901,"endTime":1171.507,"body":"in"},{"startTime":1171.507,"endTime":1175.113,"body":"the"},{"startTime":1175.113,"endTime":1178.719,"body":"post"},{"startTime":1178.719,"endTime":1182.325,"body":"Covid"},{"startTime":1182.325,"endTime":1185.931,"body":"environment"},{"startTime":1185.931,"endTime":1189.537,"body":"is"},{"startTime":1189.537,"endTime":1193.143,"body":"not"},{"startTime":1193.143,"endTime":1196.749,"body":"only"},{"startTime":1196.749,"endTime":1200.355,"body":"did"},{"startTime":1200.355,"endTime":1203.961,"body":"we"},{"startTime":1203.961,"endTime":1207.567,"body":"create"},{"startTime":1207.567,"endTime":1211.173,"body":"inflation,"},{"startTime":1211.173,"endTime":1214.779,"body":"we"},{"startTime":1214.779,"endTime":1218.385,"body":"also"},{"startTime":1218.385,"endTime":1221.991,"body":"created"},{"startTime":1221.991,"endTime":1225.597,"body":"a"},{"startTime":1225.597,"endTime":1229.203,"body":"tremendous"},{"startTime":1229.203,"endTime":1232.809,"body":"amount"},{"startTime":1232.809,"endTime":1236.415,"body":"of"},{"startTime":1236.415,"endTime":1240.021,"body":"government"},{"startTime":1240.021,"endTime":1243.627,"body":"debt"},{"startTime":1243.627,"endTime":1247.233,"body":"along"},{"startTime":1247.233,"endTime":1250.839,"body":"the"},{"startTime":1250.839,"endTime":1254.445,"body":"way."},{"startTime":1254.445,"endTime":1258.051,"body":"And,"},{"startTime":1258.051,"endTime":1261.657,"body":"even"},{"startTime":1261.657,"endTime":1265.263,"body":"without"},{"startTime":1265.263,"endTime":1268.869,"body":"Covid,"},{"startTime":1268.869,"endTime":1272.475,"body":"it's"},{"startTime":1272.475,"endTime":1276.081,"body":"not"},{"startTime":1276.081,"endTime":1279.687,"body":"like"},{"startTime":1279.687,"endTime":1283.293,"body":"our"},{"startTime":1283.293,"endTime":1286.899,"body":"government"},{"startTime":1286.899,"endTime":1290.505,"body":"debt"},{"startTime":1290.505,"endTime":1294.111,"body":"structures"},{"startTime":1294.111,"endTime":1297.717,"body":"in"},{"startTime":1297.717,"endTime":1301.323,"body":"western"},{"startTime":1301.323,"endTime":1304.929,"body":"developed"},{"startTime":1304.929,"endTime":1308.535,"body":"markets"},{"startTime":1308.535,"endTime":1312.141,"body":"were"},{"startTime":1312.141,"endTime":1315.747,"body":"particularly"},{"startTime":1315.747,"endTime":1319.353,"body":"on"},{"startTime":1319.353,"endTime":1322.959,"body":"a"},{"startTime":1322.959,"endTime":1326.565,"body":"great"},{"startTime":1326.565,"endTime":1330.171,"body":"trajectory"},{"startTime":1330.171,"endTime":1333.777,"body":"here."},{"startTime":1131.841,"endTime":1135.151,"body":"\rThedifference"},{"startTime":1135.151,"endTime":1136.806,"body":"is"},{"startTime":1136.806,"endTime":1138.461,"body":"we"},{"startTime":1138.461,"endTime":1140.116,"body":"greatly"},{"startTime":1140.116,"endTime":1141.771,"body":"accelerated"},{"startTime":1141.771,"endTime":1143.426,"body":"it."},{"startTime":1143.426,"endTime":1145.081,"body":"And"},{"startTime":1145.081,"endTime":1146.736,"body":"with"},{"startTime":1146.736,"endTime":1148.391,"body":"the"},{"startTime":1148.391,"endTime":1150.046,"body":"increase"},{"startTime":1150.046,"endTime":1151.701,"body":"in"},{"startTime":1151.701,"endTime":1153.356,"body":"inflation,"},{"startTime":1153.356,"endTime":1155.011,"body":"inflation"},{"startTime":1155.011,"endTime":1156.666,"body":"uncertainty"},{"startTime":1156.666,"endTime":1158.321,"body":"sort"},{"startTime":1158.321,"endTime":1159.976,"body":"of"},{"startTime":1159.976,"endTime":1161.631,"body":"undid"},{"startTime":1161.631,"endTime":1163.286,"body":"the"},{"startTime":1163.286,"endTime":1164.941,"body":"secular"},{"startTime":1164.941,"endTime":1166.596,"body":"decline"},{"startTime":1166.596,"endTime":1168.251,"body":"in"},{"startTime":1168.251,"endTime":1169.906,"body":"term"},{"startTime":1169.906,"endTime":1171.561,"body":"premium"},{"startTime":1171.561,"endTime":1173.216,"body":"and"},{"startTime":1173.216,"endTime":1174.871,"body":"real"},{"startTime":1174.871,"endTime":1176.526,"body":"interest"},{"startTime":1176.526,"endTime":1178.181,"body":"rates"},{"startTime":1178.181,"endTime":1179.836,"body":"falling."},{"startTime":1179.836,"endTime":1181.491,"body":"And"},{"startTime":1181.491,"endTime":1183.146,"body":"so"},{"startTime":1183.146,"endTime":1184.801,"body":"that"},{"startTime":1184.801,"endTime":1186.456,"body":"is"},{"startTime":1186.456,"endTime":1188.111,"body":"another"},{"startTime":1188.111,"endTime":1189.766,"body":"part"},{"startTime":1189.766,"endTime":1191.421,"body":"of"},{"startTime":1191.421,"endTime":1193.076,"body":"the"},{"startTime":1193.076,"endTime":1194.731,"body":"story."},{"startTime":1194.731,"endTime":1196.386,"body":"And"},{"startTime":1196.386,"endTime":1198.041,"body":"how"},{"startTime":1198.041,"endTime":1199.696,"body":"do"},{"startTime":1199.696,"endTime":1201.351,"body":"developed"},{"startTime":1201.351,"endTime":1203.006,"body":"markets"},{"startTime":1203.006,"endTime":1204.661,"body":"deal"},{"startTime":1204.661,"endTime":1206.316,"body":"with"},{"startTime":1206.316,"endTime":1207.971,"body":"this?"},{"startTime":1207.971,"endTime":1209.626,"body":"How"},{"startTime":1209.626,"endTime":1211.281,"body":"does"},{"startTime":1211.281,"endTime":1212.936,"body":"the"},{"startTime":1212.936,"endTime":1214.591,"body":"UK"},{"startTime":1214.591,"endTime":1216.246,"body":"deal"},{"startTime":1216.246,"endTime":1217.901,"body":"with"},{"startTime":1217.901,"endTime":1219.556,"body":"it?"},{"startTime":1219.556,"endTime":1221.211,"body":"It"},{"startTime":1221.211,"endTime":1222.866,"body":"is"},{"startTime":1222.866,"endTime":1224.521,"body":"the"},{"startTime":1224.521,"endTime":1226.176,"body":"topic"},{"startTime":1226.176,"endTime":1227.831,"body":"du"},{"startTime":1227.831,"endTime":1229.486,"body":"jour."},{"startTime":1229.486,"endTime":1231.141,"body":"How"},{"startTime":1231.141,"endTime":1232.796,"body":"will"},{"startTime":1232.796,"endTime":1234.451,"body":"the"},{"startTime":1234.451,"endTime":1236.106,"body":"Fed"},{"startTime":1236.106,"endTime":1237.761,"body":"deal"},{"startTime":1237.761,"endTime":1239.416,"body":"with"},{"startTime":1239.416,"endTime":1241.071,"body":"it?"},{"startTime":1241.071,"endTime":1242.726,"body":"Or"},{"startTime":1242.726,"endTime":1244.381,"body":"the"},{"startTime":1244.381,"endTime":1246.036,"body":"United"},{"startTime":1246.036,"endTime":1247.691,"body":"States"},{"startTime":1247.691,"endTime":1249.346,"body":"government,"},{"startTime":1249.346,"endTime":1251.001,"body":"or"},{"startTime":1251.001,"endTime":1252.656,"body":"the"},{"startTime":1252.656,"endTime":1254.311,"body":"Fed,"},{"startTime":1254.311,"endTime":1255.966,"body":"and"},{"startTime":1255.966,"endTime":1257.621,"body":"the"},{"startTime":1257.621,"endTime":1259.276,"body":"treasury,"},{"startTime":1259.276,"endTime":1260.931,"body":"do"},{"startTime":1260.931,"endTime":1262.586,"body":"they"},{"startTime":1262.586,"endTime":1264.241,"body":"get"},{"startTime":1264.241,"endTime":1265.896,"body":"back"},{"startTime":1265.896,"endTime":1267.551,"body":"together"},{"startTime":1267.551,"endTime":1269.206,"body":"again"},{"startTime":1269.206,"endTime":1270.861,"body":"in"},{"startTime":1270.861,"endTime":1272.516,"body":"an"},{"startTime":1272.516,"endTime":1274.171,"body":"accord,"},{"startTime":1274.171,"endTime":1275.826,"body":"which"},{"startTime":1275.826,"endTime":1277.481,"body":"raises"},{"startTime":1277.481,"endTime":1279.136,"body":"the"},{"startTime":1279.136,"endTime":1280.791,"body":"issues"},{"startTime":1280.791,"endTime":1282.446,"body":"of"},{"startTime":1282.446,"endTime":1284.101,"body":"the"},{"startTime":1284.101,"endTime":1285.756,"body":"potential"},{"startTime":1285.756,"endTime":1287.411,"body":"for"},{"startTime":1287.411,"endTime":1289.066,"body":"financial"},{"startTime":1289.066,"endTime":1290.721,"body":"repression."},{"startTime":1290.721,"endTime":1292.376,"body":"And"},{"startTime":1292.376,"endTime":1294.031,"body":"so,"},{"startTime":1294.031,"endTime":1295.686,"body":"what"},{"startTime":1295.686,"endTime":1297.341,"body":"this"},{"startTime":1297.341,"endTime":1298.996,"body":"does"},{"startTime":1298.996,"endTime":1300.651,"body":"is"},{"startTime":1300.651,"endTime":1302.306,"body":"it"},{"startTime":1302.306,"endTime":1303.961,"body":"makes"},{"startTime":1303.961,"endTime":1305.616,"body":"you"},{"startTime":1305.616,"endTime":1307.271,"body":"have"},{"startTime":1307.271,"endTime":1308.926,"body":"to"},{"startTime":1308.926,"endTime":1310.581,"body":"think"},{"startTime":1310.581,"endTime":1312.236,"body":"very"},{"startTime":1312.236,"endTime":1313.891,"body":"carefully"},{"startTime":1313.891,"endTime":1315.546,"body":"about"},{"startTime":1315.546,"endTime":1317.201,"body":"what"},{"startTime":1317.201,"endTime":1318.856,"body":"is"},{"startTime":1318.856,"endTime":1320.511,"body":"the"},{"startTime":1320.511,"endTime":1322.166,"body":"underlying"},{"startTime":1322.166,"endTime":1323.821,"body":"structure"},{"startTime":1323.821,"endTime":1325.476,"body":"that"},{"startTime":1325.476,"endTime":1327.131,"body":"you're"},{"startTime":1327.131,"endTime":1328.786,"body":"building"},{"startTime":1328.786,"endTime":1330.441,"body":"your"},{"startTime":1330.441,"endTime":1332.096,"body":"models"},{"startTime":1332.096,"endTime":1333.751,"body":"under."},{"startTime":1131.841,"endTime":1134.901,"body":"\rThere'sa"},{"startTime":1134.901,"endTime":1136.431,"body":"presumption,"},{"startTime":1136.431,"endTime":1137.961,"body":"since"},{"startTime":1137.961,"endTime":1139.491,"body":"the"},{"startTime":1139.491,"endTime":1141.021,"body":"‘51"},{"startTime":1141.021,"endTime":1142.551,"body":"Treasury"},{"startTime":1142.551,"endTime":1144.081,"body":"Fed"},{"startTime":1144.081,"endTime":1145.611,"body":"accord,"},{"startTime":1145.611,"endTime":1147.141,"body":"that"},{"startTime":1147.141,"endTime":1148.671,"body":"markets"},{"startTime":1148.671,"endTime":1150.201,"body":"are"},{"startTime":1150.201,"endTime":1151.731,"body":"pretty"},{"startTime":1151.731,"endTime":1153.261,"body":"much"},{"startTime":1153.261,"endTime":1154.791,"body":"free"},{"startTime":1154.791,"endTime":1156.321,"body":"to"},{"startTime":1156.321,"endTime":1157.851,"body":"determine"},{"startTime":1157.851,"endTime":1159.381,"body":"their"},{"startTime":1159.381,"endTime":1160.911,"body":"own"},{"startTime":1160.911,"endTime":1162.441,"body":"pricing."},{"startTime":1162.441,"endTime":1163.971,"body":"And"},{"startTime":1163.971,"endTime":1165.501,"body":"so,"},{"startTime":1165.501,"endTime":1167.031,"body":"when"},{"startTime":1167.031,"endTime":1168.561,"body":"you"},{"startTime":1168.561,"endTime":1170.091,"body":"think"},{"startTime":1170.091,"endTime":1171.621,"body":"about"},{"startTime":1171.621,"endTime":1173.151,"body":"inputs"},{"startTime":1173.151,"endTime":1174.681,"body":"to"},{"startTime":1174.681,"endTime":1176.211,"body":"that,"},{"startTime":1176.211,"endTime":1177.741,"body":"you"},{"startTime":1177.741,"endTime":1179.271,"body":"think"},{"startTime":1179.271,"endTime":1180.801,"body":"about"},{"startTime":1180.801,"endTime":1182.331,"body":"fundamentals,"},{"startTime":1182.331,"endTime":1183.861,"body":"and"},{"startTime":1183.861,"endTime":1185.391,"body":"you"},{"startTime":1185.391,"endTime":1186.921,"body":"can"},{"startTime":1186.921,"endTime":1188.451,"body":"build"},{"startTime":1188.451,"endTime":1189.981,"body":"a"},{"startTime":1189.981,"endTime":1191.511,"body":"model"},{"startTime":1191.511,"endTime":1193.041,"body":"off"},{"startTime":1193.041,"endTime":1194.571,"body":"of"},{"startTime":1194.571,"endTime":1196.101,"body":"that."},{"startTime":1196.101,"endTime":1197.631,"body":"But"},{"startTime":1197.631,"endTime":1199.161,"body":"if"},{"startTime":1199.161,"endTime":1200.691,"body":"prices"},{"startTime":1200.691,"endTime":1202.221,"body":"are"},{"startTime":1202.221,"endTime":1203.751,"body":"not"},{"startTime":1203.751,"endTime":1205.281,"body":"free"},{"startTime":1205.281,"endTime":1206.811,"body":"to"},{"startTime":1206.811,"endTime":1208.341,"body":"be"},{"startTime":1208.341,"endTime":1209.871,"body":"set"},{"startTime":1209.871,"endTime":1211.401,"body":"by"},{"startTime":1211.401,"endTime":1212.931,"body":"those"},{"startTime":1212.931,"endTime":1214.461,"body":"signals,"},{"startTime":1214.461,"endTime":1215.991,"body":"then"},{"startTime":1215.991,"endTime":1217.521,"body":"you've"},{"startTime":1217.521,"endTime":1219.051,"body":"got"},{"startTime":1219.051,"endTime":1220.581,"body":"to"},{"startTime":1220.581,"endTime":1222.111,"body":"recognize"},{"startTime":1222.111,"endTime":1223.641,"body":"that."},{"startTime":1223.641,"endTime":1225.171,"body":"And"},{"startTime":1225.171,"endTime":1226.701,"body":"in"},{"startTime":1226.701,"endTime":1228.231,"body":"the"},{"startTime":1228.231,"endTime":1229.761,"body":"most"},{"startTime":1229.761,"endTime":1231.291,"body":"extreme"},{"startTime":1231.291,"endTime":1232.821,"body":"case,"},{"startTime":1232.821,"endTime":1234.351,"body":"when"},{"startTime":1234.351,"endTime":1235.881,"body":"you"},{"startTime":1235.881,"endTime":1237.411,"body":"go"},{"startTime":1237.411,"endTime":1238.941,"body":"back"},{"startTime":1238.941,"endTime":1240.471,"body":"to"},{"startTime":1240.471,"endTime":1242.001,"body":"the"},{"startTime":1242.001,"endTime":1243.531,"body":"history"},{"startTime":1243.531,"endTime":1245.061,"body":"in"},{"startTime":1245.061,"endTime":1246.591,"body":"the"},{"startTime":1246.591,"endTime":1248.121,"body":"United"},{"startTime":1248.121,"endTime":1249.651,"body":"States,"},{"startTime":1249.651,"endTime":1251.181,"body":"interest"},{"startTime":1251.181,"endTime":1252.711,"body":"rates"},{"startTime":1252.711,"endTime":1254.241,"body":"were"},{"startTime":1254.241,"endTime":1255.771,"body":"determined;"},{"startTime":1255.771,"endTime":1257.301,"body":"3/4"},{"startTime":1257.301,"endTime":1258.831,"body":"on"},{"startTime":1258.831,"endTime":1260.361,"body":"the"},{"startTime":1260.361,"endTime":1261.891,"body":"front"},{"startTime":1261.891,"endTime":1263.421,"body":"end"},{"startTime":1263.421,"endTime":1264.951,"body":"and"},{"startTime":1264.951,"endTime":1266.481,"body":"(now"},{"startTime":1266.481,"endTime":1268.011,"body":"I'm"},{"startTime":1268.011,"endTime":1269.541,"body":"forgetting"},{"startTime":1269.541,"endTime":1271.071,"body":"my"},{"startTime":1271.071,"endTime":1272.601,"body":"long"},{"startTime":1272.601,"endTime":1274.131,"body":"term"},{"startTime":1274.131,"endTime":1275.661,"body":"interest"},{"startTime":1275.661,"endTime":1277.191,"body":"rate"},{"startTime":1277.191,"endTime":1278.721,"body":"in"},{"startTime":1278.721,"endTime":1280.251,"body":"the"},{"startTime":1280.251,"endTime":1281.781,"body":"pre"},{"startTime":1281.781,"endTime":1283.311,"body":"‘51"},{"startTime":1283.311,"endTime":1284.841,"body":"accord)"},{"startTime":1284.841,"endTime":1286.371,"body":"I"},{"startTime":1286.371,"endTime":1287.901,"body":"think"},{"startTime":1287.901,"endTime":1289.431,"body":"it"},{"startTime":1289.431,"endTime":1290.961,"body":"was"},{"startTime":1290.961,"endTime":1292.491,"body":"2.5%"},{"startTime":1292.491,"endTime":1294.021,"body":"on"},{"startTime":1294.021,"endTime":1295.551,"body":"the"},{"startTime":1295.551,"endTime":1297.081,"body":"long"},{"startTime":1297.081,"endTime":1298.611,"body":"end."},{"startTime":1298.611,"endTime":1300.141,"body":"Somebody"},{"startTime":1300.141,"endTime":1301.671,"body":"will"},{"startTime":1301.671,"endTime":1303.201,"body":"fact"},{"startTime":1303.201,"endTime":1304.731,"body":"check"},{"startTime":1304.731,"endTime":1306.261,"body":"that."},{"startTime":1306.261,"endTime":1307.791,"body":"But"},{"startTime":1307.791,"endTime":1309.321,"body":"they"},{"startTime":1309.321,"endTime":1310.851,"body":"were"},{"startTime":1310.851,"endTime":1312.381,"body":"set."},{"startTime":1312.381,"endTime":1313.911,"body":"They"},{"startTime":1313.911,"endTime":1315.441,"body":"were"},{"startTime":1315.441,"endTime":1316.971,"body":"set"},{"startTime":1316.971,"endTime":1318.501,"body":"and"},{"startTime":1318.501,"endTime":1320.031,"body":"they"},{"startTime":1320.031,"endTime":1321.561,"body":"were"},{"startTime":1321.561,"endTime":1323.091,"body":"maintained."},{"startTime":1323.091,"endTime":1324.621,"body":"It"},{"startTime":1324.621,"endTime":1326.151,"body":"was"},{"startTime":1326.151,"endTime":1327.681,"body":"a"},{"startTime":1327.681,"endTime":1329.211,"body":"fixed"},{"startTime":1329.211,"endTime":1330.741,"body":"interest"},{"startTime":1330.741,"endTime":1332.271,"body":"rate"},{"startTime":1332.271,"endTime":1333.801,"body":"regime."},{"startTime":1131.841,"endTime":1137.155,"body":"\rThat'svery"},{"startTime":1137.155,"endTime":1139.812,"body":"unfamiliar"},{"startTime":1139.812,"endTime":1142.469,"body":"to"},{"startTime":1142.469,"endTime":1145.126,"body":"people."},{"startTime":1145.126,"endTime":1147.783,"body":"But"},{"startTime":1147.783,"endTime":1150.44,"body":"you’ve"},{"startTime":1150.44,"endTime":1153.097,"body":"got"},{"startTime":1153.097,"endTime":1155.754,"body":"to"},{"startTime":1155.754,"endTime":1158.411,"body":"understand"},{"startTime":1158.411,"endTime":1161.068,"body":"when"},{"startTime":1161.068,"endTime":1163.725,"body":"you're"},{"startTime":1163.725,"endTime":1166.382,"body":"building"},{"startTime":1166.382,"endTime":1169.039,"body":"models,"},{"startTime":1169.039,"endTime":1171.696,"body":"what"},{"startTime":1171.696,"endTime":1174.353,"body":"are"},{"startTime":1174.353,"endTime":1177.01,"body":"you"},{"startTime":1177.01,"endTime":1179.667,"body":"modeling"},{"startTime":1179.667,"endTime":1182.324,"body":"and"},{"startTime":1182.324,"endTime":1184.981,"body":"what"},{"startTime":1184.981,"endTime":1187.638,"body":"is"},{"startTime":1187.638,"endTime":1190.295,"body":"modelable?"},{"startTime":1190.295,"endTime":1192.952,"body":"So,"},{"startTime":1192.952,"endTime":1195.609,"body":"I'm"},{"startTime":1195.609,"endTime":1198.266,"body":"not"},{"startTime":1198.266,"endTime":1200.923,"body":"saying"},{"startTime":1200.923,"endTime":1203.58,"body":"we're"},{"startTime":1203.58,"endTime":1206.237,"body":"going"},{"startTime":1206.237,"endTime":1208.894,"body":"back"},{"startTime":1208.894,"endTime":1211.551,"body":"to"},{"startTime":1211.551,"endTime":1214.208,"body":"that,"},{"startTime":1214.208,"endTime":1216.865,"body":"but"},{"startTime":1216.865,"endTime":1219.522,"body":"there"},{"startTime":1219.522,"endTime":1222.179,"body":"are"},{"startTime":1222.179,"endTime":1224.836,"body":"soft"},{"startTime":1224.836,"endTime":1227.493,"body":"forms"},{"startTime":1227.493,"endTime":1230.15,"body":"of"},{"startTime":1230.15,"endTime":1232.807,"body":"repression"},{"startTime":1232.807,"endTime":1235.464,"body":"that"},{"startTime":1235.464,"endTime":1238.121,"body":"you"},{"startTime":1238.121,"endTime":1240.778,"body":"need"},{"startTime":1240.778,"endTime":1243.435,"body":"to"},{"startTime":1243.435,"endTime":1246.092,"body":"be"},{"startTime":1246.092,"endTime":1248.749,"body":"aware"},{"startTime":1248.749,"endTime":1251.406,"body":"of"},{"startTime":1251.406,"endTime":1254.063,"body":"and"},{"startTime":1254.063,"endTime":1256.72,"body":"your"},{"startTime":1256.72,"endTime":1259.377,"body":"models"},{"startTime":1259.377,"endTime":1262.034,"body":"need"},{"startTime":1262.034,"endTime":1264.691,"body":"to"},{"startTime":1264.691,"endTime":1267.348,"body":"be"},{"startTime":1267.348,"endTime":1270.005,"body":"aware"},{"startTime":1270.005,"endTime":1272.662,"body":"of"},{"startTime":1272.662,"endTime":1275.319,"body":"them."},{"startTime":1275.319,"endTime":1277.976,"body":"And"},{"startTime":1277.976,"endTime":1280.633,"body":"so,"},{"startTime":1280.633,"endTime":1283.29,"body":"it's"},{"startTime":1283.29,"endTime":1285.947,"body":"not"},{"startTime":1285.947,"endTime":1288.604,"body":"just"},{"startTime":1288.604,"endTime":1291.261,"body":"going"},{"startTime":1291.261,"endTime":1293.918,"body":"to"},{"startTime":1293.918,"endTime":1296.575,"body":"be"},{"startTime":1296.575,"endTime":1299.232,"body":"macroeconomic"},{"startTime":1299.232,"endTime":1301.889,"body":"growth"},{"startTime":1301.889,"endTime":1304.546,"body":"and"},{"startTime":1304.546,"endTime":1307.203,"body":"inflation"},{"startTime":1307.203,"endTime":1309.86,"body":"indicators"},{"startTime":1309.86,"endTime":1312.517,"body":"that"},{"startTime":1312.517,"endTime":1315.174,"body":"are"},{"startTime":1315.174,"endTime":1317.831,"body":"necessarily"},{"startTime":1317.831,"endTime":1320.488,"body":"going"},{"startTime":1320.488,"endTime":1323.145,"body":"to"},{"startTime":1323.145,"endTime":1325.802,"body":"be"},{"startTime":1325.802,"endTime":1328.459,"body":"setting"},{"startTime":1328.459,"endTime":1331.116,"body":"interest"},{"startTime":1331.116,"endTime":1333.773,"body":"rates."},{"startTime":1131.841,"endTime":1138.355,"body":"\rAndso"},{"startTime":1138.355,"endTime":1141.612,"body":"that"},{"startTime":1141.612,"endTime":1144.869,"body":"you"},{"startTime":1144.869,"endTime":1148.126,"body":"have"},{"startTime":1148.126,"endTime":1151.383,"body":"to"},{"startTime":1151.383,"endTime":1154.64,"body":"try"},{"startTime":1154.64,"endTime":1157.897,"body":"to"},{"startTime":1157.897,"endTime":1161.154,"body":"factor"},{"startTime":1161.154,"endTime":1164.411,"body":"in"},{"startTime":1164.411,"endTime":1167.668,"body":"and"},{"startTime":1167.668,"endTime":1170.925,"body":"know"},{"startTime":1170.925,"endTime":1174.182,"body":"what"},{"startTime":1174.182,"endTime":1177.439,"body":"you"},{"startTime":1177.439,"endTime":1180.696,"body":"know."},{"startTime":1180.696,"endTime":1183.953,"body":"It's"},{"startTime":1183.953,"endTime":1187.21,"body":"also"},{"startTime":1187.21,"endTime":1190.467,"body":"about"},{"startTime":1190.467,"endTime":1193.724,"body":"knowing"},{"startTime":1193.724,"endTime":1196.981,"body":"where"},{"startTime":1196.981,"endTime":1200.238,"body":"the"},{"startTime":1200.238,"endTime":1203.495,"body":"repression"},{"startTime":1203.495,"endTime":1206.752,"body":"is"},{"startTime":1206.752,"endTime":1210.009,"body":"likely"},{"startTime":1210.009,"endTime":1213.266,"body":"to"},{"startTime":1213.266,"endTime":1216.523,"body":"take"},{"startTime":1216.523,"endTime":1219.78,"body":"place"},{"startTime":1219.78,"endTime":1223.037,"body":"and"},{"startTime":1223.037,"endTime":1226.294,"body":"then"},{"startTime":1226.294,"endTime":1229.551,"body":"pivoting"},{"startTime":1229.551,"endTime":1232.808,"body":"away"},{"startTime":1232.808,"endTime":1236.065,"body":"from"},{"startTime":1236.065,"endTime":1239.322,"body":"repression."},{"startTime":1239.322,"endTime":1242.579,"body":"I"},{"startTime":1242.579,"endTime":1245.836,"body":"mean"},{"startTime":1245.836,"endTime":1249.093,"body":"repression"},{"startTime":1249.093,"endTime":1252.35,"body":"is"},{"startTime":1252.35,"endTime":1255.607,"body":"basically"},{"startTime":1255.607,"endTime":1258.864,"body":"a"},{"startTime":1258.864,"endTime":1262.121,"body":"tool"},{"startTime":1262.121,"endTime":1265.378,"body":"to"},{"startTime":1265.378,"endTime":1268.635,"body":"transfer"},{"startTime":1268.635,"endTime":1271.892,"body":"wealth"},{"startTime":1271.892,"endTime":1275.149,"body":"from"},{"startTime":1275.149,"endTime":1278.406,"body":"my"},{"startTime":1278.406,"endTime":1281.663,"body":"investors"},{"startTime":1281.663,"endTime":1284.92,"body":"to"},{"startTime":1284.92,"endTime":1288.177,"body":"someone"},{"startTime":1288.177,"endTime":1291.434,"body":"else."},{"startTime":1291.434,"endTime":1294.691,"body":"And"},{"startTime":1294.691,"endTime":1297.948,"body":"so,"},{"startTime":1297.948,"endTime":1301.205,"body":"my"},{"startTime":1301.205,"endTime":1304.462,"body":"job"},{"startTime":1304.462,"endTime":1307.719,"body":"as"},{"startTime":1307.719,"endTime":1310.976,"body":"a"},{"startTime":1310.976,"endTime":1314.233,"body":"fiduciary"},{"startTime":1314.233,"endTime":1317.49,"body":"is"},{"startTime":1317.49,"endTime":1320.747,"body":"to"},{"startTime":1320.747,"endTime":1324.004,"body":"protect"},{"startTime":1324.004,"endTime":1327.261,"body":"them"},{"startTime":1327.261,"endTime":1330.518,"body":"from"},{"startTime":1330.518,"endTime":1333.775,"body":"that."},{"startTime":1131.841,"endTime":1137.373,"body":"\rAndso,"},{"startTime":1137.373,"endTime":1140.139,"body":"if"},{"startTime":1140.139,"endTime":1142.905,"body":"you"},{"startTime":1142.905,"endTime":1145.671,"body":"saw"},{"startTime":1145.671,"endTime":1148.437,"body":"things"},{"startTime":1148.437,"endTime":1151.203,"body":"like"},{"startTime":1151.203,"endTime":1153.969,"body":"poor"},{"startTime":1153.969,"endTime":1156.735,"body":"valuations"},{"startTime":1156.735,"endTime":1159.501,"body":"in"},{"startTime":1159.501,"endTime":1162.267,"body":"long"},{"startTime":1162.267,"endTime":1165.033,"body":"term"},{"startTime":1165.033,"endTime":1167.799,"body":"government"},{"startTime":1167.799,"endTime":1170.565,"body":"bonds,"},{"startTime":1170.565,"endTime":1173.331,"body":"you"},{"startTime":1173.331,"endTime":1176.097,"body":"might"},{"startTime":1176.097,"endTime":1178.863,"body":"pivot"},{"startTime":1178.863,"endTime":1181.629,"body":"away"},{"startTime":1181.629,"endTime":1184.395,"body":"from"},{"startTime":1184.395,"endTime":1187.161,"body":"those"},{"startTime":1187.161,"endTime":1189.927,"body":"investments."},{"startTime":1189.927,"endTime":1192.693,"body":"And"},{"startTime":1192.693,"endTime":1195.459,"body":"we"},{"startTime":1195.459,"endTime":1198.225,"body":"invest"},{"startTime":1198.225,"endTime":1200.991,"body":"in"},{"startTime":1200.991,"endTime":1203.757,"body":"long-term"},{"startTime":1203.757,"endTime":1206.523,"body":"government"},{"startTime":1206.523,"endTime":1209.289,"body":"bonds"},{"startTime":1209.289,"endTime":1212.055,"body":"because"},{"startTime":1212.055,"endTime":1214.821,"body":"they're"},{"startTime":1214.821,"endTime":1217.587,"body":"good"},{"startTime":1217.587,"endTime":1220.353,"body":"investments."},{"startTime":1220.353,"endTime":1223.119,"body":"The"},{"startTime":1223.119,"endTime":1225.885,"body":"yields"},{"startTime":1225.885,"endTime":1228.651,"body":"were"},{"startTime":1228.651,"endTime":1231.417,"body":"attractive,"},{"startTime":1231.417,"endTime":1234.183,"body":"the"},{"startTime":1234.183,"endTime":1236.949,"body":"diversification"},{"startTime":1236.949,"endTime":1239.715,"body":"properties"},{"startTime":1239.715,"endTime":1242.481,"body":"were"},{"startTime":1242.481,"endTime":1245.247,"body":"attractive."},{"startTime":1245.247,"endTime":1248.013,"body":"If"},{"startTime":1248.013,"endTime":1250.779,"body":"those"},{"startTime":1250.779,"endTime":1253.545,"body":"things"},{"startTime":1253.545,"endTime":1256.311,"body":"are"},{"startTime":1256.311,"endTime":1259.077,"body":"no"},{"startTime":1259.077,"endTime":1261.843,"body":"longer"},{"startTime":1261.843,"endTime":1264.609,"body":"the"},{"startTime":1264.609,"endTime":1267.375,"body":"case"},{"startTime":1267.375,"endTime":1270.141,"body":"and"},{"startTime":1270.141,"endTime":1272.907,"body":"you"},{"startTime":1272.907,"endTime":1275.673,"body":"have"},{"startTime":1275.673,"endTime":1278.439,"body":"choice,"},{"startTime":1278.439,"endTime":1281.205,"body":"investors"},{"startTime":1281.205,"endTime":1283.971,"body":"won't"},{"startTime":1283.971,"endTime":1286.737,"body":"invest"},{"startTime":1286.737,"endTime":1289.503,"body":"in"},{"startTime":1289.503,"endTime":1292.269,"body":"those"},{"startTime":1292.269,"endTime":1295.035,"body":"areas,"},{"startTime":1295.035,"endTime":1297.801,"body":"and"},{"startTime":1297.801,"endTime":1300.567,"body":"that"},{"startTime":1300.567,"endTime":1303.333,"body":"will"},{"startTime":1303.333,"endTime":1306.099,"body":"adjust,"},{"startTime":1306.099,"endTime":1308.865,"body":"and"},{"startTime":1308.865,"endTime":1311.631,"body":"we'll"},{"startTime":1311.631,"endTime":1314.397,"body":"make"},{"startTime":1314.397,"endTime":1317.163,"body":"those"},{"startTime":1317.163,"endTime":1319.929,"body":"adjustments"},{"startTime":1319.929,"endTime":1322.695,"body":"in"},{"startTime":1322.695,"endTime":1325.461,"body":"that"},{"startTime":1325.461,"endTime":1328.227,"body":"kind"},{"startTime":1328.227,"endTime":1330.993,"body":"of"},{"startTime":1330.993,"endTime":1333.759,"body":"space."},{"startTime":1339.271,"endTime":1340.191,"body":"You"},{"startTime":1340.191,"endTime":1341.111,"body":"obviously"},{"startTime":1341.111,"endTime":1342.031,"body":"work"},{"startTime":1342.031,"endTime":1342.951,"body":"for"},{"startTime":1342.951,"endTime":1343.871,"body":"a"},{"startTime":1343.871,"endTime":1344.791,"body":"part"},{"startTime":1344.791,"endTime":1345.711,"body":"of"},{"startTime":1345.711,"endTime":1346.631,"body":"BlackRock"},{"startTime":1346.631,"endTime":1347.551,"body":"called"},{"startTime":1347.551,"endTime":1348.471,"body":"BlackRock"},{"startTime":1348.471,"endTime":1349.391,"body":"Systematic."},{"startTime":1349.391,"endTime":1350.311,"body":"Often"},{"startTime":1350.311,"endTime":1351.231,"body":"when"},{"startTime":1351.231,"endTime":1352.151,"body":"Alan"},{"startTime":1352.151,"endTime":1353.071,"body":"and"},{"startTime":1353.071,"endTime":1353.991,"body":"I,"},{"startTime":1353.991,"endTime":1354.911,"body":"for"},{"startTime":1354.911,"endTime":1355.831,"body":"example,"},{"startTime":1355.831,"endTime":1356.751,"body":"we"},{"startTime":1356.751,"endTime":1357.671,"body":"talk"},{"startTime":1357.671,"endTime":1358.591,"body":"about"},{"startTime":1358.591,"endTime":1359.511,"body":"trend"},{"startTime":1359.511,"endTime":1360.431,"body":"following,"},{"startTime":1360.431,"endTime":1361.351,"body":"we"},{"startTime":1361.351,"endTime":1362.271,"body":"kind"},{"startTime":1362.271,"endTime":1363.191,"body":"of"},{"startTime":1363.191,"endTime":1364.111,"body":"not"},{"startTime":1364.111,"endTime":1365.031,"body":"use"},{"startTime":1365.031,"endTime":1365.951,"body":"the"},{"startTime":1365.951,"endTime":1366.871,"body":"word"},{"startTime":1366.871,"endTime":1367.791,"body":"systematic"},{"startTime":1367.791,"endTime":1368.711,"body":"very"},{"startTime":1368.711,"endTime":1369.631,"body":"much"},{"startTime":1369.631,"endTime":1370.551,"body":"because"},{"startTime":1370.551,"endTime":1371.471,"body":"for"},{"startTime":1371.471,"endTime":1372.391,"body":"us"},{"startTime":1372.391,"endTime":1373.311,"body":"it's"},{"startTime":1373.311,"endTime":1374.231,"body":"implicit."},{"startTime":1374.231,"endTime":1375.151,"body":"But"},{"startTime":1375.151,"endTime":1376.071,"body":"I"},{"startTime":1376.071,"endTime":1376.991,"body":"think"},{"startTime":1376.991,"endTime":1377.911,"body":"the"},{"startTime":1377.911,"endTime":1378.831,"body":"word"},{"startTime":1378.831,"endTime":1379.751,"body":"systematic"},{"startTime":1379.751,"endTime":1380.671,"body":"is"},{"startTime":1380.671,"endTime":1381.591,"body":"somewhat"},{"startTime":1381.591,"endTime":1382.511,"body":"underrated"},{"startTime":1382.511,"endTime":1383.431,"body":"in"},{"startTime":1383.431,"endTime":1384.351,"body":"terms"},{"startTime":1384.351,"endTime":1385.271,"body":"of"},{"startTime":1385.271,"endTime":1386.191,"body":"the"},{"startTime":1386.191,"endTime":1387.111,"body":"importance"},{"startTime":1387.111,"endTime":1388.031,"body":"of"},{"startTime":1388.031,"endTime":1388.951,"body":"a"},{"startTime":1388.951,"endTime":1389.871,"body":"lot"},{"startTime":1389.871,"endTime":1390.791,"body":"of"},{"startTime":1390.791,"endTime":1391.711,"body":"these"},{"startTime":1391.711,"endTime":1392.631,"body":"strategies."},{"startTime":1339.271,"endTime":1340.993,"body":"\rI'dlove"},{"startTime":1340.993,"endTime":1341.854,"body":"to"},{"startTime":1341.854,"endTime":1342.715,"body":"hear"},{"startTime":1342.715,"endTime":1343.576,"body":"your"},{"startTime":1343.576,"endTime":1344.437,"body":"thoughts"},{"startTime":1344.437,"endTime":1345.298,"body":"of"},{"startTime":1345.298,"endTime":1346.159,"body":"why,"},{"startTime":1346.159,"endTime":1347.02,"body":"in"},{"startTime":1347.02,"endTime":1347.881,"body":"this"},{"startTime":1347.881,"endTime":1348.742,"body":"changing"},{"startTime":1348.742,"endTime":1349.603,"body":"environment,"},{"startTime":1349.603,"endTime":1350.464,"body":"this"},{"startTime":1350.464,"endTime":1351.325,"body":"post"},{"startTime":1351.325,"endTime":1352.186,"body":"Covid"},{"startTime":1352.186,"endTime":1353.047,"body":"environment,"},{"startTime":1353.047,"endTime":1353.908,"body":"you"},{"startTime":1353.908,"endTime":1354.769,"body":"think,"},{"startTime":1354.769,"endTime":1355.63,"body":"if"},{"startTime":1355.63,"endTime":1356.491,"body":"you"},{"startTime":1356.491,"endTime":1357.352,"body":"do,"},{"startTime":1357.352,"endTime":1358.213,"body":"of"},{"startTime":1358.213,"endTime":1359.074,"body":"course,"},{"startTime":1359.074,"endTime":1359.935,"body":"you"},{"startTime":1359.935,"endTime":1360.796,"body":"think"},{"startTime":1360.796,"endTime":1361.657,"body":"that"},{"startTime":1361.657,"endTime":1362.518,"body":"actually"},{"startTime":1362.518,"endTime":1363.379,"body":"systematic"},{"startTime":1363.379,"endTime":1364.24,"body":"strategies"},{"startTime":1364.24,"endTime":1365.101,"body":"may"},{"startTime":1365.101,"endTime":1365.962,"body":"become,"},{"startTime":1365.962,"endTime":1366.823,"body":"how"},{"startTime":1366.823,"endTime":1367.684,"body":"should"},{"startTime":1367.684,"endTime":1368.545,"body":"I"},{"startTime":1368.545,"endTime":1369.406,"body":"put"},{"startTime":1369.406,"endTime":1370.267,"body":"it,"},{"startTime":1370.267,"endTime":1371.128,"body":"even"},{"startTime":1371.128,"endTime":1371.989,"body":"more"},{"startTime":1371.989,"endTime":1372.85,"body":"important"},{"startTime":1372.85,"endTime":1373.711,"body":"or"},{"startTime":1373.711,"endTime":1374.572,"body":"even"},{"startTime":1374.572,"endTime":1375.433,"body":"more"},{"startTime":1375.433,"endTime":1376.294,"body":"useful"},{"startTime":1376.294,"endTime":1377.155,"body":"than"},{"startTime":1377.155,"endTime":1378.016,"body":"non-systematic"},{"startTime":1378.016,"endTime":1378.877,"body":"strategies"},{"startTime":1378.877,"endTime":1379.738,"body":"and"},{"startTime":1379.738,"endTime":1380.599,"body":"how"},{"startTime":1380.599,"endTime":1381.46,"body":"that"},{"startTime":1381.46,"endTime":1382.321,"body":"shapes"},{"startTime":1382.321,"endTime":1383.182,"body":"the"},{"startTime":1383.182,"endTime":1384.043,"body":"way"},{"startTime":1384.043,"endTime":1384.904,"body":"you"},{"startTime":1384.904,"endTime":1385.765,"body":"go"},{"startTime":1385.765,"endTime":1386.626,"body":"about"},{"startTime":1386.626,"endTime":1387.487,"body":"coming"},{"startTime":1387.487,"endTime":1388.348,"body":"up"},{"startTime":1388.348,"endTime":1389.209,"body":"with"},{"startTime":1389.209,"endTime":1390.07,"body":"new"},{"startTime":1390.07,"endTime":1390.931,"body":"ideas"},{"startTime":1390.931,"endTime":1391.792,"body":"for"},{"startTime":1391.792,"endTime":1392.653,"body":"products."},{"startTime":1393.961,"endTime":1397.603,"body":"A"},{"startTime":1397.603,"endTime":1401.245,"body":"risk"},{"startTime":1401.245,"endTime":1404.887,"body":"is,"},{"startTime":1404.887,"endTime":1408.529,"body":"in"},{"startTime":1408.529,"endTime":1412.171,"body":"calling"},{"startTime":1412.171,"endTime":1415.813,"body":"ourselves"},{"startTime":1415.813,"endTime":1419.455,"body":"BlackRock"},{"startTime":1419.455,"endTime":1423.097,"body":"Systematic,"},{"startTime":1423.097,"endTime":1426.739,"body":"the"},{"startTime":1426.739,"endTime":1430.381,"body":"sense"},{"startTime":1430.381,"endTime":1434.023,"body":"that"},{"startTime":1434.023,"endTime":1437.665,"body":"there's"},{"startTime":1437.665,"endTime":1441.307,"body":"ambiguity"},{"startTime":1441.307,"endTime":1444.949,"body":"in"},{"startTime":1444.949,"endTime":1448.591,"body":"language."},{"startTime":1448.591,"endTime":1452.233,"body":"So,"},{"startTime":1452.233,"endTime":1455.875,"body":"when"},{"startTime":1455.875,"endTime":1459.517,"body":"I"},{"startTime":1459.517,"endTime":1463.159,"body":"say"},{"startTime":1463.159,"endTime":1466.801,"body":"systematic,"},{"startTime":1466.801,"endTime":1470.443,"body":"you"},{"startTime":1470.443,"endTime":1474.085,"body":"hear"},{"startTime":1474.085,"endTime":1477.727,"body":"something."},{"startTime":1477.727,"endTime":1481.369,"body":"You"},{"startTime":1481.369,"endTime":1485.011,"body":"probably"},{"startTime":1485.011,"endTime":1488.653,"body":"hear"},{"startTime":1488.653,"endTime":1492.295,"body":"trend,"},{"startTime":1492.295,"endTime":1495.937,"body":"and"},{"startTime":1495.937,"endTime":1499.579,"body":"managed"},{"startTime":1499.579,"endTime":1503.221,"body":"futures,"},{"startTime":1503.221,"endTime":1506.863,"body":"and"},{"startTime":1506.863,"endTime":1510.505,"body":"CTA."},{"startTime":1510.505,"endTime":1514.147,"body":"When"},{"startTime":1514.147,"endTime":1517.789,"body":"I"},{"startTime":1517.789,"endTime":1521.431,"body":"speak"},{"startTime":1521.431,"endTime":1525.073,"body":"to"},{"startTime":1525.073,"endTime":1528.715,"body":"somebody"},{"startTime":1528.715,"endTime":1532.357,"body":"else"},{"startTime":1532.357,"endTime":1535.999,"body":"and"},{"startTime":1535.999,"endTime":1539.641,"body":"I"},{"startTime":1539.641,"endTime":1543.283,"body":"say"},{"startTime":1543.283,"endTime":1546.925,"body":"systematic,"},{"startTime":1546.925,"endTime":1550.567,"body":"they"},{"startTime":1550.567,"endTime":1554.209,"body":"might"},{"startTime":1554.209,"endTime":1557.851,"body":"think"},{"startTime":1557.851,"endTime":1561.493,"body":"Fama"},{"startTime":1561.493,"endTime":1565.135,"body":"and"},{"startTime":1565.135,"endTime":1568.777,"body":"French"},{"startTime":1568.777,"endTime":1572.419,"body":"style"},{"startTime":1572.419,"endTime":1576.061,"body":"factors."},{"startTime":1576.061,"endTime":1579.703,"body":"When"},{"startTime":1579.703,"endTime":1583.345,"body":"I"},{"startTime":1583.345,"endTime":1586.987,"body":"think"},{"startTime":1586.987,"endTime":1590.629,"body":"systematic,"},{"startTime":1590.629,"endTime":1594.271,"body":"because"},{"startTime":1594.271,"endTime":1597.913,"body":"of"},{"startTime":1597.913,"endTime":1601.555,"body":"my"},{"startTime":1601.555,"endTime":1605.197,"body":"origin"},{"startTime":1605.197,"endTime":1608.839,"body":"story,"},{"startTime":1608.839,"endTime":1612.481,"body":"I"},{"startTime":1612.481,"endTime":1616.123,"body":"think"},{"startTime":1616.123,"endTime":1619.765,"body":"derivative"},{"startTime":1619.765,"endTime":1623.407,"body":"pricing,"},{"startTime":1623.407,"endTime":1627.049,"body":"Merton"},{"startTime":1627.049,"endTime":1630.691,"body":"models,"},{"startTime":1630.691,"endTime":1634.333,"body":"that's"},{"startTime":1634.333,"endTime":1637.975,"body":"what"},{"startTime":1637.975,"endTime":1641.617,"body":"systematic"},{"startTime":1641.617,"endTime":1645.259,"body":"means."},{"startTime":1393.961,"endTime":1402.777,"body":"\rAndwhen"},{"startTime":1402.777,"endTime":1407.185,"body":"we"},{"startTime":1407.185,"endTime":1411.593,"body":"think"},{"startTime":1411.593,"endTime":1416.001,"body":"systematic"},{"startTime":1416.001,"endTime":1420.409,"body":"at"},{"startTime":1420.409,"endTime":1424.817,"body":"BlackRock"},{"startTime":1424.817,"endTime":1429.225,"body":"Systematic,"},{"startTime":1429.225,"endTime":1433.633,"body":"we"},{"startTime":1433.633,"endTime":1438.041,"body":"think"},{"startTime":1438.041,"endTime":1442.449,"body":"a"},{"startTime":1442.449,"endTime":1446.857,"body":"lot"},{"startTime":1446.857,"endTime":1451.265,"body":"of"},{"startTime":1451.265,"endTime":1455.673,"body":"a"},{"startTime":1455.673,"endTime":1460.081,"body":"very"},{"startTime":1460.081,"endTime":1464.489,"body":"famous"},{"startTime":1464.489,"endTime":1468.897,"body":"textbook"},{"startTime":1468.897,"endTime":1473.305,"body":"written"},{"startTime":1473.305,"endTime":1477.713,"body":"by"},{"startTime":1477.713,"endTime":1482.121,"body":"Richard"},{"startTime":1482.121,"endTime":1486.529,"body":"Grinold"},{"startTime":1486.529,"endTime":1490.937,"body":"and"},{"startTime":1490.937,"endTime":1495.345,"body":"Ron"},{"startTime":1495.345,"endTime":1499.753,"body":"Kahn,"},{"startTime":1499.753,"endTime":1504.161,"body":"the"},{"startTime":1504.161,"endTime":1508.569,"body":"head"},{"startTime":1508.569,"endTime":1512.977,"body":"of"},{"startTime":1512.977,"endTime":1517.385,"body":"our"},{"startTime":1517.385,"endTime":1521.793,"body":"research"},{"startTime":1521.793,"endTime":1526.201,"body":"department,"},{"startTime":1526.201,"endTime":1530.609,"body":"Active"},{"startTime":1530.609,"endTime":1535.017,"body":"Portfolio"},{"startTime":1535.017,"endTime":1539.425,"body":"Management,"},{"startTime":1539.425,"endTime":1543.833,"body":"and"},{"startTime":1543.833,"endTime":1548.241,"body":"how"},{"startTime":1548.241,"endTime":1552.649,"body":"do"},{"startTime":1552.649,"endTime":1557.057,"body":"you"},{"startTime":1557.057,"endTime":1561.465,"body":"have"},{"startTime":1561.465,"endTime":1565.873,"body":"edge"},{"startTime":1565.873,"endTime":1570.281,"body":"and"},{"startTime":1570.281,"endTime":1574.689,"body":"systematically"},{"startTime":1574.689,"endTime":1579.097,"body":"put"},{"startTime":1579.097,"endTime":1583.505,"body":"edge"},{"startTime":1583.505,"endTime":1587.913,"body":"into"},{"startTime":1587.913,"endTime":1592.321,"body":"portfolios?"},{"startTime":1592.321,"endTime":1596.729,"body":"And"},{"startTime":1596.729,"endTime":1601.137,"body":"that's"},{"startTime":1601.137,"endTime":1605.545,"body":"the"},{"startTime":1605.545,"endTime":1609.953,"body":"kind"},{"startTime":1609.953,"endTime":1614.361,"body":"of"},{"startTime":1614.361,"endTime":1618.769,"body":"fundamental"},{"startTime":1618.769,"endTime":1623.177,"body":"basis"},{"startTime":1623.177,"endTime":1627.585,"body":"for"},{"startTime":1627.585,"endTime":1631.993,"body":"our"},{"startTime":1631.993,"endTime":1636.401,"body":"entire"},{"startTime":1636.401,"endTime":1640.809,"body":"investment"},{"startTime":1640.809,"endTime":1645.217,"body":"platform."},{"startTime":1393.961,"endTime":1401.351,"body":"\rSo,there's"},{"startTime":1401.351,"endTime":1405.046,"body":"a"},{"startTime":1405.046,"endTime":1408.741,"body":"lot"},{"startTime":1408.741,"endTime":1412.436,"body":"of"},{"startTime":1412.436,"endTime":1416.131,"body":"different"},{"startTime":1416.131,"endTime":1419.826,"body":"interpretations"},{"startTime":1419.826,"endTime":1423.521,"body":"to"},{"startTime":1423.521,"endTime":1427.216,"body":"systematic"},{"startTime":1427.216,"endTime":1430.911,"body":"and"},{"startTime":1430.911,"endTime":1434.606,"body":"systematic"},{"startTime":1434.606,"endTime":1438.301,"body":"investing."},{"startTime":1438.301,"endTime":1441.996,"body":"And"},{"startTime":1441.996,"endTime":1445.691,"body":"today"},{"startTime":1445.691,"endTime":1449.386,"body":"when"},{"startTime":1449.386,"endTime":1453.081,"body":"you"},{"startTime":1453.081,"endTime":1456.776,"body":"talk"},{"startTime":1456.776,"endTime":1460.471,"body":"about"},{"startTime":1460.471,"endTime":1464.166,"body":"systematic,"},{"startTime":1464.166,"endTime":1467.861,"body":"now"},{"startTime":1467.861,"endTime":1471.556,"body":"it's"},{"startTime":1471.556,"endTime":1475.251,"body":"all"},{"startTime":1475.251,"endTime":1478.946,"body":"about"},{"startTime":1478.946,"endTime":1482.641,"body":"artificial"},{"startTime":1482.641,"endTime":1486.336,"body":"intelligence"},{"startTime":1486.336,"endTime":1490.031,"body":"and"},{"startTime":1490.031,"endTime":1493.726,"body":"the"},{"startTime":1493.726,"endTime":1497.421,"body":"use"},{"startTime":1497.421,"endTime":1501.116,"body":"of"},{"startTime":1501.116,"endTime":1504.811,"body":"artificial"},{"startTime":1504.811,"endTime":1508.506,"body":"intelligence."},{"startTime":1508.506,"endTime":1512.201,"body":"And"},{"startTime":1512.201,"endTime":1515.896,"body":"mostly,"},{"startTime":1515.896,"endTime":1519.591,"body":"when"},{"startTime":1519.591,"endTime":1523.286,"body":"people"},{"startTime":1523.286,"endTime":1526.981,"body":"are"},{"startTime":1526.981,"endTime":1530.676,"body":"coming"},{"startTime":1530.676,"endTime":1534.371,"body":"to"},{"startTime":1534.371,"endTime":1538.066,"body":"us,"},{"startTime":1538.066,"endTime":1541.761,"body":"and"},{"startTime":1541.761,"endTime":1545.456,"body":"I"},{"startTime":1545.456,"endTime":1549.151,"body":"do"},{"startTime":1549.151,"endTime":1552.846,"body":"a"},{"startTime":1552.846,"endTime":1556.541,"body":"ton"},{"startTime":1556.541,"endTime":1560.236,"body":"of"},{"startTime":1560.236,"endTime":1563.931,"body":"these"},{"startTime":1563.931,"endTime":1567.626,"body":"meetings"},{"startTime":1567.626,"endTime":1571.321,"body":"with"},{"startTime":1571.321,"endTime":1575.016,"body":"our"},{"startTime":1575.016,"endTime":1578.711,"body":"clients,"},{"startTime":1578.711,"endTime":1582.406,"body":"they"},{"startTime":1582.406,"endTime":1586.101,"body":"want"},{"startTime":1586.101,"endTime":1589.796,"body":"to"},{"startTime":1589.796,"endTime":1593.491,"body":"talk"},{"startTime":1593.491,"endTime":1597.186,"body":"about"},{"startTime":1597.186,"endTime":1600.881,"body":"the"},{"startTime":1600.881,"endTime":1604.576,"body":"new"},{"startTime":1604.576,"endTime":1608.271,"body":"artificial"},{"startTime":1608.271,"endTime":1611.966,"body":"intelligence."},{"startTime":1611.966,"endTime":1615.661,"body":"They"},{"startTime":1615.661,"endTime":1619.356,"body":"want"},{"startTime":1619.356,"endTime":1623.051,"body":"to"},{"startTime":1623.051,"endTime":1626.746,"body":"talk"},{"startTime":1626.746,"endTime":1630.441,"body":"about"},{"startTime":1630.441,"endTime":1634.136,"body":"the"},{"startTime":1634.136,"endTime":1637.831,"body":"generative"},{"startTime":1637.831,"endTime":1641.526,"body":"artificial"},{"startTime":1641.526,"endTime":1645.221,"body":"intelligence."},{"startTime":1393.961,"endTime":1401.939,"body":"\rAndI"},{"startTime":1401.939,"endTime":1405.928,"body":"have"},{"startTime":1405.928,"endTime":1409.917,"body":"to"},{"startTime":1409.917,"endTime":1413.906,"body":"tell"},{"startTime":1413.906,"endTime":1417.895,"body":"them,"},{"startTime":1417.895,"endTime":1421.884,"body":"hey,"},{"startTime":1421.884,"endTime":1425.873,"body":"we've"},{"startTime":1425.873,"endTime":1429.862,"body":"been"},{"startTime":1429.862,"endTime":1433.851,"body":"doing"},{"startTime":1433.851,"endTime":1437.84,"body":"artificial"},{"startTime":1437.84,"endTime":1441.829,"body":"intelligence"},{"startTime":1441.829,"endTime":1445.818,"body":"before,"},{"startTime":1445.818,"endTime":1449.807,"body":"artificial"},{"startTime":1449.807,"endTime":1453.796,"body":"intelligence"},{"startTime":1453.796,"endTime":1457.785,"body":"was"},{"startTime":1457.785,"endTime":1461.774,"body":"cool,"},{"startTime":1461.774,"endTime":1465.763,"body":"but"},{"startTime":1465.763,"endTime":1469.752,"body":"it's"},{"startTime":1469.752,"endTime":1473.741,"body":"the"},{"startTime":1473.741,"endTime":1477.73,"body":"older"},{"startTime":1477.73,"endTime":1481.719,"body":"form"},{"startTime":1481.719,"endTime":1485.708,"body":"of"},{"startTime":1485.708,"endTime":1489.697,"body":"artificial"},{"startTime":1489.697,"endTime":1493.686,"body":"intelligence."},{"startTime":1493.686,"endTime":1497.675,"body":"But"},{"startTime":1497.675,"endTime":1501.664,"body":"some"},{"startTime":1501.664,"endTime":1505.653,"body":"people"},{"startTime":1505.653,"endTime":1509.642,"body":"might"},{"startTime":1509.642,"endTime":1513.631,"body":"call"},{"startTime":1513.631,"endTime":1517.62,"body":"predictive"},{"startTime":1517.62,"endTime":1521.609,"body":"artificial"},{"startTime":1521.609,"endTime":1525.598,"body":"intelligence,"},{"startTime":1525.598,"endTime":1529.587,"body":"differentiated"},{"startTime":1529.587,"endTime":1533.576,"body":"from"},{"startTime":1533.576,"endTime":1537.565,"body":"generative"},{"startTime":1537.565,"endTime":1541.554,"body":"artificial"},{"startTime":1541.554,"endTime":1545.543,"body":"intelligence,"},{"startTime":1545.543,"endTime":1549.532,"body":"but"},{"startTime":1549.532,"endTime":1553.521,"body":"we"},{"startTime":1553.521,"endTime":1557.51,"body":"do"},{"startTime":1557.51,"endTime":1561.499,"body":"both."},{"startTime":1561.499,"endTime":1565.488,"body":"But"},{"startTime":1565.488,"endTime":1569.477,"body":"you"},{"startTime":1569.477,"endTime":1573.466,"body":"know,"},{"startTime":1573.466,"endTime":1577.455,"body":"we"},{"startTime":1577.455,"endTime":1581.444,"body":"didn't"},{"startTime":1581.444,"endTime":1585.433,"body":"have"},{"startTime":1585.433,"endTime":1589.422,"body":"generative"},{"startTime":1589.422,"endTime":1593.411,"body":"until"},{"startTime":1593.411,"endTime":1597.4,"body":"the"},{"startTime":1597.4,"endTime":1601.389,"body":"last"},{"startTime":1601.389,"endTime":1605.378,"body":"couple"},{"startTime":1605.378,"endTime":1609.367,"body":"of"},{"startTime":1609.367,"endTime":1613.356,"body":"years,"},{"startTime":1613.356,"endTime":1617.345,"body":"but"},{"startTime":1617.345,"endTime":1621.334,"body":"we've"},{"startTime":1621.334,"endTime":1625.323,"body":"had"},{"startTime":1625.323,"endTime":1629.312,"body":"predictive"},{"startTime":1629.312,"endTime":1633.301,"body":"for"},{"startTime":1633.301,"endTime":1637.29,"body":"a"},{"startTime":1637.29,"endTime":1641.279,"body":"lot"},{"startTime":1641.279,"endTime":1645.268,"body":"longer."},{"startTime":1393.961,"endTime":1401.575,"body":"\rSo,systematic…"},{"startTime":1401.575,"endTime":1405.382,"body":"I"},{"startTime":1405.382,"endTime":1409.189,"body":"think"},{"startTime":1409.189,"endTime":1412.996,"body":"everyone"},{"startTime":1412.996,"endTime":1416.803,"body":"is"},{"startTime":1416.803,"endTime":1420.61,"body":"becoming"},{"startTime":1420.61,"endTime":1424.417,"body":"more"},{"startTime":1424.417,"endTime":1428.224,"body":"systematic."},{"startTime":1428.224,"endTime":1432.031,"body":"I"},{"startTime":1432.031,"endTime":1435.838,"body":"use"},{"startTime":1435.838,"endTime":1439.645,"body":"this"},{"startTime":1439.645,"endTime":1443.452,"body":"analogy"},{"startTime":1443.452,"endTime":1447.259,"body":"from"},{"startTime":1447.259,"endTime":1451.066,"body":"one"},{"startTime":1451.066,"endTime":1454.873,"body":"of"},{"startTime":1454.873,"endTime":1458.68,"body":"my"},{"startTime":1458.68,"endTime":1462.487,"body":"favorite"},{"startTime":1462.487,"endTime":1466.294,"body":"kids"},{"startTime":1466.294,"endTime":1470.101,"body":"movies,"},{"startTime":1470.101,"endTime":1473.908,"body":"The"},{"startTime":1473.908,"endTime":1477.715,"body":"Incredibles."},{"startTime":1477.715,"endTime":1481.522,"body":"And"},{"startTime":1481.522,"endTime":1485.329,"body":"if"},{"startTime":1485.329,"endTime":1489.136,"body":"you"},{"startTime":1489.136,"endTime":1492.943,"body":"remember"},{"startTime":1492.943,"endTime":1496.75,"body":"The"},{"startTime":1496.75,"endTime":1500.557,"body":"Incredibles"},{"startTime":1500.557,"endTime":1504.364,"body":"movie,"},{"startTime":1504.364,"endTime":1508.171,"body":"the"},{"startTime":1508.171,"endTime":1511.978,"body":"whole"},{"startTime":1511.978,"endTime":1515.785,"body":"premise"},{"startTime":1515.785,"endTime":1519.592,"body":"is"},{"startTime":1519.592,"endTime":1523.399,"body":"the"},{"startTime":1523.399,"endTime":1527.206,"body":"spurned"},{"startTime":1527.206,"endTime":1531.013,"body":"evil"},{"startTime":1531.013,"endTime":1534.82,"body":"character,"},{"startTime":1534.82,"endTime":1538.627,"body":"you"},{"startTime":1538.627,"endTime":1542.434,"body":"know,"},{"startTime":1542.434,"endTime":1546.241,"body":"wasn't"},{"startTime":1546.241,"endTime":1550.048,"body":"allowed"},{"startTime":1550.048,"endTime":1553.855,"body":"to"},{"startTime":1553.855,"endTime":1557.662,"body":"be"},{"startTime":1557.662,"endTime":1561.469,"body":"incredible."},{"startTime":1561.469,"endTime":1565.276,"body":"And"},{"startTime":1565.276,"endTime":1569.083,"body":"so,"},{"startTime":1569.083,"endTime":1572.89,"body":"he"},{"startTime":1572.89,"endTime":1576.697,"body":"basically"},{"startTime":1576.697,"endTime":1580.504,"body":"decides"},{"startTime":1580.504,"endTime":1584.311,"body":"to"},{"startTime":1584.311,"endTime":1588.118,"body":"make"},{"startTime":1588.118,"endTime":1591.925,"body":"everybody"},{"startTime":1591.925,"endTime":1595.732,"body":"incredible."},{"startTime":1595.732,"endTime":1599.539,"body":"And"},{"startTime":1599.539,"endTime":1603.346,"body":"the"},{"startTime":1603.346,"endTime":1607.153,"body":"famous"},{"startTime":1607.153,"endTime":1610.96,"body":"line"},{"startTime":1610.96,"endTime":1614.767,"body":"is,"},{"startTime":1614.767,"endTime":1618.574,"body":"“If"},{"startTime":1618.574,"endTime":1622.381,"body":"everyone's"},{"startTime":1622.381,"endTime":1626.188,"body":"a"},{"startTime":1626.188,"endTime":1629.995,"body":"superhero,"},{"startTime":1629.995,"endTime":1633.802,"body":"then"},{"startTime":1633.802,"endTime":1637.609,"body":"no"},{"startTime":1637.609,"endTime":1641.416,"body":"one"},{"startTime":1641.416,"endTime":1645.223,"body":"is.”"},{"startTime":1393.961,"endTime":1401.813,"body":"\rAndso,"},{"startTime":1401.813,"endTime":1405.739,"body":"there's"},{"startTime":1405.739,"endTime":1409.665,"body":"this"},{"startTime":1409.665,"endTime":1413.591,"body":"risk"},{"startTime":1413.591,"endTime":1417.517,"body":"here"},{"startTime":1417.517,"endTime":1421.443,"body":"that"},{"startTime":1421.443,"endTime":1425.369,"body":"everybody's"},{"startTime":1425.369,"endTime":1429.295,"body":"becoming"},{"startTime":1429.295,"endTime":1433.221,"body":"systematic"},{"startTime":1433.221,"endTime":1437.147,"body":"and"},{"startTime":1437.147,"endTime":1441.073,"body":"then"},{"startTime":1441.073,"endTime":1444.999,"body":"nobody's"},{"startTime":1444.999,"endTime":1448.925,"body":"systematic"},{"startTime":1448.925,"endTime":1452.851,"body":"and"},{"startTime":1452.851,"endTime":1456.777,"body":"we're"},{"startTime":1456.777,"endTime":1460.703,"body":"losing"},{"startTime":1460.703,"endTime":1464.629,"body":"the"},{"startTime":1464.629,"endTime":1468.555,"body":"differentiation."},{"startTime":1468.555,"endTime":1472.481,"body":"That's"},{"startTime":1472.481,"endTime":1476.407,"body":"a"},{"startTime":1476.407,"endTime":1480.333,"body":"challenge."},{"startTime":1480.333,"endTime":1484.259,"body":"I"},{"startTime":1484.259,"endTime":1488.185,"body":"think"},{"startTime":1488.185,"endTime":1492.111,"body":"it's"},{"startTime":1492.111,"endTime":1496.037,"body":"a"},{"startTime":1496.037,"endTime":1499.963,"body":"good"},{"startTime":1499.963,"endTime":1503.889,"body":"thing"},{"startTime":1503.889,"endTime":1507.815,"body":"for"},{"startTime":1507.815,"endTime":1511.741,"body":"the"},{"startTime":1511.741,"endTime":1515.667,"body":"industry"},{"startTime":1515.667,"endTime":1519.593,"body":"because"},{"startTime":1519.593,"endTime":1523.519,"body":"I"},{"startTime":1523.519,"endTime":1527.445,"body":"think"},{"startTime":1527.445,"endTime":1531.371,"body":"systematic"},{"startTime":1531.371,"endTime":1535.297,"body":"investing"},{"startTime":1535.297,"endTime":1539.223,"body":"brings"},{"startTime":1539.223,"endTime":1543.149,"body":"some"},{"startTime":1543.149,"endTime":1547.075,"body":"really"},{"startTime":1547.075,"endTime":1551.001,"body":"important"},{"startTime":1551.001,"endTime":1554.927,"body":"characteristics"},{"startTime":1554.927,"endTime":1558.853,"body":"that"},{"startTime":1558.853,"endTime":1562.779,"body":"we've"},{"startTime":1562.779,"endTime":1566.705,"body":"often"},{"startTime":1566.705,"endTime":1570.631,"body":"anchored"},{"startTime":1570.631,"endTime":1574.557,"body":"on,"},{"startTime":1574.557,"endTime":1578.483,"body":"which"},{"startTime":1578.483,"endTime":1582.409,"body":"is"},{"startTime":1582.409,"endTime":1586.335,"body":"about"},{"startTime":1586.335,"endTime":1590.261,"body":"outcome"},{"startTime":1590.261,"endTime":1594.187,"body":"orientation,"},{"startTime":1594.187,"endTime":1598.113,"body":"engineering"},{"startTime":1598.113,"endTime":1602.039,"body":"for"},{"startTime":1602.039,"endTime":1605.965,"body":"outcomes,"},{"startTime":1605.965,"endTime":1609.891,"body":"explicit"},{"startTime":1609.891,"endTime":1613.817,"body":"portfolio"},{"startTime":1613.817,"endTime":1617.743,"body":"construction"},{"startTime":1617.743,"endTime":1621.669,"body":"that"},{"startTime":1621.669,"endTime":1625.595,"body":"identifies"},{"startTime":1625.595,"endTime":1629.521,"body":"and"},{"startTime":1629.521,"endTime":1633.447,"body":"separates"},{"startTime":1633.447,"endTime":1637.373,"body":"sources"},{"startTime":1637.373,"endTime":1641.299,"body":"of"},{"startTime":1641.299,"endTime":1645.225,"body":"returns."},{"startTime":1393.961,"endTime":1645.271,"body":"\r"},{"startTime":1393.961,"endTime":1407.668,"body":"Imean,we"},{"startTime":1407.668,"endTime":1412.237,"body":"see"},{"startTime":1412.237,"endTime":1416.806,"body":"a"},{"startTime":1416.806,"endTime":1421.375,"body":"lot"},{"startTime":1421.375,"endTime":1425.944,"body":"of"},{"startTime":1425.944,"endTime":1430.513,"body":"confusion"},{"startTime":1430.513,"endTime":1435.082,"body":"in"},{"startTime":1435.082,"endTime":1439.651,"body":"the"},{"startTime":1439.651,"endTime":1444.22,"body":"market"},{"startTime":1444.22,"endTime":1448.789,"body":"about"},{"startTime":1448.789,"endTime":1453.358,"body":"what"},{"startTime":1453.358,"endTime":1457.927,"body":"is"},{"startTime":1457.927,"endTime":1462.496,"body":"alpha,"},{"startTime":1462.496,"endTime":1467.065,"body":"what"},{"startTime":1467.065,"endTime":1471.634,"body":"is"},{"startTime":1471.634,"endTime":1476.203,"body":"true"},{"startTime":1476.203,"endTime":1480.772,"body":"alpha,"},{"startTime":1480.772,"endTime":1485.341,"body":"what"},{"startTime":1485.341,"endTime":1489.91,"body":"is"},{"startTime":1489.91,"endTime":1494.479,"body":"active,"},{"startTime":1494.479,"endTime":1499.048,"body":"what"},{"startTime":1499.048,"endTime":1503.617,"body":"is"},{"startTime":1503.617,"endTime":1508.186,"body":"beta,"},{"startTime":1508.186,"endTime":1512.755,"body":"what"},{"startTime":1512.755,"endTime":1517.324,"body":"is"},{"startTime":1517.324,"endTime":1521.893,"body":"smart"},{"startTime":1521.893,"endTime":1526.462,"body":"beta"},{"startTime":1526.462,"endTime":1531.031,"body":"or"},{"startTime":1531.031,"endTime":1535.6,"body":"strategic"},{"startTime":1535.6,"endTime":1540.169,"body":"risk"},{"startTime":1540.169,"endTime":1544.738,"body":"premium?"},{"startTime":1544.738,"endTime":1549.307,"body":"And"},{"startTime":1549.307,"endTime":1553.876,"body":"the"},{"startTime":1553.876,"endTime":1558.445,"body":"different"},{"startTime":1558.445,"endTime":1563.014,"body":"sources"},{"startTime":1563.014,"endTime":1567.583,"body":"of"},{"startTime":1567.583,"endTime":1572.152,"body":"returns"},{"startTime":1572.152,"endTime":1576.721,"body":"have"},{"startTime":1576.721,"endTime":1581.29,"body":"very"},{"startTime":1581.29,"endTime":1585.859,"body":"different"},{"startTime":1585.859,"endTime":1590.428,"body":"risk"},{"startTime":1590.428,"endTime":1594.997,"body":"profiles."},{"startTime":1594.997,"endTime":1599.566,"body":"They"},{"startTime":1599.566,"endTime":1604.135,"body":"have"},{"startTime":1604.135,"endTime":1608.704,"body":"very"},{"startTime":1608.704,"endTime":1613.273,"body":"different"},{"startTime":1613.273,"endTime":1617.842,"body":"requirements"},{"startTime":1617.842,"endTime":1622.411,"body":"in"},{"startTime":1622.411,"endTime":1626.98,"body":"terms"},{"startTime":1626.98,"endTime":1631.549,"body":"of"},{"startTime":1631.549,"endTime":1636.118,"body":"data"},{"startTime":1636.118,"endTime":1640.687,"body":"and"},{"startTime":1640.687,"endTime":1645.256,"body":"skill."},{"startTime":1393.961,"endTime":1407.545,"body":"\rTheyshould"},{"startTime":1407.545,"endTime":1414.337,"body":"have"},{"startTime":1414.337,"endTime":1421.129,"body":"very"},{"startTime":1421.129,"endTime":1427.921,"body":"different"},{"startTime":1427.921,"endTime":1434.713,"body":"compensation"},{"startTime":1434.713,"endTime":1441.505,"body":"structures"},{"startTime":1441.505,"endTime":1448.297,"body":"associated"},{"startTime":1448.297,"endTime":1455.089,"body":"with"},{"startTime":1455.089,"endTime":1461.881,"body":"them."},{"startTime":1461.881,"endTime":1468.673,"body":"And"},{"startTime":1468.673,"endTime":1475.465,"body":"so,"},{"startTime":1475.465,"endTime":1482.257,"body":"I"},{"startTime":1482.257,"endTime":1489.049,"body":"think"},{"startTime":1489.049,"endTime":1495.841,"body":"one"},{"startTime":1495.841,"endTime":1502.633,"body":"of"},{"startTime":1502.633,"endTime":1509.425,"body":"the"},{"startTime":1509.425,"endTime":1516.217,"body":"benefits"},{"startTime":1516.217,"endTime":1523.009,"body":"of"},{"startTime":1523.009,"endTime":1529.801,"body":"systematic"},{"startTime":1529.801,"endTime":1536.593,"body":"is"},{"startTime":1536.593,"endTime":1543.385,"body":"just"},{"startTime":1543.385,"endTime":1550.177,"body":"helping"},{"startTime":1550.177,"endTime":1556.969,"body":"to"},{"startTime":1556.969,"endTime":1563.761,"body":"clarify,"},{"startTime":1563.761,"endTime":1570.553,"body":"for"},{"startTime":1570.553,"endTime":1577.345,"body":"people,"},{"startTime":1577.345,"endTime":1584.137,"body":"what"},{"startTime":1584.137,"endTime":1590.929,"body":"are"},{"startTime":1590.929,"endTime":1597.721,"body":"you"},{"startTime":1597.721,"endTime":1604.513,"body":"buying"},{"startTime":1604.513,"endTime":1611.305,"body":"when"},{"startTime":1611.305,"endTime":1618.097,"body":"you're"},{"startTime":1618.097,"endTime":1624.889,"body":"buying"},{"startTime":1624.889,"endTime":1631.681,"body":"a"},{"startTime":1631.681,"endTime":1638.473,"body":"return"},{"startTime":1638.473,"endTime":1645.265,"body":"stream."},{"startTime":1393.961,"endTime":1402.199,"body":"\rAndwe're"},{"startTime":1402.199,"endTime":1406.318,"body":"very"},{"startTime":1406.318,"endTime":1410.437,"body":"explicit"},{"startTime":1410.437,"endTime":1414.556,"body":"about"},{"startTime":1414.556,"endTime":1418.675,"body":"our"},{"startTime":1418.675,"endTime":1422.794,"body":"different"},{"startTime":1422.794,"endTime":1426.913,"body":"return"},{"startTime":1426.913,"endTime":1431.032,"body":"streams."},{"startTime":1431.032,"endTime":1435.151,"body":"And"},{"startTime":1435.151,"endTime":1439.27,"body":"we"},{"startTime":1439.27,"endTime":1443.389,"body":"have"},{"startTime":1443.389,"endTime":1447.508,"body":"return"},{"startTime":1447.508,"endTime":1451.627,"body":"streams"},{"startTime":1451.627,"endTime":1455.746,"body":"across"},{"startTime":1455.746,"endTime":1459.865,"body":"that"},{"startTime":1459.865,"endTime":1463.984,"body":"entire"},{"startTime":1463.984,"endTime":1468.103,"body":"spectrum."},{"startTime":1468.103,"endTime":1472.222,"body":"You"},{"startTime":1472.222,"endTime":1476.341,"body":"know,"},{"startTime":1476.341,"endTime":1480.46,"body":"even"},{"startTime":1480.46,"endTime":1484.579,"body":"at"},{"startTime":1484.579,"endTime":1488.698,"body":"the"},{"startTime":1488.698,"endTime":1492.817,"body":"far"},{"startTime":1492.817,"endTime":1496.936,"body":"end"},{"startTime":1496.936,"endTime":1501.055,"body":"of"},{"startTime":1501.055,"endTime":1505.174,"body":"that"},{"startTime":1505.174,"endTime":1509.293,"body":"spectrum,"},{"startTime":1509.293,"endTime":1513.412,"body":"pure"},{"startTime":1513.412,"endTime":1517.531,"body":"beta"},{"startTime":1517.531,"endTime":1521.65,"body":"investing"},{"startTime":1521.65,"endTime":1525.769,"body":"is"},{"startTime":1525.769,"endTime":1529.888,"body":"a"},{"startTime":1529.888,"endTime":1534.007,"body":"form"},{"startTime":1534.007,"endTime":1538.126,"body":"of"},{"startTime":1538.126,"endTime":1542.245,"body":"systematic"},{"startTime":1542.245,"endTime":1546.364,"body":"investing."},{"startTime":1546.364,"endTime":1550.483,"body":"It's"},{"startTime":1550.483,"endTime":1554.602,"body":"index"},{"startTime":1554.602,"endTime":1558.721,"body":"investing,"},{"startTime":1558.721,"endTime":1562.84,"body":"it's"},{"startTime":1562.84,"endTime":1566.959,"body":"purely"},{"startTime":1566.959,"endTime":1571.078,"body":"rules"},{"startTime":1571.078,"endTime":1575.197,"body":"based,"},{"startTime":1575.197,"endTime":1579.316,"body":"it's"},{"startTime":1579.316,"endTime":1583.435,"body":"not"},{"startTime":1583.435,"endTime":1587.554,"body":"very"},{"startTime":1587.554,"endTime":1591.673,"body":"aspirational,"},{"startTime":1591.673,"endTime":1595.792,"body":"but"},{"startTime":1595.792,"endTime":1599.911,"body":"it"},{"startTime":1599.911,"endTime":1604.03,"body":"doesn't"},{"startTime":1604.03,"endTime":1608.149,"body":"cost"},{"startTime":1608.149,"endTime":1612.268,"body":"very"},{"startTime":1612.268,"endTime":1616.387,"body":"much"},{"startTime":1616.387,"endTime":1620.506,"body":"either."},{"startTime":1620.506,"endTime":1624.625,"body":"And"},{"startTime":1624.625,"endTime":1628.744,"body":"those"},{"startTime":1628.744,"endTime":1632.863,"body":"two"},{"startTime":1632.863,"endTime":1636.982,"body":"things"},{"startTime":1636.982,"endTime":1641.101,"body":"go"},{"startTime":1641.101,"endTime":1645.22,"body":"together."},{"startTime":1393.961,"endTime":1410.715,"body":"\rAndas"},{"startTime":1410.715,"endTime":1419.092,"body":"you"},{"startTime":1419.092,"endTime":1427.469,"body":"extend"},{"startTime":1427.469,"endTime":1435.846,"body":"that"},{"startTime":1435.846,"endTime":1444.223,"body":"spectrum"},{"startTime":1444.223,"endTime":1452.6,"body":"from"},{"startTime":1452.6,"endTime":1460.977,"body":"beta"},{"startTime":1460.977,"endTime":1469.354,"body":"to"},{"startTime":1469.354,"endTime":1477.731,"body":"alpha"},{"startTime":1477.731,"endTime":1486.108,"body":"and"},{"startTime":1486.108,"endTime":1494.485,"body":"we"},{"startTime":1494.485,"endTime":1502.862,"body":"get"},{"startTime":1502.862,"endTime":1511.239,"body":"our"},{"startTime":1511.239,"endTime":1519.616,"body":"highest"},{"startTime":1519.616,"endTime":1527.993,"body":"aspirational,"},{"startTime":1527.993,"endTime":1536.37,"body":"pure"},{"startTime":1536.37,"endTime":1544.747,"body":"market"},{"startTime":1544.747,"endTime":1553.124,"body":"beta"},{"startTime":1553.124,"endTime":1561.501,"body":"factor"},{"startTime":1561.501,"endTime":1569.878,"body":"neutral"},{"startTime":1569.878,"endTime":1578.255,"body":"alpha"},{"startTime":1578.255,"endTime":1586.632,"body":"investing."},{"startTime":1586.632,"endTime":1595.009,"body":"It's"},{"startTime":1595.009,"endTime":1603.386,"body":"very"},{"startTime":1603.386,"endTime":1611.763,"body":"aspirational."},{"startTime":1611.763,"endTime":1620.14,"body":"It's"},{"startTime":1620.14,"endTime":1628.517,"body":"also"},{"startTime":1628.517,"endTime":1636.894,"body":"exceedingly"},{"startTime":1636.894,"endTime":1645.271,"body":"difficult."},{"startTime":1393.961,"endTime":1405.649,"body":"\rItis"},{"startTime":1405.649,"endTime":1411.493,"body":"the"},{"startTime":1411.493,"endTime":1417.337,"body":"hardest"},{"startTime":1417.337,"endTime":1423.181,"body":"thing"},{"startTime":1423.181,"endTime":1429.025,"body":"in"},{"startTime":1429.025,"endTime":1434.869,"body":"our"},{"startTime":1434.869,"endTime":1440.713,"body":"investing"},{"startTime":1440.713,"endTime":1446.557,"body":"world"},{"startTime":1446.557,"endTime":1452.401,"body":"to"},{"startTime":1452.401,"endTime":1458.245,"body":"achieve"},{"startTime":1458.245,"endTime":1464.089,"body":"market"},{"startTime":1464.089,"endTime":1469.933,"body":"neutral"},{"startTime":1469.933,"endTime":1475.777,"body":"alpha"},{"startTime":1475.777,"endTime":1481.621,"body":"investing"},{"startTime":1481.621,"endTime":1487.465,"body":"with"},{"startTime":1487.465,"endTime":1493.309,"body":"real"},{"startTime":1493.309,"endTime":1499.153,"body":"alpha"},{"startTime":1499.153,"endTime":1504.997,"body":"delivered"},{"startTime":1504.997,"endTime":1510.841,"body":"as"},{"startTime":1510.841,"endTime":1516.685,"body":"measured"},{"startTime":1516.685,"endTime":1522.529,"body":"by"},{"startTime":1522.529,"endTime":1528.373,"body":"IR"},{"startTime":1528.373,"endTime":1534.217,"body":"(information"},{"startTime":1534.217,"endTime":1540.061,"body":"ratios)."},{"startTime":1540.061,"endTime":1545.905,"body":"And"},{"startTime":1545.905,"endTime":1551.749,"body":"all"},{"startTime":1551.749,"endTime":1557.593,"body":"of"},{"startTime":1557.593,"endTime":1563.437,"body":"that,"},{"startTime":1563.437,"endTime":1569.281,"body":"I"},{"startTime":1569.281,"endTime":1575.125,"body":"think,"},{"startTime":1575.125,"endTime":1580.969,"body":"systematic"},{"startTime":1580.969,"endTime":1586.813,"body":"investors"},{"startTime":1586.813,"endTime":1592.657,"body":"contribute"},{"startTime":1592.657,"endTime":1598.501,"body":"to"},{"startTime":1598.501,"endTime":1604.345,"body":"the"},{"startTime":1604.345,"endTime":1610.189,"body":"broader"},{"startTime":1610.189,"endTime":1616.033,"body":"ecosystem"},{"startTime":1616.033,"endTime":1621.877,"body":"in"},{"startTime":1621.877,"endTime":1627.721,"body":"a"},{"startTime":1627.721,"endTime":1633.565,"body":"very"},{"startTime":1633.565,"endTime":1639.409,"body":"helpful"},{"startTime":1639.409,"endTime":1645.253,"body":"way."},{"startTime":1646.711,"endTime":1649.414,"body":"You"},{"startTime":1649.414,"endTime":1652.117,"body":"mentioned"},{"startTime":1652.117,"endTime":1654.82,"body":"this"},{"startTime":1654.82,"endTime":1657.523,"body":"thing"},{"startTime":1657.523,"endTime":1660.226,"body":"about"},{"startTime":1660.226,"endTime":1662.929,"body":"everything"},{"startTime":1662.929,"endTime":1665.632,"body":"becoming"},{"startTime":1665.632,"endTime":1668.335,"body":"systematic"},{"startTime":1668.335,"endTime":1671.038,"body":"and"},{"startTime":1671.038,"endTime":1673.741,"body":"I"},{"startTime":1673.741,"endTime":1676.444,"body":"tend"},{"startTime":1676.444,"endTime":1679.147,"body":"to"},{"startTime":1679.147,"endTime":1681.85,"body":"agree."},{"startTime":1681.85,"endTime":1684.553,"body":"I"},{"startTime":1684.553,"endTime":1687.256,"body":"mean"},{"startTime":1687.256,"endTime":1689.959,"body":"obviously"},{"startTime":1689.959,"endTime":1692.662,"body":"we"},{"startTime":1692.662,"endTime":1695.365,"body":"live"},{"startTime":1695.365,"endTime":1698.068,"body":"in"},{"startTime":1698.068,"endTime":1700.771,"body":"a"},{"startTime":1700.771,"endTime":1703.474,"body":"tech"},{"startTime":1703.474,"endTime":1706.177,"body":"driven"},{"startTime":1706.177,"endTime":1708.88,"body":"world."},{"startTime":1646.711,"endTime":1649.057,"body":"\rFromour"},{"startTime":1649.057,"endTime":1650.23,"body":"biased"},{"startTime":1650.23,"endTime":1651.403,"body":"trend"},{"startTime":1651.403,"endTime":1652.576,"body":"angle"},{"startTime":1652.576,"endTime":1653.749,"body":"here,"},{"startTime":1653.749,"endTime":1654.922,"body":"it"},{"startTime":1654.922,"endTime":1656.095,"body":"also"},{"startTime":1656.095,"endTime":1657.268,"body":"seems"},{"startTime":1657.268,"endTime":1658.441,"body":"to"},{"startTime":1658.441,"endTime":1659.614,"body":"me"},{"startTime":1659.614,"endTime":1660.787,"body":"a"},{"startTime":1660.787,"endTime":1661.96,"body":"little"},{"startTime":1661.96,"endTime":1663.133,"body":"bit"},{"startTime":1663.133,"endTime":1664.306,"body":"interesting"},{"startTime":1664.306,"endTime":1665.479,"body":"that"},{"startTime":1665.479,"endTime":1666.652,"body":"I"},{"startTime":1666.652,"endTime":1667.825,"body":"wouldn't"},{"startTime":1667.825,"endTime":1668.998,"body":"say"},{"startTime":1668.998,"endTime":1670.171,"body":"everybody"},{"startTime":1670.171,"endTime":1671.344,"body":"is"},{"startTime":1671.344,"endTime":1672.517,"body":"becoming"},{"startTime":1672.517,"endTime":1673.69,"body":"or"},{"startTime":1673.69,"endTime":1674.863,"body":"going"},{"startTime":1674.863,"endTime":1676.036,"body":"into"},{"startTime":1676.036,"endTime":1677.209,"body":"trend,"},{"startTime":1677.209,"endTime":1678.382,"body":"but"},{"startTime":1678.382,"endTime":1679.555,"body":"big"},{"startTime":1679.555,"endTime":1680.728,"body":"houses"},{"startTime":1680.728,"endTime":1681.901,"body":"like"},{"startTime":1681.901,"endTime":1683.074,"body":"your"},{"startTime":1683.074,"endTime":1684.247,"body":"own,"},{"startTime":1684.247,"endTime":1685.42,"body":"Fidelity,"},{"startTime":1685.42,"endTime":1686.593,"body":"I"},{"startTime":1686.593,"endTime":1687.766,"body":"think"},{"startTime":1687.766,"endTime":1688.939,"body":"Invesco,"},{"startTime":1688.939,"endTime":1690.112,"body":"and"},{"startTime":1690.112,"endTime":1691.285,"body":"other"},{"startTime":1691.285,"endTime":1692.458,"body":"really"},{"startTime":1692.458,"endTime":1693.631,"body":"big"},{"startTime":1693.631,"endTime":1694.804,"body":"asset"},{"startTime":1694.804,"endTime":1695.977,"body":"managers"},{"startTime":1695.977,"endTime":1697.15,"body":"are"},{"startTime":1697.15,"endTime":1698.323,"body":"launching"},{"startTime":1698.323,"endTime":1699.496,"body":"pure"},{"startTime":1699.496,"endTime":1700.669,"body":"trend"},{"startTime":1700.669,"endTime":1701.842,"body":"strategies"},{"startTime":1701.842,"endTime":1703.015,"body":"this"},{"startTime":1703.015,"endTime":1704.188,"body":"year"},{"startTime":1704.188,"endTime":1705.361,"body":"or"},{"startTime":1705.361,"endTime":1706.534,"body":"maybe"},{"startTime":1706.534,"endTime":1707.707,"body":"last"},{"startTime":1707.707,"endTime":1708.88,"body":"year."},{"startTime":1646.711,"endTime":1648.893,"body":"\rWhydo"},{"startTime":1648.893,"endTime":1649.984,"body":"you"},{"startTime":1649.984,"endTime":1651.075,"body":"think"},{"startTime":1651.075,"endTime":1652.166,"body":"(and"},{"startTime":1652.166,"endTime":1653.257,"body":"I'm"},{"startTime":1653.257,"endTime":1654.348,"body":"just"},{"startTime":1654.348,"endTime":1655.439,"body":"speaking"},{"startTime":1655.439,"endTime":1656.53,"body":"from"},{"startTime":1656.53,"endTime":1657.621,"body":"my"},{"startTime":1657.621,"endTime":1658.712,"body":"own"},{"startTime":1658.712,"endTime":1659.803,"body":"35"},{"startTime":1659.803,"endTime":1660.894,"body":"years"},{"startTime":1660.894,"endTime":1661.985,"body":"of"},{"startTime":1661.985,"endTime":1663.076,"body":"experience"},{"startTime":1663.076,"endTime":1664.167,"body":"in"},{"startTime":1664.167,"endTime":1665.258,"body":"the"},{"startTime":1665.258,"endTime":1666.349,"body":"trend"},{"startTime":1666.349,"endTime":1667.44,"body":"space)"},{"startTime":1667.44,"endTime":1668.531,"body":"that"},{"startTime":1668.531,"endTime":1669.622,"body":"it"},{"startTime":1669.622,"endTime":1670.713,"body":"was"},{"startTime":1670.713,"endTime":1671.804,"body":"never"},{"startTime":1671.804,"endTime":1672.895,"body":"popular?"},{"startTime":1672.895,"endTime":1673.986,"body":"It"},{"startTime":1673.986,"endTime":1675.077,"body":"was"},{"startTime":1675.077,"endTime":1676.168,"body":"never"},{"startTime":1676.168,"endTime":1677.259,"body":"a"},{"startTime":1677.259,"endTime":1678.35,"body":"strategy"},{"startTime":1678.35,"endTime":1679.441,"body":"talked"},{"startTime":1679.441,"endTime":1680.532,"body":"much"},{"startTime":1680.532,"endTime":1681.623,"body":"about,"},{"startTime":1681.623,"endTime":1682.714,"body":"or"},{"startTime":1682.714,"endTime":1683.805,"body":"embraced"},{"startTime":1683.805,"endTime":1684.896,"body":"much"},{"startTime":1684.896,"endTime":1685.987,"body":"about,"},{"startTime":1685.987,"endTime":1687.078,"body":"or"},{"startTime":1687.078,"endTime":1688.169,"body":"embraced"},{"startTime":1688.169,"endTime":1689.26,"body":"by"},{"startTime":1689.26,"endTime":1690.351,"body":"the"},{"startTime":1690.351,"endTime":1691.442,"body":"very"},{"startTime":1691.442,"endTime":1692.533,"body":"large"},{"startTime":1692.533,"endTime":1693.624,"body":"asset"},{"startTime":1693.624,"endTime":1694.715,"body":"managers,"},{"startTime":1694.715,"endTime":1695.806,"body":"frankly."},{"startTime":1695.806,"endTime":1696.897,"body":"But"},{"startTime":1696.897,"endTime":1697.988,"body":"that's"},{"startTime":1697.988,"endTime":1699.079,"body":"changing."},{"startTime":1699.079,"endTime":1700.17,"body":"Why"},{"startTime":1700.17,"endTime":1701.261,"body":"do"},{"startTime":1701.261,"endTime":1702.352,"body":"you"},{"startTime":1702.352,"endTime":1703.443,"body":"think"},{"startTime":1703.443,"endTime":1704.534,"body":"that"},{"startTime":1704.534,"endTime":1705.625,"body":"might"},{"startTime":1705.625,"endTime":1706.716,"body":"be?"},{"startTime":1706.716,"endTime":1707.807,"body":"Why"},{"startTime":1707.807,"endTime":1708.898,"body":"now?"},{"startTime":1709.781,"endTime":1712.313,"body":"Yeah,"},{"startTime":1712.313,"endTime":1714.845,"body":"well,"},{"startTime":1714.845,"endTime":1717.377,"body":"we"},{"startTime":1717.377,"endTime":1719.909,"body":"are"},{"startTime":1719.909,"endTime":1722.441,"body":"one"},{"startTime":1722.441,"endTime":1724.973,"body":"of"},{"startTime":1724.973,"endTime":1727.505,"body":"those,"},{"startTime":1727.505,"endTime":1730.037,"body":"it's"},{"startTime":1730.037,"endTime":1732.569,"body":"one"},{"startTime":1732.569,"endTime":1735.101,"body":"of"},{"startTime":1735.101,"endTime":1737.633,"body":"the"},{"startTime":1737.633,"endTime":1740.165,"body":"funds"},{"startTime":1740.165,"endTime":1742.697,"body":"that"},{"startTime":1742.697,"endTime":1745.229,"body":"I'm"},{"startTime":1745.229,"endTime":1747.761,"body":"a"},{"startTime":1747.761,"endTime":1750.293,"body":"co-manager"},{"startTime":1750.293,"endTime":1752.825,"body":"on,"},{"startTime":1752.825,"endTime":1755.357,"body":"iShares"},{"startTime":1755.357,"endTime":1757.889,"body":"Systematic"},{"startTime":1757.889,"endTime":1760.421,"body":"Managed"},{"startTime":1760.421,"endTime":1762.953,"body":"Futures"},{"startTime":1762.953,"endTime":1765.485,"body":"(ISMF)."},{"startTime":1765.485,"endTime":1768.017,"body":"(Shameless"},{"startTime":1768.017,"endTime":1770.549,"body":"plug,"},{"startTime":1770.549,"endTime":1773.081,"body":"sorry"},{"startTime":1773.081,"endTime":1775.613,"body":"guys.)"},{"startTime":1775.613,"endTime":1778.145,"body":"But"},{"startTime":1778.145,"endTime":1780.677,"body":"we"},{"startTime":1780.677,"endTime":1783.209,"body":"did"},{"startTime":1783.209,"endTime":1785.741,"body":"get"},{"startTime":1785.741,"endTime":1788.273,"body":"into"},{"startTime":1788.273,"endTime":1790.805,"body":"the"},{"startTime":1790.805,"endTime":1793.337,"body":"space,"},{"startTime":1793.337,"endTime":1795.869,"body":"and"},{"startTime":1795.869,"endTime":1798.401,"body":"you're"},{"startTime":1798.401,"endTime":1800.933,"body":"asking"},{"startTime":1800.933,"endTime":1803.465,"body":"a"},{"startTime":1803.465,"endTime":1805.997,"body":"great"},{"startTime":1805.997,"endTime":1808.529,"body":"question,"},{"startTime":1808.529,"endTime":1811.061,"body":"and"},{"startTime":1811.061,"endTime":1813.593,"body":"the"},{"startTime":1813.593,"endTime":1816.125,"body":"answer"},{"startTime":1816.125,"endTime":1818.657,"body":"goes"},{"startTime":1818.657,"endTime":1821.189,"body":"a"},{"startTime":1821.189,"endTime":1823.721,"body":"lot"},{"startTime":1823.721,"endTime":1826.253,"body":"to"},{"startTime":1826.253,"endTime":1828.785,"body":"that"},{"startTime":1828.785,"endTime":1831.317,"body":"earlier"},{"startTime":1831.317,"endTime":1833.849,"body":"conversation"},{"startTime":1833.849,"endTime":1836.381,"body":"about"},{"startTime":1836.381,"endTime":1838.913,"body":"the"},{"startTime":1838.913,"endTime":1841.445,"body":"opening"},{"startTime":1841.445,"endTime":1843.977,"body":"in"},{"startTime":1843.977,"endTime":1846.509,"body":"the"},{"startTime":1846.509,"endTime":1849.041,"body":"need"},{"startTime":1849.041,"endTime":1851.573,"body":"for"},{"startTime":1851.573,"endTime":1854.105,"body":"diversification"},{"startTime":1854.105,"endTime":1856.637,"body":"and"},{"startTime":1856.637,"endTime":1859.169,"body":"the"},{"startTime":1859.169,"endTime":1861.701,"body":"need"},{"startTime":1861.701,"endTime":1864.233,"body":"for"},{"startTime":1864.233,"endTime":1866.765,"body":"alternative"},{"startTime":1866.765,"endTime":1869.297,"body":"diversifications."},{"startTime":1709.781,"endTime":1715.917,"body":"\rYouknow,"},{"startTime":1715.917,"endTime":1718.985,"body":"being"},{"startTime":1718.985,"endTime":1722.053,"body":"a"},{"startTime":1722.053,"endTime":1725.121,"body":"large"},{"startTime":1725.121,"endTime":1728.189,"body":"asset"},{"startTime":1728.189,"endTime":1731.257,"body":"manager,"},{"startTime":1731.257,"endTime":1734.325,"body":"working"},{"startTime":1734.325,"endTime":1737.393,"body":"at"},{"startTime":1737.393,"endTime":1740.461,"body":"a"},{"startTime":1740.461,"endTime":1743.529,"body":"large"},{"startTime":1743.529,"endTime":1746.597,"body":"asset"},{"startTime":1746.597,"endTime":1749.665,"body":"manager,"},{"startTime":1749.665,"endTime":1752.733,"body":"you"},{"startTime":1752.733,"endTime":1755.801,"body":"know,"},{"startTime":1755.801,"endTime":1758.869,"body":"we"},{"startTime":1758.869,"endTime":1761.937,"body":"manage,"},{"startTime":1761.937,"endTime":1765.005,"body":"I"},{"startTime":1765.005,"endTime":1768.073,"body":"manage"},{"startTime":1768.073,"endTime":1771.141,"body":"specific"},{"startTime":1771.141,"endTime":1774.209,"body":"products."},{"startTime":1774.209,"endTime":1777.277,"body":"But"},{"startTime":1777.277,"endTime":1780.345,"body":"the"},{"startTime":1780.345,"endTime":1783.413,"body":"focus"},{"startTime":1783.413,"endTime":1786.481,"body":"of"},{"startTime":1786.481,"endTime":1789.549,"body":"our"},{"startTime":1789.549,"endTime":1792.617,"body":"firm,"},{"startTime":1792.617,"endTime":1795.685,"body":"with"},{"startTime":1795.685,"endTime":1798.753,"body":"our"},{"startTime":1798.753,"endTime":1801.821,"body":"clients"},{"startTime":1801.821,"endTime":1804.889,"body":"and"},{"startTime":1804.889,"endTime":1807.957,"body":"our"},{"startTime":1807.957,"endTime":1811.025,"body":"engagement,"},{"startTime":1811.025,"endTime":1814.093,"body":"is"},{"startTime":1814.093,"endTime":1817.161,"body":"very"},{"startTime":1817.161,"endTime":1820.229,"body":"much"},{"startTime":1820.229,"endTime":1823.297,"body":"on"},{"startTime":1823.297,"endTime":1826.365,"body":"the"},{"startTime":1826.365,"endTime":1829.433,"body":"portfolio"},{"startTime":1829.433,"endTime":1832.501,"body":"level."},{"startTime":1832.501,"endTime":1835.569,"body":"We"},{"startTime":1835.569,"endTime":1838.637,"body":"talk"},{"startTime":1838.637,"endTime":1841.705,"body":"a"},{"startTime":1841.705,"endTime":1844.773,"body":"lot"},{"startTime":1844.773,"endTime":1847.841,"body":"about"},{"startTime":1847.841,"endTime":1850.909,"body":"being"},{"startTime":1850.909,"endTime":1853.977,"body":"the"},{"startTime":1853.977,"endTime":1857.045,"body":"main"},{"startTime":1857.045,"endTime":1860.113,"body":"provider"},{"startTime":1860.113,"endTime":1863.181,"body":"of"},{"startTime":1863.181,"endTime":1866.249,"body":"portfolio"},{"startTime":1866.249,"endTime":1869.317,"body":"solutions."},{"startTime":1709.781,"endTime":1714.473,"body":"\rAndso,"},{"startTime":1714.473,"endTime":1716.819,"body":"when"},{"startTime":1716.819,"endTime":1719.165,"body":"you"},{"startTime":1719.165,"endTime":1721.511,"body":"think"},{"startTime":1721.511,"endTime":1723.857,"body":"about"},{"startTime":1723.857,"endTime":1726.203,"body":"a"},{"startTime":1726.203,"endTime":1728.549,"body":"lot"},{"startTime":1728.549,"endTime":1730.895,"body":"of"},{"startTime":1730.895,"endTime":1733.241,"body":"the"},{"startTime":1733.241,"endTime":1735.587,"body":"things"},{"startTime":1735.587,"endTime":1737.933,"body":"that"},{"startTime":1737.933,"endTime":1740.279,"body":"we've"},{"startTime":1740.279,"endTime":1742.625,"body":"done"},{"startTime":1742.625,"endTime":1744.971,"body":"over"},{"startTime":1744.971,"endTime":1747.317,"body":"the"},{"startTime":1747.317,"endTime":1749.663,"body":"years"},{"startTime":1749.663,"endTime":1752.009,"body":"to"},{"startTime":1752.009,"endTime":1754.355,"body":"expand"},{"startTime":1754.355,"endTime":1756.701,"body":"our"},{"startTime":1756.701,"endTime":1759.047,"body":"capacity,"},{"startTime":1759.047,"endTime":1761.393,"body":"it's"},{"startTime":1761.393,"endTime":1763.739,"body":"to"},{"startTime":1763.739,"endTime":1766.085,"body":"be"},{"startTime":1766.085,"endTime":1768.431,"body":"able"},{"startTime":1768.431,"endTime":1770.777,"body":"to"},{"startTime":1770.777,"endTime":1773.123,"body":"speak"},{"startTime":1773.123,"endTime":1775.469,"body":"to"},{"startTime":1775.469,"endTime":1777.815,"body":"our"},{"startTime":1777.815,"endTime":1780.161,"body":"clients"},{"startTime":1780.161,"endTime":1782.507,"body":"in"},{"startTime":1782.507,"endTime":1784.853,"body":"every"},{"startTime":1784.853,"endTime":1787.199,"body":"aspect"},{"startTime":1787.199,"endTime":1789.545,"body":"of"},{"startTime":1789.545,"endTime":1791.891,"body":"their"},{"startTime":1791.891,"endTime":1794.237,"body":"portfolios,"},{"startTime":1794.237,"endTime":1796.583,"body":"to"},{"startTime":1796.583,"endTime":1798.929,"body":"be"},{"startTime":1798.929,"endTime":1801.275,"body":"their"},{"startTime":1801.275,"endTime":1803.621,"body":"number"},{"startTime":1803.621,"endTime":1805.967,"body":"one"},{"startTime":1805.967,"endTime":1808.313,"body":"portfolio"},{"startTime":1808.313,"endTime":1810.659,"body":"investor"},{"startTime":1810.659,"endTime":1813.005,"body":"provider."},{"startTime":1813.005,"endTime":1815.351,"body":"So,"},{"startTime":1815.351,"endTime":1817.697,"body":"when"},{"startTime":1817.697,"endTime":1820.043,"body":"we"},{"startTime":1820.043,"endTime":1822.389,"body":"talk"},{"startTime":1822.389,"endTime":1824.735,"body":"about"},{"startTime":1824.735,"endTime":1827.081,"body":"this"},{"startTime":1827.081,"endTime":1829.427,"body":"space,"},{"startTime":1829.427,"endTime":1831.773,"body":"this"},{"startTime":1831.773,"endTime":1834.119,"body":"is"},{"startTime":1834.119,"endTime":1836.465,"body":"a"},{"startTime":1836.465,"endTime":1838.811,"body":"space"},{"startTime":1838.811,"endTime":1841.157,"body":"that"},{"startTime":1841.157,"endTime":1843.503,"body":"we"},{"startTime":1843.503,"endTime":1845.849,"body":"see"},{"startTime":1845.849,"endTime":1848.195,"body":"opportunity"},{"startTime":1848.195,"endTime":1850.541,"body":"in,"},{"startTime":1850.541,"endTime":1852.887,"body":"to"},{"startTime":1852.887,"endTime":1855.233,"body":"extend"},{"startTime":1855.233,"endTime":1857.579,"body":"the"},{"startTime":1857.579,"endTime":1859.925,"body":"aspects,"},{"startTime":1859.925,"endTime":1862.271,"body":"the"},{"startTime":1862.271,"endTime":1864.617,"body":"very"},{"startTime":1864.617,"endTime":1866.963,"body":"attractive"},{"startTime":1866.963,"endTime":1869.309,"body":"aspects."},{"startTime":1709.781,"endTime":1718.643,"body":"\rOnething"},{"startTime":1718.643,"endTime":1723.074,"body":"I"},{"startTime":1723.074,"endTime":1727.505,"body":"didn't"},{"startTime":1727.505,"endTime":1731.936,"body":"say"},{"startTime":1731.936,"endTime":1736.367,"body":"before"},{"startTime":1736.367,"endTime":1740.798,"body":"about"},{"startTime":1740.798,"endTime":1745.229,"body":"systematic,"},{"startTime":1745.229,"endTime":1749.66,"body":"it's"},{"startTime":1749.66,"endTime":1754.091,"body":"about"},{"startTime":1754.091,"endTime":1758.522,"body":"delivering"},{"startTime":1758.522,"endTime":1762.953,"body":"expected"},{"startTime":1762.953,"endTime":1767.384,"body":"outcomes."},{"startTime":1767.384,"endTime":1771.815,"body":"We"},{"startTime":1771.815,"endTime":1776.246,"body":"call"},{"startTime":1776.246,"endTime":1780.677,"body":"it"},{"startTime":1780.677,"endTime":1785.108,"body":"engineering"},{"startTime":1785.108,"endTime":1789.539,"body":"for"},{"startTime":1789.539,"endTime":1793.97,"body":"outcomes."},{"startTime":1793.97,"endTime":1798.401,"body":"So,"},{"startTime":1798.401,"endTime":1802.832,"body":"you"},{"startTime":1802.832,"endTime":1807.263,"body":"know"},{"startTime":1807.263,"endTime":1811.694,"body":"exactly"},{"startTime":1811.694,"endTime":1816.125,"body":"what"},{"startTime":1816.125,"endTime":1820.556,"body":"you're"},{"startTime":1820.556,"endTime":1824.987,"body":"going"},{"startTime":1824.987,"endTime":1829.418,"body":"to"},{"startTime":1829.418,"endTime":1833.849,"body":"get,"},{"startTime":1833.849,"endTime":1838.28,"body":"you"},{"startTime":1838.28,"endTime":1842.711,"body":"know"},{"startTime":1842.711,"endTime":1847.142,"body":"what"},{"startTime":1847.142,"endTime":1851.573,"body":"the"},{"startTime":1851.573,"endTime":1856.004,"body":"return"},{"startTime":1856.004,"endTime":1860.435,"body":"profiles"},{"startTime":1860.435,"endTime":1864.866,"body":"look"},{"startTime":1864.866,"endTime":1869.297,"body":"like."},{"startTime":1709.781,"endTime":1714.035,"body":"\rTrendhas"},{"startTime":1714.035,"endTime":1716.162,"body":"a"},{"startTime":1716.162,"endTime":1718.289,"body":"very"},{"startTime":1718.289,"endTime":1720.416,"body":"specific"},{"startTime":1720.416,"endTime":1722.543,"body":"return"},{"startTime":1722.543,"endTime":1724.67,"body":"profile."},{"startTime":1724.67,"endTime":1726.797,"body":"And"},{"startTime":1726.797,"endTime":1728.924,"body":"when"},{"startTime":1728.924,"endTime":1731.051,"body":"you"},{"startTime":1731.051,"endTime":1733.178,"body":"invest"},{"startTime":1733.178,"endTime":1735.305,"body":"in"},{"startTime":1735.305,"endTime":1737.432,"body":"it,"},{"startTime":1737.432,"endTime":1739.559,"body":"in"},{"startTime":1739.559,"endTime":1741.686,"body":"a"},{"startTime":1741.686,"endTime":1743.813,"body":"systematic"},{"startTime":1743.813,"endTime":1745.94,"body":"manner,"},{"startTime":1745.94,"endTime":1748.067,"body":"and"},{"startTime":1748.067,"endTime":1750.194,"body":"you"},{"startTime":1750.194,"endTime":1752.321,"body":"do"},{"startTime":1752.321,"endTime":1754.448,"body":"it"},{"startTime":1754.448,"endTime":1756.575,"body":"well"},{"startTime":1756.575,"endTime":1758.702,"body":"with"},{"startTime":1758.702,"endTime":1760.829,"body":"good"},{"startTime":1760.829,"endTime":1762.956,"body":"engineering"},{"startTime":1762.956,"endTime":1765.083,"body":"and"},{"startTime":1765.083,"endTime":1767.21,"body":"good"},{"startTime":1767.21,"endTime":1769.337,"body":"risk"},{"startTime":1769.337,"endTime":1771.464,"body":"management"},{"startTime":1771.464,"endTime":1773.591,"body":"and"},{"startTime":1773.591,"endTime":1775.718,"body":"good"},{"startTime":1775.718,"endTime":1777.845,"body":"risk"},{"startTime":1777.845,"endTime":1779.972,"body":"budgeting,"},{"startTime":1779.972,"endTime":1782.099,"body":"you"},{"startTime":1782.099,"endTime":1784.226,"body":"deliver"},{"startTime":1784.226,"endTime":1786.353,"body":"on"},{"startTime":1786.353,"endTime":1788.48,"body":"that"},{"startTime":1788.48,"endTime":1790.607,"body":"intended"},{"startTime":1790.607,"endTime":1792.734,"body":"outcome."},{"startTime":1792.734,"endTime":1794.861,"body":"Now,"},{"startTime":1794.861,"endTime":1796.988,"body":"we"},{"startTime":1796.988,"endTime":1799.115,"body":"know"},{"startTime":1799.115,"endTime":1801.242,"body":"there"},{"startTime":1801.242,"endTime":1803.369,"body":"are"},{"startTime":1803.369,"endTime":1805.496,"body":"not"},{"startTime":1805.496,"endTime":1807.623,"body":"all"},{"startTime":1807.623,"endTime":1809.75,"body":"environments"},{"startTime":1809.75,"endTime":1811.877,"body":"in"},{"startTime":1811.877,"endTime":1814.004,"body":"which"},{"startTime":1814.004,"endTime":1816.131,"body":"trend"},{"startTime":1816.131,"endTime":1818.258,"body":"is"},{"startTime":1818.258,"endTime":1820.385,"body":"a"},{"startTime":1820.385,"endTime":1822.512,"body":"great"},{"startTime":1822.512,"endTime":1824.639,"body":"strategy,"},{"startTime":1824.639,"endTime":1826.766,"body":"but"},{"startTime":1826.766,"endTime":1828.893,"body":"we"},{"startTime":1828.893,"endTime":1831.02,"body":"know"},{"startTime":1831.02,"endTime":1833.147,"body":"as"},{"startTime":1833.147,"endTime":1835.274,"body":"well"},{"startTime":1835.274,"endTime":1837.401,"body":"there"},{"startTime":1837.401,"endTime":1839.528,"body":"are"},{"startTime":1839.528,"endTime":1841.655,"body":"particular"},{"startTime":1841.655,"endTime":1843.782,"body":"environments"},{"startTime":1843.782,"endTime":1845.909,"body":"in"},{"startTime":1845.909,"endTime":1848.036,"body":"which"},{"startTime":1848.036,"endTime":1850.163,"body":"it"},{"startTime":1850.163,"endTime":1852.29,"body":"is"},{"startTime":1852.29,"endTime":1854.417,"body":"a"},{"startTime":1854.417,"endTime":1856.544,"body":"very"},{"startTime":1856.544,"endTime":1858.671,"body":"good"},{"startTime":1858.671,"endTime":1860.798,"body":"strategy,"},{"startTime":1860.798,"endTime":1862.925,"body":"a"},{"startTime":1862.925,"endTime":1865.052,"body":"very"},{"startTime":1865.052,"endTime":1867.179,"body":"diversifying"},{"startTime":1867.179,"endTime":1869.306,"body":"strategy."},{"startTime":1709.781,"endTime":1713.003,"body":"\rAndso,"},{"startTime":1713.003,"endTime":1714.614,"body":"educating"},{"startTime":1714.614,"endTime":1716.225,"body":"our"},{"startTime":1716.225,"endTime":1717.836,"body":"clients"},{"startTime":1717.836,"endTime":1719.447,"body":"and"},{"startTime":1719.447,"endTime":1721.058,"body":"bringing"},{"startTime":1721.058,"endTime":1722.669,"body":"that"},{"startTime":1722.669,"endTime":1724.28,"body":"idea"},{"startTime":1724.28,"endTime":1725.891,"body":"to"},{"startTime":1725.891,"endTime":1727.502,"body":"a"},{"startTime":1727.502,"endTime":1729.113,"body":"broader"},{"startTime":1729.113,"endTime":1730.724,"body":","},{"startTime":1730.724,"endTime":1732.335,"body":"and"},{"startTime":1732.335,"endTime":1733.946,"body":"then"},{"startTime":1733.946,"endTime":1735.557,"body":"our"},{"startTime":1735.557,"endTime":1737.168,"body":"particular"},{"startTime":1737.168,"endTime":1738.779,"body":"innovation"},{"startTime":1738.779,"endTime":1740.39,"body":"is"},{"startTime":1740.39,"endTime":1742.001,"body":"something"},{"startTime":1742.001,"endTime":1743.612,"body":"we're"},{"startTime":1743.612,"endTime":1745.223,"body":"really"},{"startTime":1745.223,"endTime":1746.834,"body":"good"},{"startTime":1746.834,"endTime":1748.445,"body":"at,"},{"startTime":1748.445,"endTime":1750.056,"body":"exchange"},{"startTime":1750.056,"endTime":1751.667,"body":"traded"},{"startTime":1751.667,"endTime":1753.278,"body":"funds."},{"startTime":1753.278,"endTime":1754.889,"body":"And"},{"startTime":1754.889,"endTime":1756.5,"body":"so,"},{"startTime":1756.5,"endTime":1758.111,"body":"marrying"},{"startTime":1758.111,"endTime":1759.722,"body":"the"},{"startTime":1759.722,"endTime":1761.333,"body":"two"},{"startTime":1761.333,"endTime":1762.944,"body":"concepts,"},{"startTime":1762.944,"endTime":1764.555,"body":"the"},{"startTime":1764.555,"endTime":1766.166,"body":"investment"},{"startTime":1766.166,"endTime":1767.777,"body":"outcome"},{"startTime":1767.777,"endTime":1769.388,"body":"and"},{"startTime":1769.388,"endTime":1770.999,"body":"the"},{"startTime":1770.999,"endTime":1772.61,"body":"specific"},{"startTime":1772.61,"endTime":1774.221,"body":"return"},{"startTime":1774.221,"endTime":1775.832,"body":"profile"},{"startTime":1775.832,"endTime":1777.443,"body":"of"},{"startTime":1777.443,"endTime":1779.054,"body":"trend"},{"startTime":1779.054,"endTime":1780.665,"body":"in"},{"startTime":1780.665,"endTime":1782.276,"body":"a"},{"startTime":1782.276,"endTime":1783.887,"body":"wrapper"},{"startTime":1783.887,"endTime":1785.498,"body":"that"},{"startTime":1785.498,"endTime":1787.109,"body":"is"},{"startTime":1787.109,"endTime":1788.72,"body":"very"},{"startTime":1788.72,"endTime":1790.331,"body":"modern,"},{"startTime":1790.331,"endTime":1791.942,"body":"is"},{"startTime":1791.942,"endTime":1793.553,"body":"very"},{"startTime":1793.553,"endTime":1795.164,"body":"client"},{"startTime":1795.164,"endTime":1796.775,"body":"friendly,"},{"startTime":1796.775,"endTime":1798.386,"body":"is"},{"startTime":1798.386,"endTime":1799.997,"body":"very"},{"startTime":1799.997,"endTime":1801.608,"body":"attractive"},{"startTime":1801.608,"endTime":1803.219,"body":"to"},{"startTime":1803.219,"endTime":1804.83,"body":"our"},{"startTime":1804.83,"endTime":1806.441,"body":"retail"},{"startTime":1806.441,"endTime":1808.052,"body":"client"},{"startTime":1808.052,"endTime":1809.663,"body":"base,"},{"startTime":1809.663,"endTime":1811.274,"body":"was"},{"startTime":1811.274,"endTime":1812.885,"body":"an"},{"startTime":1812.885,"endTime":1814.496,"body":"opportunity"},{"startTime":1814.496,"endTime":1816.107,"body":"we"},{"startTime":1816.107,"endTime":1817.718,"body":"thought"},{"startTime":1817.718,"endTime":1819.329,"body":"to"},{"startTime":1819.329,"endTime":1820.94,"body":"bring"},{"startTime":1820.94,"endTime":1822.551,"body":"liquid"},{"startTime":1822.551,"endTime":1824.162,"body":"alternatives,"},{"startTime":1824.162,"endTime":1825.773,"body":"a"},{"startTime":1825.773,"endTime":1827.384,"body":"form"},{"startTime":1827.384,"endTime":1828.995,"body":"of"},{"startTime":1828.995,"endTime":1830.606,"body":"diversification"},{"startTime":1830.606,"endTime":1832.217,"body":"in"},{"startTime":1832.217,"endTime":1833.828,"body":"a"},{"startTime":1833.828,"endTime":1835.439,"body":"wrapper"},{"startTime":1835.439,"endTime":1837.05,"body":"that"},{"startTime":1837.05,"endTime":1838.661,"body":"they"},{"startTime":1838.661,"endTime":1840.272,"body":"find"},{"startTime":1840.272,"endTime":1841.883,"body":"very"},{"startTime":1841.883,"endTime":1843.494,"body":"attractive."},{"startTime":1843.494,"endTime":1845.105,"body":"And"},{"startTime":1845.105,"endTime":1846.716,"body":"that's"},{"startTime":1846.716,"endTime":1848.327,"body":"why"},{"startTime":1848.327,"endTime":1849.938,"body":"we"},{"startTime":1849.938,"endTime":1851.549,"body":"got"},{"startTime":1851.549,"endTime":1853.16,"body":"into"},{"startTime":1853.16,"endTime":1854.771,"body":"the"},{"startTime":1854.771,"endTime":1856.382,"body":"space"},{"startTime":1856.382,"endTime":1857.993,"body":"and"},{"startTime":1857.993,"endTime":1859.604,"body":"that's"},{"startTime":1859.604,"endTime":1861.215,"body":"why"},{"startTime":1861.215,"endTime":1862.826,"body":"we're"},{"startTime":1862.826,"endTime":1864.437,"body":"excited"},{"startTime":1864.437,"endTime":1866.048,"body":"about"},{"startTime":1866.048,"endTime":1867.659,"body":"that"},{"startTime":1867.659,"endTime":1869.27,"body":"space."},{"startTime":1709.781,"endTime":1722.053,"body":"\rInthe"},{"startTime":1722.053,"endTime":1728.189,"body":"right"},{"startTime":1728.189,"endTime":1734.325,"body":"circumstances,"},{"startTime":1734.325,"endTime":1740.461,"body":"in"},{"startTime":1740.461,"endTime":1746.597,"body":"the"},{"startTime":1746.597,"endTime":1752.733,"body":"right"},{"startTime":1752.733,"endTime":1758.869,"body":"environment,"},{"startTime":1758.869,"endTime":1765.005,"body":"those"},{"startTime":1765.005,"endTime":1771.141,"body":"strategies"},{"startTime":1771.141,"endTime":1777.277,"body":"will"},{"startTime":1777.277,"endTime":1783.413,"body":"be"},{"startTime":1783.413,"endTime":1789.549,"body":"very"},{"startTime":1789.549,"endTime":1795.685,"body":"helpful"},{"startTime":1795.685,"endTime":1801.821,"body":"and"},{"startTime":1801.821,"endTime":1807.957,"body":"very"},{"startTime":1807.957,"endTime":1814.093,"body":"additive"},{"startTime":1814.093,"endTime":1820.229,"body":"to"},{"startTime":1820.229,"endTime":1826.365,"body":"clients"},{"startTime":1826.365,"endTime":1832.501,"body":"portfolios"},{"startTime":1832.501,"endTime":1838.637,"body":"or"},{"startTime":1838.637,"endTime":1844.773,"body":"can"},{"startTime":1844.773,"endTime":1850.909,"body":"be,"},{"startTime":1850.909,"endTime":1857.045,"body":"I"},{"startTime":1857.045,"endTime":1863.181,"body":"should"},{"startTime":1863.181,"endTime":1869.317,"body":"say"},{"startTime":1709.781,"endTime":1869.321,"body":"."},{"startTime":1869.321,"endTime":1869.825,"body":"Absolutely."},{"startTime":1869.825,"endTime":1870.329,"body":"Over"},{"startTime":1870.329,"endTime":1870.833,"body":"to"},{"startTime":1870.833,"endTime":1871.337,"body":"you,"},{"startTime":1871.337,"endTime":1871.841,"body":"Alan."},{"startTime":1872.561,"endTime":1873.103,"body":"So,"},{"startTime":1873.103,"endTime":1873.645,"body":"I'm"},{"startTime":1873.645,"endTime":1874.187,"body":"just"},{"startTime":1874.187,"endTime":1874.729,"body":"curious."},{"startTime":1874.729,"endTime":1875.271,"body":"Obviously,"},{"startTime":1875.271,"endTime":1875.813,"body":"you"},{"startTime":1875.813,"endTime":1876.355,"body":"come"},{"startTime":1876.355,"endTime":1876.897,"body":"from"},{"startTime":1876.897,"endTime":1877.439,"body":"a,"},{"startTime":1877.439,"endTime":1877.981,"body":"we"},{"startTime":1877.981,"endTime":1878.523,"body":"might"},{"startTime":1878.523,"endTime":1879.065,"body":"call"},{"startTime":1879.065,"endTime":1879.607,"body":"it"},{"startTime":1879.607,"endTime":1880.149,"body":"a"},{"startTime":1880.149,"endTime":1880.691,"body":"derivatives"},{"startTime":1880.691,"endTime":1881.233,"body":"background."},{"startTime":1881.233,"endTime":1881.775,"body":"You"},{"startTime":1881.775,"endTime":1882.317,"body":"mentioned"},{"startTime":1882.317,"endTime":1882.859,"body":"kind"},{"startTime":1882.859,"endTime":1883.401,"body":"of"},{"startTime":1883.401,"endTime":1883.943,"body":"the"},{"startTime":1883.943,"endTime":1884.485,"body":"theoretical"},{"startTime":1884.485,"endTime":1885.027,"body":"work"},{"startTime":1885.027,"endTime":1885.569,"body":"you've"},{"startTime":1885.569,"endTime":1886.111,"body":"done,"},{"startTime":1886.111,"endTime":1886.653,"body":"and"},{"startTime":1886.653,"endTime":1887.195,"body":"kind"},{"startTime":1887.195,"endTime":1887.737,"body":"of"},{"startTime":1887.737,"endTime":1888.279,"body":"financial"},{"startTime":1888.279,"endTime":1888.821,"body":"engineering"},{"startTime":1888.821,"endTime":1889.363,"body":"at"},{"startTime":1889.363,"endTime":1889.905,"body":"Carnegie"},{"startTime":1889.905,"endTime":1890.447,"body":"Mellon."},{"startTime":1890.447,"endTime":1890.989,"body":"I"},{"startTime":1890.989,"endTime":1891.531,"body":"mean"},{"startTime":1891.531,"endTime":1892.073,"body":"some"},{"startTime":1892.073,"endTime":1892.615,"body":"people"},{"startTime":1892.615,"endTime":1893.157,"body":"who"},{"startTime":1893.157,"endTime":1893.699,"body":"do"},{"startTime":1893.699,"endTime":1894.241,"body":"trend"},{"startTime":1894.241,"endTime":1894.783,"body":"come"},{"startTime":1894.783,"endTime":1895.325,"body":"from"},{"startTime":1895.325,"endTime":1895.867,"body":"a"},{"startTime":1895.867,"endTime":1896.409,"body":"trading"},{"startTime":1896.409,"endTime":1896.951,"body":"background,"},{"startTime":1896.951,"endTime":1897.493,"body":"or"},{"startTime":1897.493,"endTime":1898.035,"body":"they"},{"startTime":1898.035,"endTime":1898.577,"body":"may"},{"startTime":1898.577,"endTime":1899.119,"body":"have"},{"startTime":1899.119,"endTime":1899.661,"body":"the"},{"startTime":1899.661,"endTime":1900.203,"body":"turtles"},{"startTime":1900.203,"endTime":1900.745,"body":"influence,"},{"startTime":1900.745,"endTime":1901.287,"body":"or"},{"startTime":1901.287,"endTime":1901.829,"body":"also"},{"startTime":1901.829,"endTime":1902.371,"body":"a"},{"startTime":1902.371,"endTime":1902.913,"body":"lot"},{"startTime":1902.913,"endTime":1903.455,"body":"of"},{"startTime":1903.455,"endTime":1903.997,"body":"people"},{"startTime":1903.997,"endTime":1904.539,"body":"who"},{"startTime":1904.539,"endTime":1905.081,"body":"do"},{"startTime":1905.081,"endTime":1905.623,"body":"trend"},{"startTime":1905.623,"endTime":1906.165,"body":"maybe"},{"startTime":1906.165,"endTime":1906.707,"body":"are"},{"startTime":1906.707,"endTime":1907.249,"body":"influenced"},{"startTime":1907.249,"endTime":1907.791,"body":"by"},{"startTime":1907.791,"endTime":1908.333,"body":"the"},{"startTime":1908.333,"endTime":1908.875,"body":"AHL"},{"startTime":1908.875,"endTime":1909.417,"body":"kind"},{"startTime":1909.417,"endTime":1909.959,"body":"of"},{"startTime":1909.959,"endTime":1910.501,"body":"experience."},{"startTime":1910.501,"endTime":1911.043,"body":"And"},{"startTime":1911.043,"endTime":1911.585,"body":"you've"},{"startTime":1911.585,"endTime":1912.127,"body":"got"},{"startTime":1912.127,"endTime":1912.669,"body":"different"},{"startTime":1912.669,"endTime":1913.211,"body":"types"},{"startTime":1913.211,"endTime":1913.753,"body":"of"},{"startTime":1913.753,"endTime":1914.295,"body":"trend"},{"startTime":1914.295,"endTime":1914.837,"body":"that"},{"startTime":1914.837,"endTime":1915.379,"body":"link"},{"startTime":1915.379,"endTime":1915.921,"body":"back"},{"startTime":1915.921,"endTime":1916.463,"body":"to"},{"startTime":1916.463,"endTime":1917.005,"body":"those"},{"startTime":1917.005,"endTime":1917.547,"body":"two"},{"startTime":1917.547,"endTime":1918.089,"body":"types."},{"startTime":1872.561,"endTime":1918.091,"body":"\r"},{"startTime":1872.561,"endTime":1875.291,"body":"Imeanis"},{"startTime":1875.291,"endTime":1876.201,"body":"there"},{"startTime":1876.201,"endTime":1877.111,"body":"something"},{"startTime":1877.111,"endTime":1878.021,"body":"different"},{"startTime":1878.021,"endTime":1878.931,"body":"about"},{"startTime":1878.931,"endTime":1879.841,"body":"how"},{"startTime":1879.841,"endTime":1880.751,"body":"a"},{"startTime":1880.751,"endTime":1881.661,"body":"house"},{"startTime":1881.661,"endTime":1882.571,"body":"like"},{"startTime":1882.571,"endTime":1883.481,"body":"BlackRock"},{"startTime":1883.481,"endTime":1884.391,"body":"thinks"},{"startTime":1884.391,"endTime":1885.301,"body":"about"},{"startTime":1885.301,"endTime":1886.211,"body":"trend"},{"startTime":1886.211,"endTime":1887.121,"body":"following,"},{"startTime":1887.121,"endTime":1888.031,"body":"as"},{"startTime":1888.031,"endTime":1888.941,"body":"you"},{"startTime":1888.941,"endTime":1889.851,"body":"mentioned,"},{"startTime":1889.851,"endTime":1890.761,"body":"as"},{"startTime":1890.761,"endTime":1891.671,"body":"a"},{"startTime":1891.671,"endTime":1892.581,"body":"return"},{"startTime":1892.581,"endTime":1893.491,"body":"stream"},{"startTime":1893.491,"endTime":1894.401,"body":"and"},{"startTime":1894.401,"endTime":1895.311,"body":"how"},{"startTime":1895.311,"endTime":1896.221,"body":"you"},{"startTime":1896.221,"endTime":1897.131,"body":"execute"},{"startTime":1897.131,"endTime":1898.041,"body":"it?"},{"startTime":1898.041,"endTime":1898.951,"body":"Obviously,"},{"startTime":1898.951,"endTime":1899.861,"body":"you"},{"startTime":1899.861,"endTime":1900.771,"body":"have"},{"startTime":1900.771,"endTime":1901.681,"body":"the"},{"startTime":1901.681,"endTime":1902.591,"body":"expertise"},{"startTime":1902.591,"endTime":1903.501,"body":"in"},{"startTime":1903.501,"endTime":1904.411,"body":"ETFs,"},{"startTime":1904.411,"endTime":1905.321,"body":"but"},{"startTime":1905.321,"endTime":1906.231,"body":"outside"},{"startTime":1906.231,"endTime":1907.141,"body":"of"},{"startTime":1907.141,"endTime":1908.051,"body":"that,"},{"startTime":1908.051,"endTime":1908.961,"body":"is"},{"startTime":1908.961,"endTime":1909.871,"body":"there"},{"startTime":1909.871,"endTime":1910.781,"body":"a"},{"startTime":1910.781,"endTime":1911.691,"body":"particular"},{"startTime":1911.691,"endTime":1912.601,"body":"philosophy"},{"startTime":1912.601,"endTime":1913.511,"body":"or"},{"startTime":1913.511,"endTime":1914.421,"body":"flavor"},{"startTime":1914.421,"endTime":1915.331,"body":"you"},{"startTime":1915.331,"endTime":1916.241,"body":"bring"},{"startTime":1916.241,"endTime":1917.151,"body":"to"},{"startTime":1917.151,"endTime":1918.061,"body":"it?"},{"startTime":1918.411,"endTime":1920.664,"body":"Yeah,"},{"startTime":1920.664,"endTime":1922.917,"body":"one"},{"startTime":1922.917,"endTime":1925.17,"body":"of"},{"startTime":1925.17,"endTime":1927.423,"body":"the"},{"startTime":1927.423,"endTime":1929.676,"body":"things,"},{"startTime":1929.676,"endTime":1931.929,"body":"and"},{"startTime":1931.929,"endTime":1934.182,"body":"I"},{"startTime":1934.182,"endTime":1936.435,"body":"like"},{"startTime":1936.435,"endTime":1938.688,"body":"to"},{"startTime":1938.688,"endTime":1940.941,"body":"study"},{"startTime":1940.941,"endTime":1943.194,"body":"markets,"},{"startTime":1943.194,"endTime":1945.447,"body":"I"},{"startTime":1945.447,"endTime":1947.7,"body":"like"},{"startTime":1947.7,"endTime":1949.953,"body":"to"},{"startTime":1949.953,"endTime":1952.206,"body":"study"},{"startTime":1952.206,"endTime":1954.459,"body":"financial"},{"startTime":1954.459,"endTime":1956.712,"body":"history."},{"startTime":1956.712,"endTime":1958.965,"body":"I"},{"startTime":1958.965,"endTime":1961.218,"body":"also"},{"startTime":1961.218,"endTime":1963.471,"body":"have"},{"startTime":1963.471,"endTime":1965.724,"body":"had"},{"startTime":1965.724,"endTime":1967.977,"body":"the"},{"startTime":1967.977,"endTime":1970.23,"body":"opportunity"},{"startTime":1970.23,"endTime":1972.483,"body":"of"},{"startTime":1972.483,"endTime":1974.736,"body":"working"},{"startTime":1974.736,"endTime":1976.989,"body":"in"},{"startTime":1976.989,"endTime":1979.242,"body":"lots"},{"startTime":1979.242,"endTime":1981.495,"body":"of"},{"startTime":1981.495,"endTime":1983.748,"body":"different"},{"startTime":1983.748,"endTime":1986.001,"body":"subcultures"},{"startTime":1986.001,"endTime":1988.254,"body":"within"},{"startTime":1988.254,"endTime":1990.507,"body":"our"},{"startTime":1990.507,"endTime":1992.76,"body":"investment"},{"startTime":1992.76,"endTime":1995.013,"body":"world."},{"startTime":1995.013,"endTime":1997.266,"body":"So,"},{"startTime":1997.266,"endTime":1999.519,"body":"I"},{"startTime":1999.519,"endTime":2001.772,"body":"started"},{"startTime":2001.772,"endTime":2004.025,"body":"on"},{"startTime":2004.025,"endTime":2006.278,"body":"an"},{"startTime":2006.278,"endTime":2008.531,"body":"investment"},{"startTime":2008.531,"endTime":2010.784,"body":"grade"},{"startTime":2010.784,"endTime":2013.037,"body":"trading"},{"startTime":2013.037,"endTime":2015.29,"body":"desk."},{"startTime":2015.29,"endTime":2017.543,"body":"Actually,"},{"startTime":2017.543,"endTime":2019.796,"body":"I"},{"startTime":2019.796,"endTime":2022.049,"body":"started"},{"startTime":2022.049,"endTime":2024.302,"body":"at"},{"startTime":2024.302,"endTime":2026.555,"body":"Banker's"},{"startTime":2026.555,"endTime":2028.808,"body":"Trust"},{"startTime":2028.808,"endTime":2031.061,"body":"in"},{"startTime":2031.061,"endTime":2033.314,"body":"a"},{"startTime":2033.314,"endTime":2035.567,"body":"derivative"},{"startTime":2035.567,"endTime":2037.82,"body":"model"},{"startTime":2037.82,"endTime":2040.073,"body":"validation"},{"startTime":2040.073,"endTime":2042.326,"body":"group"},{"startTime":2042.326,"endTime":2044.579,"body":"with"},{"startTime":2044.579,"endTime":2046.832,"body":"a"},{"startTime":2046.832,"endTime":2049.085,"body":"bunch"},{"startTime":2049.085,"endTime":2051.338,"body":"of"},{"startTime":2051.338,"endTime":2053.591,"body":"PhD"},{"startTime":2053.591,"endTime":2055.844,"body":"quants"},{"startTime":2055.844,"endTime":2058.097,"body":"but"},{"startTime":2058.097,"endTime":2060.35,"body":"then"},{"startTime":2060.35,"endTime":2062.603,"body":"went"},{"startTime":2062.603,"endTime":2064.856,"body":"onto"},{"startTime":2064.856,"endTime":2067.109,"body":"the"},{"startTime":2067.109,"endTime":2069.362,"body":"trading"},{"startTime":2069.362,"endTime":2071.615,"body":"floor"},{"startTime":2071.615,"endTime":2073.868,"body":"in"},{"startTime":2073.868,"endTime":2076.121,"body":"credit."},{"startTime":2076.121,"endTime":2078.374,"body":"And"},{"startTime":2078.374,"endTime":2080.627,"body":"then,"},{"startTime":2080.627,"endTime":2082.88,"body":"you"},{"startTime":2082.88,"endTime":2085.133,"body":"know,"},{"startTime":2085.133,"endTime":2087.386,"body":"spend"},{"startTime":2087.386,"endTime":2089.639,"body":"a"},{"startTime":2089.639,"endTime":2091.892,"body":"lot"},{"startTime":2091.892,"endTime":2094.145,"body":"of"},{"startTime":2094.145,"endTime":2096.398,"body":"time"},{"startTime":2096.398,"endTime":2098.651,"body":"with"},{"startTime":2098.651,"endTime":2100.904,"body":"high"},{"startTime":2100.904,"endTime":2103.157,"body":"yield"},{"startTime":2103.157,"endTime":2105.41,"body":"credit"},{"startTime":2105.41,"endTime":2107.663,"body":"people."},{"startTime":1918.411,"endTime":1923.977,"body":"\rEverybody'sgot"},{"startTime":1923.977,"endTime":1926.76,"body":"their"},{"startTime":1926.76,"endTime":1929.543,"body":"own"},{"startTime":1929.543,"endTime":1932.326,"body":"history,"},{"startTime":1932.326,"endTime":1935.109,"body":"and"},{"startTime":1935.109,"endTime":1937.892,"body":"they've"},{"startTime":1937.892,"endTime":1940.675,"body":"got"},{"startTime":1940.675,"endTime":1943.458,"body":"their"},{"startTime":1943.458,"endTime":1946.241,"body":"own"},{"startTime":1946.241,"endTime":1949.024,"body":"philosophies"},{"startTime":1949.024,"endTime":1951.807,"body":"and"},{"startTime":1951.807,"endTime":1954.59,"body":"their"},{"startTime":1954.59,"endTime":1957.373,"body":"own"},{"startTime":1957.373,"endTime":1960.156,"body":"path"},{"startTime":1960.156,"endTime":1962.939,"body":"dependencies,"},{"startTime":1962.939,"endTime":1965.722,"body":"and"},{"startTime":1965.722,"endTime":1968.505,"body":"it's"},{"startTime":1968.505,"endTime":1971.288,"body":"fascinating"},{"startTime":1971.288,"endTime":1974.071,"body":"to"},{"startTime":1974.071,"endTime":1976.854,"body":"learn"},{"startTime":1976.854,"endTime":1979.637,"body":"all"},{"startTime":1979.637,"endTime":1982.42,"body":"about,"},{"startTime":1982.42,"endTime":1985.203,"body":"about"},{"startTime":1985.203,"endTime":1987.986,"body":"those."},{"startTime":1987.986,"endTime":1990.769,"body":"So,"},{"startTime":1990.769,"endTime":1993.552,"body":"as"},{"startTime":1993.552,"endTime":1996.335,"body":"you"},{"startTime":1996.335,"endTime":1999.118,"body":"pointed"},{"startTime":1999.118,"endTime":2001.901,"body":"out,"},{"startTime":2001.901,"endTime":2004.684,"body":"my"},{"startTime":2004.684,"endTime":2007.467,"body":"path"},{"startTime":2007.467,"endTime":2010.25,"body":"did"},{"startTime":2010.25,"endTime":2013.033,"body":"not"},{"startTime":2013.033,"endTime":2015.816,"body":"start"},{"startTime":2015.816,"endTime":2018.599,"body":"in"},{"startTime":2018.599,"endTime":2021.382,"body":"trend,"},{"startTime":2021.382,"endTime":2024.165,"body":"but"},{"startTime":2024.165,"endTime":2026.948,"body":"it"},{"startTime":2026.948,"endTime":2029.731,"body":"did"},{"startTime":2029.731,"endTime":2032.514,"body":"intersect"},{"startTime":2032.514,"endTime":2035.297,"body":"with"},{"startTime":2035.297,"endTime":2038.08,"body":"trend."},{"startTime":2038.08,"endTime":2040.863,"body":"And"},{"startTime":2040.863,"endTime":2043.646,"body":"so,"},{"startTime":2043.646,"endTime":2046.429,"body":"I"},{"startTime":2046.429,"endTime":2049.212,"body":"spent"},{"startTime":2049.212,"endTime":2051.995,"body":"a"},{"startTime":2051.995,"endTime":2054.778,"body":"lot"},{"startTime":2054.778,"endTime":2057.561,"body":"of"},{"startTime":2057.561,"endTime":2060.344,"body":"time"},{"startTime":2060.344,"endTime":2063.127,"body":"with"},{"startTime":2063.127,"endTime":2065.91,"body":"our"},{"startTime":2065.91,"endTime":2068.693,"body":"people,"},{"startTime":2068.693,"endTime":2071.476,"body":"inside"},{"startTime":2071.476,"endTime":2074.259,"body":"BlackRock"},{"startTime":2074.259,"endTime":2077.042,"body":"Systematic,"},{"startTime":2077.042,"endTime":2079.825,"body":"who"},{"startTime":2079.825,"endTime":2082.608,"body":"do"},{"startTime":2082.608,"endTime":2085.391,"body":"come"},{"startTime":2085.391,"endTime":2088.174,"body":"from"},{"startTime":2088.174,"endTime":2090.957,"body":"and"},{"startTime":2090.957,"endTime":2093.74,"body":"spend"},{"startTime":2093.74,"endTime":2096.523,"body":"time"},{"startTime":2096.523,"endTime":2099.306,"body":"within"},{"startTime":2099.306,"endTime":2102.089,"body":"that"},{"startTime":2102.089,"endTime":2104.872,"body":"trend"},{"startTime":2104.872,"endTime":2107.655,"body":"ecosystem."},{"startTime":1918.411,"endTime":1923.669,"body":"\rAndso,"},{"startTime":1923.669,"endTime":1926.298,"body":"a"},{"startTime":1926.298,"endTime":1928.927,"body":"lot"},{"startTime":1928.927,"endTime":1931.556,"body":"of"},{"startTime":1931.556,"endTime":1934.185,"body":"it"},{"startTime":1934.185,"endTime":1936.814,"body":"is"},{"startTime":1936.814,"endTime":1939.443,"body":"drawing"},{"startTime":1939.443,"endTime":1942.072,"body":"from"},{"startTime":1942.072,"endTime":1944.701,"body":"that"},{"startTime":1944.701,"endTime":1947.33,"body":"same"},{"startTime":1947.33,"endTime":1949.959,"body":"school"},{"startTime":1949.959,"endTime":1952.588,"body":"of"},{"startTime":1952.588,"endTime":1955.217,"body":"thought,"},{"startTime":1955.217,"endTime":1957.846,"body":"that"},{"startTime":1957.846,"endTime":1960.475,"body":"same"},{"startTime":1960.475,"endTime":1963.104,"body":"history,"},{"startTime":1963.104,"endTime":1965.733,"body":"and"},{"startTime":1965.733,"endTime":1968.362,"body":"blending"},{"startTime":1968.362,"endTime":1970.991,"body":"it"},{"startTime":1970.991,"endTime":1973.62,"body":"with"},{"startTime":1973.62,"endTime":1976.249,"body":"all"},{"startTime":1976.249,"endTime":1978.878,"body":"the"},{"startTime":1978.878,"endTime":1981.507,"body":"other"},{"startTime":1981.507,"endTime":1984.136,"body":"influences"},{"startTime":1984.136,"endTime":1986.765,"body":"that"},{"startTime":1986.765,"endTime":1989.394,"body":"exist"},{"startTime":1989.394,"endTime":1992.023,"body":"around"},{"startTime":1992.023,"endTime":1994.652,"body":"systematics."},{"startTime":1994.652,"endTime":1997.281,"body":"So,"},{"startTime":1997.281,"endTime":1999.91,"body":"trend,"},{"startTime":1999.91,"endTime":2002.539,"body":"on"},{"startTime":2002.539,"endTime":2005.168,"body":"a"},{"startTime":2005.168,"endTime":2007.797,"body":"broader"},{"startTime":2007.797,"endTime":2010.426,"body":"context,"},{"startTime":2010.426,"endTime":2013.055,"body":"is"},{"startTime":2013.055,"endTime":2015.684,"body":"momentum."},{"startTime":2015.684,"endTime":2018.313,"body":"And"},{"startTime":2018.313,"endTime":2020.942,"body":"price"},{"startTime":2020.942,"endTime":2023.571,"body":"momentum,"},{"startTime":2023.571,"endTime":2026.2,"body":"if"},{"startTime":2026.2,"endTime":2028.829,"body":"we"},{"startTime":2028.829,"endTime":2031.458,"body":"think"},{"startTime":2031.458,"endTime":2034.087,"body":"about"},{"startTime":2034.087,"endTime":2036.716,"body":"it"},{"startTime":2036.716,"endTime":2039.345,"body":"from"},{"startTime":2039.345,"endTime":2041.974,"body":"kind"},{"startTime":2041.974,"endTime":2044.603,"body":"of"},{"startTime":2044.603,"endTime":2047.232,"body":"Fama"},{"startTime":2047.232,"endTime":2049.861,"body":"French"},{"startTime":2049.861,"endTime":2052.49,"body":"and"},{"startTime":2052.49,"endTime":2055.119,"body":"the"},{"startTime":2055.119,"endTime":2057.748,"body":"equity"},{"startTime":2057.748,"endTime":2060.377,"body":"literature,"},{"startTime":2060.377,"endTime":2063.006,"body":"is"},{"startTime":2063.006,"endTime":2065.635,"body":"a"},{"startTime":2065.635,"endTime":2068.264,"body":"big"},{"startTime":2068.264,"endTime":2070.893,"body":"factor."},{"startTime":2070.893,"endTime":2073.522,"body":"And"},{"startTime":2073.522,"endTime":2076.151,"body":"so"},{"startTime":2076.151,"endTime":2078.78,"body":"that"},{"startTime":2078.78,"endTime":2081.409,"body":"brings"},{"startTime":2081.409,"endTime":2084.038,"body":"in"},{"startTime":2084.038,"endTime":2086.667,"body":"another"},{"startTime":2086.667,"endTime":2089.296,"body":"word,"},{"startTime":2089.296,"endTime":2091.925,"body":"and"},{"startTime":2091.925,"endTime":2094.554,"body":"another"},{"startTime":2094.554,"endTime":2097.183,"body":"group"},{"startTime":2097.183,"endTime":2099.812,"body":"of"},{"startTime":2099.812,"endTime":2102.441,"body":"people,"},{"startTime":2102.441,"endTime":2105.07,"body":"factor-based"},{"startTime":2105.07,"endTime":2107.699,"body":"investing."},{"startTime":1918.411,"endTime":1925.421,"body":"\rAndso,"},{"startTime":1925.421,"endTime":1928.926,"body":"it"},{"startTime":1928.926,"endTime":1932.431,"body":"all"},{"startTime":1932.431,"endTime":1935.936,"body":"kind"},{"startTime":1935.936,"endTime":1939.441,"body":"of"},{"startTime":1939.441,"endTime":1942.946,"body":"mixes"},{"startTime":1942.946,"endTime":1946.451,"body":"together"},{"startTime":1946.451,"endTime":1949.956,"body":"and"},{"startTime":1949.956,"endTime":1953.461,"body":"is"},{"startTime":1953.461,"endTime":1956.966,"body":"this"},{"startTime":1956.966,"endTime":1960.471,"body":"incredible"},{"startTime":1960.471,"endTime":1963.976,"body":"cauldron"},{"startTime":1963.976,"endTime":1967.481,"body":"of"},{"startTime":1967.481,"endTime":1970.986,"body":"bubbling"},{"startTime":1970.986,"endTime":1974.491,"body":"enthusiasm"},{"startTime":1974.491,"endTime":1977.996,"body":"for"},{"startTime":1977.996,"endTime":1981.501,"body":"all"},{"startTime":1981.501,"endTime":1985.006,"body":"things"},{"startTime":1985.006,"endTime":1988.511,"body":"systematic."},{"startTime":1988.511,"endTime":1992.016,"body":"But"},{"startTime":1992.016,"endTime":1995.521,"body":"things"},{"startTime":1995.521,"endTime":1999.026,"body":"are"},{"startTime":1999.026,"endTime":2002.531,"body":"sort"},{"startTime":2002.531,"endTime":2006.036,"body":"of"},{"startTime":2006.036,"endTime":2009.541,"body":"getting"},{"startTime":2009.541,"endTime":2013.046,"body":"melted"},{"startTime":2013.046,"endTime":2016.551,"body":"down"},{"startTime":2016.551,"endTime":2020.056,"body":"here"},{"startTime":2020.056,"endTime":2023.561,"body":"and"},{"startTime":2023.561,"endTime":2027.066,"body":"mixed"},{"startTime":2027.066,"endTime":2030.571,"body":"up"},{"startTime":2030.571,"endTime":2034.076,"body":"where"},{"startTime":2034.076,"endTime":2037.581,"body":"you"},{"startTime":2037.581,"endTime":2041.086,"body":"got"},{"startTime":2041.086,"endTime":2044.591,"body":"factor"},{"startTime":2044.591,"endTime":2048.096,"body":"people,"},{"startTime":2048.096,"endTime":2051.601,"body":"and"},{"startTime":2051.601,"endTime":2055.106,"body":"trend"},{"startTime":2055.106,"endTime":2058.611,"body":"people,"},{"startTime":2058.611,"endTime":2062.116,"body":"and"},{"startTime":2062.116,"endTime":2065.621,"body":"I’ve"},{"startTime":2065.621,"endTime":2069.126,"body":"got"},{"startTime":2069.126,"endTime":2072.631,"body":"to"},{"startTime":2072.631,"endTime":2076.136,"body":"throw"},{"startTime":2076.136,"endTime":2079.641,"body":"in"},{"startTime":2079.641,"endTime":2083.146,"body":"the"},{"startTime":2083.146,"endTime":2086.651,"body":"AI"},{"startTime":2086.651,"endTime":2090.156,"body":"people,"},{"startTime":2090.156,"endTime":2093.661,"body":"and"},{"startTime":2093.661,"endTime":2097.166,"body":"the"},{"startTime":2097.166,"endTime":2100.671,"body":"machine"},{"startTime":2100.671,"endTime":2104.176,"body":"learning"},{"startTime":2104.176,"endTime":2107.681,"body":"aspects."},{"startTime":1918.411,"endTime":1925.553,"body":"\rAndso,"},{"startTime":1925.553,"endTime":1929.124,"body":"what"},{"startTime":1929.124,"endTime":1932.695,"body":"we're"},{"startTime":1932.695,"endTime":1936.266,"body":"doing"},{"startTime":1936.266,"endTime":1939.837,"body":"is,"},{"startTime":1939.837,"endTime":1943.408,"body":"in"},{"startTime":1943.408,"endTime":1946.979,"body":"some"},{"startTime":1946.979,"endTime":1950.55,"body":"aspects,"},{"startTime":1950.55,"endTime":1954.121,"body":"we're"},{"startTime":1954.121,"endTime":1957.692,"body":"just"},{"startTime":1957.692,"endTime":1961.263,"body":"taking"},{"startTime":1961.263,"endTime":1964.834,"body":"a"},{"startTime":1964.834,"endTime":1968.405,"body":"very"},{"startTime":1968.405,"endTime":1971.976,"body":"simple"},{"startTime":1971.976,"endTime":1975.547,"body":"strategy,"},{"startTime":1975.547,"endTime":1979.118,"body":"and"},{"startTime":1979.118,"endTime":1982.689,"body":"keeping"},{"startTime":1982.689,"endTime":1986.26,"body":"it"},{"startTime":1986.26,"endTime":1989.831,"body":"simple,"},{"startTime":1989.831,"endTime":1993.402,"body":"and"},{"startTime":1993.402,"endTime":1996.973,"body":"replicating"},{"startTime":1996.973,"endTime":2000.544,"body":"what"},{"startTime":2000.544,"endTime":2004.115,"body":"investors"},{"startTime":2004.115,"endTime":2007.686,"body":"expect"},{"startTime":2007.686,"endTime":2011.257,"body":"out"},{"startTime":2011.257,"endTime":2014.828,"body":"of"},{"startTime":2014.828,"endTime":2018.399,"body":"trend,"},{"startTime":2018.399,"endTime":2021.97,"body":"and"},{"startTime":2021.97,"endTime":2025.541,"body":"trying"},{"startTime":2025.541,"endTime":2029.112,"body":"to"},{"startTime":2029.112,"endTime":2032.683,"body":"deliver"},{"startTime":2032.683,"endTime":2036.254,"body":"a"},{"startTime":2036.254,"endTime":2039.825,"body":"trend-like"},{"startTime":2039.825,"endTime":2043.396,"body":"experience."},{"startTime":2043.396,"endTime":2046.967,"body":"And"},{"startTime":2046.967,"endTime":2050.538,"body":"so,"},{"startTime":2050.538,"endTime":2054.109,"body":"you"},{"startTime":2054.109,"endTime":2057.68,"body":"can"},{"startTime":2057.68,"endTime":2061.251,"body":"think"},{"startTime":2061.251,"endTime":2064.822,"body":"about"},{"startTime":2064.822,"endTime":2068.393,"body":"that"},{"startTime":2068.393,"endTime":2071.964,"body":"in"},{"startTime":2071.964,"endTime":2075.535,"body":"terms"},{"startTime":2075.535,"endTime":2079.106,"body":"of"},{"startTime":2079.106,"endTime":2082.677,"body":"ISMF,"},{"startTime":2082.677,"endTime":2086.248,"body":"that"},{"startTime":2086.248,"endTime":2089.819,"body":"was"},{"startTime":2089.819,"endTime":2093.39,"body":"the"},{"startTime":2093.39,"endTime":2096.961,"body":"goal"},{"startTime":2096.961,"endTime":2100.532,"body":"and"},{"startTime":2100.532,"endTime":2104.103,"body":"the"},{"startTime":2104.103,"endTime":2107.674,"body":"objective."},{"startTime":1918.411,"endTime":1922.525,"body":"\rWehave"},{"startTime":1922.525,"endTime":1924.582,"body":"a"},{"startTime":1924.582,"endTime":1926.639,"body":"new"},{"startTime":1926.639,"endTime":1928.696,"body":"fund"},{"startTime":1928.696,"endTime":1930.753,"body":"coming"},{"startTime":1930.753,"endTime":1932.81,"body":"out."},{"startTime":1932.81,"endTime":1934.867,"body":"It's"},{"startTime":1934.867,"endTime":1936.924,"body":"called"},{"startTime":1936.924,"endTime":1938.981,"body":"iShares"},{"startTime":1938.981,"endTime":1941.038,"body":"Systematic"},{"startTime":1941.038,"endTime":1943.095,"body":"Alternatives"},{"startTime":1943.095,"endTime":1945.152,"body":"Active"},{"startTime":1945.152,"endTime":1947.209,"body":"ETF."},{"startTime":1947.209,"endTime":1949.266,"body":"It's,"},{"startTime":1949.266,"endTime":1951.323,"body":"again,"},{"startTime":1951.323,"endTime":1953.38,"body":"in"},{"startTime":1953.38,"endTime":1955.437,"body":"an"},{"startTime":1955.437,"endTime":1957.494,"body":"active"},{"startTime":1957.494,"endTime":1959.551,"body":"ETF"},{"startTime":1959.551,"endTime":1961.608,"body":"wrapper."},{"startTime":1961.608,"endTime":1963.665,"body":"And"},{"startTime":1963.665,"endTime":1965.722,"body":"that"},{"startTime":1965.722,"endTime":1967.779,"body":"one,"},{"startTime":1967.779,"endTime":1969.836,"body":"you"},{"startTime":1969.836,"endTime":1971.893,"body":"know,"},{"startTime":1971.893,"endTime":1973.95,"body":"is"},{"startTime":1973.95,"endTime":1976.007,"body":"a"},{"startTime":1976.007,"endTime":1978.064,"body":"little"},{"startTime":1978.064,"endTime":1980.121,"body":"bit"},{"startTime":1980.121,"endTime":1982.178,"body":"more"},{"startTime":1982.178,"endTime":1984.235,"body":"ambitious."},{"startTime":1984.235,"endTime":1986.292,"body":"And"},{"startTime":1986.292,"endTime":1988.349,"body":"so,"},{"startTime":1988.349,"endTime":1990.406,"body":"it"},{"startTime":1990.406,"endTime":1992.463,"body":"takes"},{"startTime":1992.463,"endTime":1994.52,"body":"some"},{"startTime":1994.52,"endTime":1996.577,"body":"of"},{"startTime":1996.577,"endTime":1998.634,"body":"kernel,"},{"startTime":1998.634,"endTime":2000.691,"body":"it"},{"startTime":2000.691,"endTime":2002.748,"body":"adds"},{"startTime":2002.748,"endTime":2004.805,"body":"it"},{"startTime":2004.805,"endTime":2006.862,"body":"into"},{"startTime":2006.862,"endTime":2008.919,"body":"the"},{"startTime":2008.919,"endTime":2010.976,"body":"mix,"},{"startTime":2010.976,"endTime":2013.033,"body":"but"},{"startTime":2013.033,"endTime":2015.09,"body":"it"},{"startTime":2015.09,"endTime":2017.147,"body":"adds"},{"startTime":2017.147,"endTime":2019.204,"body":"some"},{"startTime":2019.204,"endTime":2021.261,"body":"of"},{"startTime":2021.261,"endTime":2023.318,"body":"the"},{"startTime":2023.318,"endTime":2025.375,"body":"other"},{"startTime":2025.375,"endTime":2027.432,"body":"aspects"},{"startTime":2027.432,"endTime":2029.489,"body":"of"},{"startTime":2029.489,"endTime":2031.546,"body":"our"},{"startTime":2031.546,"endTime":2033.603,"body":"research"},{"startTime":2033.603,"endTime":2035.66,"body":"and"},{"startTime":2035.66,"endTime":2037.717,"body":"history"},{"startTime":2037.717,"endTime":2039.774,"body":"around"},{"startTime":2039.774,"endTime":2041.831,"body":"momentum"},{"startTime":2041.831,"endTime":2043.888,"body":"strategies,"},{"startTime":2043.888,"endTime":2045.945,"body":"machine"},{"startTime":2045.945,"endTime":2048.002,"body":"learning"},{"startTime":2048.002,"endTime":2050.059,"body":"aspects"},{"startTime":2050.059,"endTime":2052.116,"body":"to"},{"startTime":2052.116,"endTime":2054.173,"body":"it,"},{"startTime":2054.173,"endTime":2056.23,"body":"to"},{"startTime":2056.23,"endTime":2058.287,"body":"sort"},{"startTime":2058.287,"endTime":2060.344,"body":"of"},{"startTime":2060.344,"endTime":2062.401,"body":"modify"},{"startTime":2062.401,"endTime":2064.458,"body":"a"},{"startTime":2064.458,"endTime":2066.515,"body":"bit"},{"startTime":2066.515,"endTime":2068.572,"body":"of"},{"startTime":2068.572,"endTime":2070.629,"body":"the"},{"startTime":2070.629,"endTime":2072.686,"body":"payoff"},{"startTime":2072.686,"endTime":2074.743,"body":"profile."},{"startTime":2074.743,"endTime":2076.8,"body":"It's"},{"startTime":2076.8,"endTime":2078.857,"body":"mixed"},{"startTime":2078.857,"endTime":2080.914,"body":"in"},{"startTime":2080.914,"endTime":2082.971,"body":"with"},{"startTime":2082.971,"endTime":2085.028,"body":"a"},{"startTime":2085.028,"endTime":2087.085,"body":"bunch"},{"startTime":2087.085,"endTime":2089.142,"body":"of"},{"startTime":2089.142,"endTime":2091.199,"body":"other"},{"startTime":2091.199,"endTime":2093.256,"body":"strategies"},{"startTime":2093.256,"endTime":2095.313,"body":"as"},{"startTime":2095.313,"endTime":2097.37,"body":"well."},{"startTime":2097.37,"endTime":2099.427,"body":"That's"},{"startTime":2099.427,"endTime":2101.484,"body":"a"},{"startTime":2101.484,"endTime":2103.541,"body":"multi-strat"},{"startTime":2103.541,"endTime":2105.598,"body":"liquid"},{"startTime":2105.598,"endTime":2107.655,"body":"alternative."},{"startTime":1918.411,"endTime":1927.875,"body":"\rButto"},{"startTime":1927.875,"endTime":1932.607,"body":"answer"},{"startTime":1932.607,"endTime":1937.339,"body":"your"},{"startTime":1937.339,"endTime":1942.071,"body":"question,"},{"startTime":1942.071,"endTime":1946.803,"body":"Alan,"},{"startTime":1946.803,"endTime":1951.535,"body":"it's"},{"startTime":1951.535,"endTime":1956.267,"body":"a"},{"startTime":1956.267,"endTime":1960.999,"body":"little"},{"startTime":1960.999,"endTime":1965.731,"body":"bit"},{"startTime":1965.731,"endTime":1970.463,"body":"of"},{"startTime":1970.463,"endTime":1975.195,"body":"respect"},{"startTime":1975.195,"endTime":1979.927,"body":"for"},{"startTime":1979.927,"endTime":1984.659,"body":"the"},{"startTime":1984.659,"endTime":1989.391,"body":"specific"},{"startTime":1989.391,"endTime":1994.123,"body":"history"},{"startTime":1994.123,"endTime":1998.855,"body":"and"},{"startTime":1998.855,"endTime":2003.587,"body":"intellectual"},{"startTime":2003.587,"endTime":2008.319,"body":"aspects"},{"startTime":2008.319,"endTime":2013.051,"body":"but"},{"startTime":2013.051,"endTime":2017.783,"body":"bringing"},{"startTime":2017.783,"endTime":2022.515,"body":"to"},{"startTime":2022.515,"endTime":2027.247,"body":"that"},{"startTime":2027.247,"endTime":2031.979,"body":"a"},{"startTime":2031.979,"endTime":2036.711,"body":"diversity"},{"startTime":2036.711,"endTime":2041.443,"body":"of"},{"startTime":2041.443,"endTime":2046.175,"body":"viewpoints"},{"startTime":2046.175,"endTime":2050.907,"body":"that"},{"startTime":2050.907,"endTime":2055.639,"body":"results"},{"startTime":2055.639,"endTime":2060.371,"body":"in"},{"startTime":2060.371,"endTime":2065.103,"body":"some"},{"startTime":2065.103,"endTime":2069.835,"body":"differentiated"},{"startTime":2069.835,"endTime":2074.567,"body":"and,"},{"startTime":2074.567,"endTime":2079.299,"body":"we"},{"startTime":2079.299,"endTime":2084.031,"body":"think,"},{"startTime":2084.031,"endTime":2088.763,"body":"some"},{"startTime":2088.763,"endTime":2093.495,"body":"really"},{"startTime":2093.495,"endTime":2098.227,"body":"attractive"},{"startTime":2098.227,"endTime":2102.959,"body":"return"},{"startTime":2102.959,"endTime":2107.691,"body":"profiles."},{"startTime":2108.751,"endTime":2109.205,"body":"And"},{"startTime":2109.205,"endTime":2109.659,"body":"you"},{"startTime":2109.659,"endTime":2110.113,"body":"mentioned"},{"startTime":2110.113,"endTime":2110.567,"body":"what"},{"startTime":2110.567,"endTime":2111.021,"body":"investors"},{"startTime":2111.021,"endTime":2111.475,"body":"expect"},{"startTime":2111.475,"endTime":2111.929,"body":"from"},{"startTime":2111.929,"endTime":2112.383,"body":"a"},{"startTime":2112.383,"endTime":2112.837,"body":"trend"},{"startTime":2112.837,"endTime":2113.291,"body":"experience."},{"startTime":2113.291,"endTime":2113.745,"body":"And"},{"startTime":2113.745,"endTime":2114.199,"body":"it"},{"startTime":2114.199,"endTime":2114.653,"body":"kind"},{"startTime":2114.653,"endTime":2115.107,"body":"of"},{"startTime":2115.107,"endTime":2115.561,"body":"touches"},{"startTime":2115.561,"endTime":2116.015,"body":"on"},{"startTime":2116.015,"endTime":2116.469,"body":"one"},{"startTime":2116.469,"endTime":2116.923,"body":"of"},{"startTime":2116.923,"endTime":2117.377,"body":"the"},{"startTime":2117.377,"endTime":2117.831,"body":"debates"},{"startTime":2117.831,"endTime":2118.285,"body":"we've"},{"startTime":2118.285,"endTime":2118.739,"body":"had"},{"startTime":2118.739,"endTime":2119.193,"body":"here"},{"startTime":2119.193,"endTime":2119.647,"body":"on"},{"startTime":2119.647,"endTime":2120.101,"body":"the"},{"startTime":2120.101,"endTime":2120.555,"body":"podcast"},{"startTime":2120.555,"endTime":2121.009,"body":"as"},{"startTime":2121.009,"endTime":2121.463,"body":"well"},{"startTime":2121.463,"endTime":2121.917,"body":"with"},{"startTime":2121.917,"endTime":2122.371,"body":"people"},{"startTime":2122.371,"endTime":2122.825,"body":"about"},{"startTime":2122.825,"endTime":2123.279,"body":"kind"},{"startTime":2123.279,"endTime":2123.733,"body":"of"},{"startTime":2123.733,"endTime":2124.187,"body":"the"},{"startTime":2124.187,"endTime":2124.641,"body":"dual"},{"startTime":2124.641,"endTime":2125.095,"body":"mandate"},{"startTime":2125.095,"endTime":2125.549,"body":"of"},{"startTime":2125.549,"endTime":2126.003,"body":"managed"},{"startTime":2126.003,"endTime":2126.457,"body":"futures,"},{"startTime":2126.457,"endTime":2126.911,"body":"of"},{"startTime":2126.911,"endTime":2127.365,"body":"delivering"},{"startTime":2127.365,"endTime":2127.819,"body":"a"},{"startTime":2127.819,"endTime":2128.273,"body":"return"},{"startTime":2128.273,"endTime":2128.727,"body":"stream"},{"startTime":2128.727,"endTime":2129.181,"body":"that's"},{"startTime":2129.181,"endTime":2129.635,"body":"uncorrelated"},{"startTime":2129.635,"endTime":2130.089,"body":"to"},{"startTime":2130.089,"endTime":2130.543,"body":"equities"},{"startTime":2130.543,"endTime":2130.997,"body":"over"},{"startTime":2130.997,"endTime":2131.451,"body":"the"},{"startTime":2131.451,"endTime":2131.905,"body":"long"},{"startTime":2131.905,"endTime":2132.359,"body":"term,"},{"startTime":2132.359,"endTime":2132.813,"body":"but"},{"startTime":2132.813,"endTime":2133.267,"body":"also"},{"startTime":2133.267,"endTime":2133.721,"body":"delivering"},{"startTime":2133.721,"endTime":2134.175,"body":"crisis"},{"startTime":2134.175,"endTime":2134.629,"body":"alpha,"},{"startTime":2134.629,"endTime":2135.083,"body":"or"},{"startTime":2135.083,"endTime":2135.537,"body":"whatever"},{"startTime":2135.537,"endTime":2135.991,"body":"you"},{"startTime":2135.991,"endTime":2136.445,"body":"like"},{"startTime":2136.445,"endTime":2136.899,"body":"to"},{"startTime":2136.899,"endTime":2137.353,"body":"call"},{"startTime":2137.353,"endTime":2137.807,"body":"it,"},{"startTime":2137.807,"endTime":2138.261,"body":"at"},{"startTime":2138.261,"endTime":2138.715,"body":"times"},{"startTime":2138.715,"endTime":2139.169,"body":"of"},{"startTime":2139.169,"endTime":2139.623,"body":"stress."},{"startTime":2108.751,"endTime":2111.039,"body":"\rSo,how"},{"startTime":2111.039,"endTime":2112.183,"body":"do"},{"startTime":2112.183,"endTime":2113.327,"body":"you"},{"startTime":2113.327,"endTime":2114.471,"body":"balance"},{"startTime":2114.471,"endTime":2115.615,"body":"those"},{"startTime":2115.615,"endTime":2116.759,"body":"and"},{"startTime":2116.759,"endTime":2117.903,"body":"how"},{"startTime":2117.903,"endTime":2119.047,"body":"does"},{"startTime":2119.047,"endTime":2120.191,"body":"that"},{"startTime":2120.191,"endTime":2121.335,"body":"weigh"},{"startTime":2121.335,"endTime":2122.479,"body":"into"},{"startTime":2122.479,"endTime":2123.623,"body":"the"},{"startTime":2123.623,"endTime":2124.767,"body":"conversation"},{"startTime":2124.767,"endTime":2125.911,"body":"in"},{"startTime":2125.911,"endTime":2127.055,"body":"terms"},{"startTime":2127.055,"endTime":2128.199,"body":"of"},{"startTime":2128.199,"endTime":2129.343,"body":"speed"},{"startTime":2129.343,"endTime":2130.487,"body":"of"},{"startTime":2130.487,"endTime":2131.631,"body":"systems"},{"startTime":2131.631,"endTime":2132.775,"body":"or"},{"startTime":2132.775,"endTime":2133.919,"body":"risk"},{"startTime":2133.919,"endTime":2135.063,"body":"allocations"},{"startTime":2135.063,"endTime":2136.207,"body":"to"},{"startTime":2136.207,"endTime":2137.351,"body":"different"},{"startTime":2137.351,"endTime":2138.495,"body":"markets,"},{"startTime":2138.495,"endTime":2139.639,"body":"etc.?"},{"startTime":2140.201,"endTime":2142.535,"body":"Yeah,"},{"startTime":2142.535,"endTime":2144.869,"body":"well,"},{"startTime":2144.869,"endTime":2147.203,"body":"I"},{"startTime":2147.203,"endTime":2149.537,"body":"started"},{"startTime":2149.537,"endTime":2151.871,"body":"by"},{"startTime":2151.871,"endTime":2154.205,"body":"saying"},{"startTime":2154.205,"endTime":2156.539,"body":"this"},{"startTime":2156.539,"endTime":2158.873,"body":"year,"},{"startTime":2158.873,"endTime":2161.207,"body":"at"},{"startTime":2161.207,"endTime":2163.541,"body":"the"},{"startTime":2163.541,"endTime":2165.875,"body":"beginning,"},{"startTime":2165.875,"endTime":2168.209,"body":"was"},{"startTime":2168.209,"endTime":2170.543,"body":"sort"},{"startTime":2170.543,"endTime":2172.877,"body":"of"},{"startTime":2172.877,"endTime":2175.211,"body":"a"},{"startTime":2175.211,"endTime":2177.545,"body":"tumultuous"},{"startTime":2177.545,"endTime":2179.879,"body":"year."},{"startTime":2179.879,"endTime":2182.213,"body":"So,"},{"startTime":2182.213,"endTime":2184.547,"body":"it's"},{"startTime":2184.547,"endTime":2186.881,"body":"certainly"},{"startTime":2186.881,"endTime":2189.215,"body":"been"},{"startTime":2189.215,"endTime":2191.549,"body":"a"},{"startTime":2191.549,"endTime":2193.883,"body":"tumultuous"},{"startTime":2193.883,"endTime":2196.217,"body":"year"},{"startTime":2196.217,"endTime":2198.551,"body":"for"},{"startTime":2198.551,"endTime":2200.885,"body":"trend."},{"startTime":2200.885,"endTime":2203.219,"body":"And"},{"startTime":2203.219,"endTime":2205.553,"body":"if"},{"startTime":2205.553,"endTime":2207.887,"body":"you"},{"startTime":2207.887,"endTime":2210.221,"body":"look"},{"startTime":2210.221,"endTime":2212.555,"body":"at"},{"startTime":2212.555,"endTime":2214.889,"body":"the"},{"startTime":2214.889,"endTime":2217.223,"body":"inception"},{"startTime":2217.223,"endTime":2219.557,"body":"date"},{"startTime":2219.557,"endTime":2221.891,"body":"of"},{"startTime":2221.891,"endTime":2224.225,"body":"our"},{"startTime":2224.225,"endTime":2226.559,"body":"fund,"},{"startTime":2226.559,"endTime":2228.893,"body":"ISMF,"},{"startTime":2228.893,"endTime":2231.227,"body":"the"},{"startTime":2231.227,"endTime":2233.561,"body":"specific"},{"startTime":2233.561,"endTime":2235.895,"body":"trend"},{"startTime":2235.895,"endTime":2238.229,"body":"fund,"},{"startTime":2238.229,"endTime":2240.563,"body":"we"},{"startTime":2240.563,"endTime":2242.897,"body":"look"},{"startTime":2242.897,"endTime":2245.231,"body":"back"},{"startTime":2245.231,"endTime":2247.565,"body":"on"},{"startTime":2247.565,"endTime":2249.899,"body":"it,"},{"startTime":2249.899,"endTime":2252.233,"body":"I"},{"startTime":2252.233,"endTime":2254.567,"body":"think"},{"startTime":2254.567,"endTime":2256.901,"body":"it"},{"startTime":2256.901,"endTime":2259.235,"body":"was"},{"startTime":2259.235,"endTime":2261.569,"body":"March"},{"startTime":2261.569,"endTime":2263.903,"body":"13th"},{"startTime":2263.903,"endTime":2266.237,"body":"is"},{"startTime":2266.237,"endTime":2268.571,"body":"our"},{"startTime":2268.571,"endTime":2270.905,"body":"inception"},{"startTime":2270.905,"endTime":2273.239,"body":"date."},{"startTime":2273.239,"endTime":2275.573,"body":"I"},{"startTime":2275.573,"endTime":2277.907,"body":"mean,"},{"startTime":2277.907,"endTime":2280.241,"body":"we"},{"startTime":2280.241,"endTime":2282.575,"body":"couldn't"},{"startTime":2282.575,"endTime":2284.909,"body":"have"},{"startTime":2284.909,"endTime":2287.243,"body":"timed"},{"startTime":2287.243,"endTime":2289.577,"body":"it"},{"startTime":2289.577,"endTime":2291.911,"body":"worse"},{"startTime":2291.911,"endTime":2294.245,"body":"in"},{"startTime":2294.245,"endTime":2296.579,"body":"terms"},{"startTime":2296.579,"endTime":2298.913,"body":"of"},{"startTime":2298.913,"endTime":2301.247,"body":"a"},{"startTime":2301.247,"endTime":2303.581,"body":"trend"},{"startTime":2303.581,"endTime":2305.915,"body":"strategy"},{"startTime":2305.915,"endTime":2308.249,"body":"because"},{"startTime":2308.249,"endTime":2310.583,"body":"trend"},{"startTime":2310.583,"endTime":2312.917,"body":"hates"},{"startTime":2312.917,"endTime":2315.251,"body":"reversals."},{"startTime":2140.201,"endTime":2145.131,"body":"\rAndthe"},{"startTime":2145.131,"endTime":2147.596,"body":"policy"},{"startTime":2147.596,"endTime":2150.061,"body":"uncertainty"},{"startTime":2150.061,"endTime":2152.526,"body":"of"},{"startTime":2152.526,"endTime":2154.991,"body":"this"},{"startTime":2154.991,"endTime":2157.456,"body":"world"},{"startTime":2157.456,"endTime":2159.921,"body":"has"},{"startTime":2159.921,"endTime":2162.386,"body":"been"},{"startTime":2162.386,"endTime":2164.851,"body":"a"},{"startTime":2164.851,"endTime":2167.316,"body":"reversal"},{"startTime":2167.316,"endTime":2169.781,"body":"engine."},{"startTime":2169.781,"endTime":2172.246,"body":"It"},{"startTime":2172.246,"endTime":2174.711,"body":"just"},{"startTime":2174.711,"endTime":2177.176,"body":"creates"},{"startTime":2177.176,"endTime":2179.641,"body":"massive"},{"startTime":2179.641,"endTime":2182.106,"body":"reversals."},{"startTime":2182.106,"endTime":2184.571,"body":"And"},{"startTime":2184.571,"endTime":2187.036,"body":"we"},{"startTime":2187.036,"endTime":2189.501,"body":"navigated"},{"startTime":2189.501,"endTime":2191.966,"body":"that"},{"startTime":2191.966,"endTime":2194.431,"body":"period,"},{"startTime":2194.431,"endTime":2196.896,"body":"you"},{"startTime":2196.896,"endTime":2199.361,"body":"know,"},{"startTime":2199.361,"endTime":2201.826,"body":"with"},{"startTime":2201.826,"endTime":2204.291,"body":"risk"},{"startTime":2204.291,"endTime":2206.756,"body":"management"},{"startTime":2206.756,"endTime":2209.221,"body":"and"},{"startTime":2209.221,"endTime":2211.686,"body":"diversification,"},{"startTime":2211.686,"endTime":2214.151,"body":"our"},{"startTime":2214.151,"endTime":2216.616,"body":"signals"},{"startTime":2216.616,"endTime":2219.081,"body":"are"},{"startTime":2219.081,"endTime":2221.546,"body":"a"},{"startTime":2221.546,"endTime":2224.011,"body":"little"},{"startTime":2224.011,"endTime":2226.476,"body":"bit"},{"startTime":2226.476,"endTime":2228.941,"body":"slower"},{"startTime":2228.941,"endTime":2231.406,"body":"in"},{"startTime":2231.406,"endTime":2233.871,"body":"terms"},{"startTime":2233.871,"endTime":2236.336,"body":"of"},{"startTime":2236.336,"endTime":2238.801,"body":"like"},{"startTime":2238.801,"endTime":2241.266,"body":"where"},{"startTime":2241.266,"endTime":2243.731,"body":"we"},{"startTime":2243.731,"endTime":2246.196,"body":"fit"},{"startTime":2246.196,"endTime":2248.661,"body":"within"},{"startTime":2248.661,"endTime":2251.126,"body":"the"},{"startTime":2251.126,"endTime":2253.591,"body":"kind"},{"startTime":2253.591,"endTime":2256.056,"body":"of"},{"startTime":2256.056,"endTime":2258.521,"body":"time"},{"startTime":2258.521,"endTime":2260.986,"body":"windows."},{"startTime":2260.986,"endTime":2263.451,"body":"We"},{"startTime":2263.451,"endTime":2265.916,"body":"also"},{"startTime":2265.916,"endTime":2268.381,"body":"have"},{"startTime":2268.381,"endTime":2270.846,"body":"diversification"},{"startTime":2270.846,"endTime":2273.311,"body":"across"},{"startTime":2273.311,"endTime":2275.776,"body":"the"},{"startTime":2275.776,"endTime":2278.241,"body":"time"},{"startTime":2278.241,"endTime":2280.706,"body":"windows."},{"startTime":2280.706,"endTime":2283.171,"body":"But"},{"startTime":2283.171,"endTime":2285.636,"body":"I'd"},{"startTime":2285.636,"endTime":2288.101,"body":"say"},{"startTime":2288.101,"endTime":2290.566,"body":"the"},{"startTime":2290.566,"endTime":2293.031,"body":"diversification"},{"startTime":2293.031,"endTime":2295.496,"body":"and"},{"startTime":2295.496,"endTime":2297.961,"body":"breadth"},{"startTime":2297.961,"endTime":2300.426,"body":"are"},{"startTime":2300.426,"endTime":2302.891,"body":"kind"},{"startTime":2302.891,"endTime":2305.356,"body":"of"},{"startTime":2305.356,"endTime":2307.821,"body":"hallmarks"},{"startTime":2307.821,"endTime":2310.286,"body":"of"},{"startTime":2310.286,"endTime":2312.751,"body":"BlackRock"},{"startTime":2312.751,"endTime":2315.216,"body":"Systematic."},{"startTime":2140.201,"endTime":2147.345,"body":"\rIfyou"},{"startTime":2147.345,"endTime":2150.917,"body":"go"},{"startTime":2150.917,"endTime":2154.489,"body":"back"},{"startTime":2154.489,"endTime":2158.061,"body":"to"},{"startTime":2158.061,"endTime":2161.633,"body":"kind"},{"startTime":2161.633,"endTime":2165.205,"body":"of"},{"startTime":2165.205,"endTime":2168.777,"body":"our"},{"startTime":2168.777,"endTime":2172.349,"body":"intellectual"},{"startTime":2172.349,"endTime":2175.921,"body":"founding"},{"startTime":2175.921,"endTime":2179.493,"body":"and"},{"startTime":2179.493,"endTime":2183.065,"body":"what"},{"startTime":2183.065,"endTime":2186.637,"body":"we"},{"startTime":2186.637,"endTime":2190.209,"body":"call"},{"startTime":2190.209,"endTime":2193.781,"body":"Grinold"},{"startTime":2193.781,"endTime":2197.353,"body":"Kahn,"},{"startTime":2197.353,"endTime":2200.925,"body":"and"},{"startTime":2200.925,"endTime":2204.497,"body":"active"},{"startTime":2204.497,"endTime":2208.069,"body":"Portfolio"},{"startTime":2208.069,"endTime":2211.641,"body":"management,"},{"startTime":2211.641,"endTime":2215.213,"body":"it"},{"startTime":2215.213,"endTime":2218.785,"body":"is"},{"startTime":2218.785,"endTime":2222.357,"body":"the"},{"startTime":2222.357,"endTime":2225.929,"body":"idea"},{"startTime":2225.929,"endTime":2229.501,"body":"that"},{"startTime":2229.501,"endTime":2233.073,"body":"breadth"},{"startTime":2233.073,"endTime":2236.645,"body":"is"},{"startTime":2236.645,"endTime":2240.217,"body":"your"},{"startTime":2240.217,"endTime":2243.789,"body":"systematic"},{"startTime":2243.789,"endTime":2247.361,"body":"differentiator."},{"startTime":2247.361,"endTime":2250.933,"body":"So,"},{"startTime":2250.933,"endTime":2254.505,"body":"the"},{"startTime":2254.505,"endTime":2258.077,"body":"law"},{"startTime":2258.077,"endTime":2261.649,"body":"of"},{"startTime":2261.649,"endTime":2265.221,"body":"active"},{"startTime":2265.221,"endTime":2268.793,"body":"management"},{"startTime":2268.793,"endTime":2272.365,"body":"information"},{"startTime":2272.365,"endTime":2275.937,"body":"ratio"},{"startTime":2275.937,"endTime":2279.509,"body":"is"},{"startTime":2279.509,"endTime":2283.081,"body":"skill"},{"startTime":2283.081,"endTime":2286.653,"body":"times"},{"startTime":2286.653,"endTime":2290.225,"body":"the"},{"startTime":2290.225,"endTime":2293.797,"body":"square"},{"startTime":2293.797,"endTime":2297.369,"body":"root"},{"startTime":2297.369,"endTime":2300.941,"body":"of"},{"startTime":2300.941,"endTime":2304.513,"body":"breadth"},{"startTime":2304.513,"endTime":2308.085,"body":"times"},{"startTime":2308.085,"endTime":2311.657,"body":"transfer"},{"startTime":2311.657,"endTime":2315.229,"body":"coefficient."},{"startTime":2140.201,"endTime":2145.757,"body":"\rSo,where"},{"startTime":2145.757,"endTime":2148.535,"body":"we"},{"startTime":2148.535,"endTime":2151.313,"body":"really"},{"startTime":2151.313,"endTime":2154.091,"body":"try"},{"startTime":2154.091,"endTime":2156.869,"body":"to"},{"startTime":2156.869,"endTime":2159.647,"body":"focus"},{"startTime":2159.647,"endTime":2162.425,"body":"is"},{"startTime":2162.425,"endTime":2165.203,"body":"there's"},{"startTime":2165.203,"endTime":2167.981,"body":"a"},{"startTime":2167.981,"endTime":2170.759,"body":"little"},{"startTime":2170.759,"endTime":2173.537,"body":"bit"},{"startTime":2173.537,"endTime":2176.315,"body":"of"},{"startTime":2176.315,"endTime":2179.093,"body":"skill"},{"startTime":2179.093,"endTime":2181.871,"body":"in"},{"startTime":2181.871,"endTime":2184.649,"body":"momentum."},{"startTime":2184.649,"endTime":2187.427,"body":"That's"},{"startTime":2187.427,"endTime":2190.205,"body":"the"},{"startTime":2190.205,"endTime":2192.983,"body":"insight"},{"startTime":2192.983,"endTime":2195.761,"body":"is"},{"startTime":2195.761,"endTime":2198.539,"body":"momentum"},{"startTime":2198.539,"endTime":2201.317,"body":"and"},{"startTime":2201.317,"endTime":2204.095,"body":"persistence,"},{"startTime":2204.095,"endTime":2206.873,"body":"a"},{"startTime":2206.873,"endTime":2209.651,"body":"little"},{"startTime":2209.651,"endTime":2212.429,"body":"bit"},{"startTime":2212.429,"endTime":2215.207,"body":"of"},{"startTime":2215.207,"endTime":2217.985,"body":"skill."},{"startTime":2217.985,"endTime":2220.763,"body":"The"},{"startTime":2220.763,"endTime":2223.541,"body":"key"},{"startTime":2223.541,"endTime":2226.319,"body":"is"},{"startTime":2226.319,"endTime":2229.097,"body":"breadth"},{"startTime":2229.097,"endTime":2231.875,"body":"and"},{"startTime":2231.875,"endTime":2234.653,"body":"then"},{"startTime":2234.653,"endTime":2237.431,"body":"transfer"},{"startTime":2237.431,"endTime":2240.209,"body":"coefficient;"},{"startTime":2240.209,"endTime":2242.987,"body":"like"},{"startTime":2242.987,"endTime":2245.765,"body":"getting"},{"startTime":2245.765,"endTime":2248.543,"body":"into"},{"startTime":2248.543,"endTime":2251.321,"body":"your"},{"startTime":2251.321,"endTime":2254.099,"body":"portfolios,"},{"startTime":2254.099,"endTime":2256.877,"body":"managing"},{"startTime":2256.877,"endTime":2259.655,"body":"the"},{"startTime":2259.655,"endTime":2262.433,"body":"risk,"},{"startTime":2262.433,"endTime":2265.211,"body":"and"},{"startTime":2265.211,"endTime":2267.989,"body":"risk"},{"startTime":2267.989,"endTime":2270.767,"body":"budgeting."},{"startTime":2270.767,"endTime":2273.545,"body":"So,"},{"startTime":2273.545,"endTime":2276.323,"body":"this"},{"startTime":2276.323,"endTime":2279.101,"body":"was"},{"startTime":2279.101,"endTime":2281.879,"body":"a"},{"startTime":2281.879,"endTime":2284.657,"body":"very"},{"startTime":2284.657,"endTime":2287.435,"body":"difficult"},{"startTime":2287.435,"endTime":2290.213,"body":"period"},{"startTime":2290.213,"endTime":2292.991,"body":"for"},{"startTime":2292.991,"endTime":2295.769,"body":"trend,"},{"startTime":2295.769,"endTime":2298.547,"body":"and"},{"startTime":2298.547,"endTime":2301.325,"body":"so"},{"startTime":2301.325,"endTime":2304.103,"body":"having"},{"startTime":2304.103,"endTime":2306.881,"body":"a"},{"startTime":2306.881,"endTime":2309.659,"body":"higher"},{"startTime":2309.659,"endTime":2312.437,"body":"breadth"},{"startTime":2312.437,"endTime":2315.215,"body":"strategy."},{"startTime":2140.201,"endTime":2146.807,"body":"\rThechallenge"},{"startTime":2146.807,"endTime":2150.11,"body":"in"},{"startTime":2150.11,"endTime":2153.413,"body":"an"},{"startTime":2153.413,"endTime":2156.716,"body":"ETF"},{"startTime":2156.716,"endTime":2160.019,"body":"is"},{"startTime":2160.019,"endTime":2163.322,"body":"how"},{"startTime":2163.322,"endTime":2166.625,"body":"much"},{"startTime":2166.625,"endTime":2169.928,"body":"breadth"},{"startTime":2169.928,"endTime":2173.231,"body":"can"},{"startTime":2173.231,"endTime":2176.534,"body":"you"},{"startTime":2176.534,"endTime":2179.837,"body":"have"},{"startTime":2179.837,"endTime":2183.14,"body":"is"},{"startTime":2183.14,"endTime":2186.443,"body":"sort"},{"startTime":2186.443,"endTime":2189.746,"body":"of"},{"startTime":2189.746,"endTime":2193.049,"body":"limited"},{"startTime":2193.049,"endTime":2196.352,"body":"by"},{"startTime":2196.352,"endTime":2199.655,"body":"the"},{"startTime":2199.655,"endTime":2202.958,"body":"structure"},{"startTime":2202.958,"endTime":2206.261,"body":"because"},{"startTime":2206.261,"endTime":2209.564,"body":"you"},{"startTime":2209.564,"endTime":2212.867,"body":"need"},{"startTime":2212.867,"endTime":2216.17,"body":"it"},{"startTime":2216.17,"endTime":2219.473,"body":"to"},{"startTime":2219.473,"endTime":2222.776,"body":"be"},{"startTime":2222.776,"endTime":2226.079,"body":"able"},{"startTime":2226.079,"endTime":2229.382,"body":"to"},{"startTime":2229.382,"endTime":2232.685,"body":"scale."},{"startTime":2232.685,"endTime":2235.988,"body":"And"},{"startTime":2235.988,"endTime":2239.291,"body":"so,"},{"startTime":2239.291,"endTime":2242.594,"body":"you"},{"startTime":2242.594,"endTime":2245.897,"body":"have"},{"startTime":2245.897,"endTime":2249.2,"body":"some"},{"startTime":2249.2,"endTime":2252.503,"body":"very"},{"startTime":2252.503,"endTime":2255.806,"body":"unique"},{"startTime":2255.806,"endTime":2259.109,"body":"structural"},{"startTime":2259.109,"endTime":2262.412,"body":"characteristics"},{"startTime":2262.412,"endTime":2265.715,"body":"that,"},{"startTime":2265.715,"endTime":2269.018,"body":"when"},{"startTime":2269.018,"endTime":2272.321,"body":"you"},{"startTime":2272.321,"endTime":2275.624,"body":"meld"},{"startTime":2275.624,"endTime":2278.927,"body":"trend"},{"startTime":2278.927,"endTime":2282.23,"body":"strategies"},{"startTime":2282.23,"endTime":2285.533,"body":"with"},{"startTime":2285.533,"endTime":2288.836,"body":"the"},{"startTime":2288.836,"endTime":2292.139,"body":"ETF"},{"startTime":2292.139,"endTime":2295.442,"body":"wrapper,"},{"startTime":2295.442,"endTime":2298.745,"body":"you've"},{"startTime":2298.745,"endTime":2302.048,"body":"got"},{"startTime":2302.048,"endTime":2305.351,"body":"to"},{"startTime":2305.351,"endTime":2308.654,"body":"get"},{"startTime":2308.654,"endTime":2311.957,"body":"that"},{"startTime":2311.957,"endTime":2315.26,"body":"right."},{"startTime":2140.201,"endTime":2315.261,"body":"\r"},{"startTime":2140.201,"endTime":2151.142,"body":"Ithinkwe've"},{"startTime":2151.142,"endTime":2154.789,"body":"navigated"},{"startTime":2154.789,"endTime":2158.436,"body":"that"},{"startTime":2158.436,"endTime":2162.083,"body":"pretty"},{"startTime":2162.083,"endTime":2165.73,"body":"well,"},{"startTime":2165.73,"endTime":2169.377,"body":"taking"},{"startTime":2169.377,"endTime":2173.024,"body":"the"},{"startTime":2173.024,"endTime":2176.671,"body":"two"},{"startTime":2176.671,"endTime":2180.318,"body":"great"},{"startTime":2180.318,"endTime":2183.965,"body":"expertises,"},{"startTime":2183.965,"endTime":2187.612,"body":"a"},{"startTime":2187.612,"endTime":2191.259,"body":"great"},{"startTime":2191.259,"endTime":2194.906,"body":"expertise"},{"startTime":2194.906,"endTime":2198.553,"body":"in"},{"startTime":2198.553,"endTime":2202.2,"body":"ETF"},{"startTime":2202.2,"endTime":2205.847,"body":"and"},{"startTime":2205.847,"endTime":2209.494,"body":"a"},{"startTime":2209.494,"endTime":2213.141,"body":"great"},{"startTime":2213.141,"endTime":2216.788,"body":"expertise"},{"startTime":2216.788,"endTime":2220.435,"body":"in"},{"startTime":2220.435,"endTime":2224.082,"body":"trend"},{"startTime":2224.082,"endTime":2227.729,"body":"and"},{"startTime":2227.729,"endTime":2231.376,"body":"systematic,"},{"startTime":2231.376,"endTime":2235.023,"body":"to"},{"startTime":2235.023,"endTime":2238.67,"body":"navigate"},{"startTime":2238.67,"endTime":2242.317,"body":"that"},{"startTime":2242.317,"endTime":2245.964,"body":"time"},{"startTime":2245.964,"endTime":2249.611,"body":"period."},{"startTime":2249.611,"endTime":2253.258,"body":"But"},{"startTime":2253.258,"endTime":2256.905,"body":"it"},{"startTime":2256.905,"endTime":2260.552,"body":"was"},{"startTime":2260.552,"endTime":2264.199,"body":"a"},{"startTime":2264.199,"endTime":2267.846,"body":"very"},{"startTime":2267.846,"endTime":2271.493,"body":"tumultuous"},{"startTime":2271.493,"endTime":2275.14,"body":"and"},{"startTime":2275.14,"endTime":2278.787,"body":"difficult"},{"startTime":2278.787,"endTime":2282.434,"body":"time"},{"startTime":2282.434,"endTime":2286.081,"body":"period."},{"startTime":2286.081,"endTime":2289.728,"body":"But"},{"startTime":2289.728,"endTime":2293.375,"body":"you"},{"startTime":2293.375,"endTime":2297.022,"body":"get"},{"startTime":2297.022,"endTime":2300.669,"body":"that"},{"startTime":2300.669,"endTime":2304.316,"body":"through"},{"startTime":2304.316,"endTime":2307.963,"body":"diversification"},{"startTime":2307.963,"endTime":2311.61,"body":"as"},{"startTime":2311.61,"endTime":2315.257,"body":"well."},{"startTime":2140.201,"endTime":2145.131,"body":"\rSo,we"},{"startTime":2145.131,"endTime":2147.596,"body":"try"},{"startTime":2147.596,"endTime":2150.061,"body":"to"},{"startTime":2150.061,"endTime":2152.526,"body":"have"},{"startTime":2152.526,"endTime":2154.991,"body":"good"},{"startTime":2154.991,"endTime":2157.456,"body":"diversification,"},{"startTime":2157.456,"endTime":2159.921,"body":"significant"},{"startTime":2159.921,"endTime":2162.386,"body":"enough"},{"startTime":2162.386,"endTime":2164.851,"body":"numbers"},{"startTime":2164.851,"endTime":2167.316,"body":"of"},{"startTime":2167.316,"endTime":2169.781,"body":"underlying"},{"startTime":2169.781,"endTime":2172.246,"body":"strategies"},{"startTime":2172.246,"endTime":2174.711,"body":"across"},{"startTime":2174.711,"endTime":2177.176,"body":"the"},{"startTime":2177.176,"endTime":2179.641,"body":"buckets"},{"startTime":2179.641,"endTime":2182.106,"body":"of"},{"startTime":2182.106,"endTime":2184.571,"body":"futures."},{"startTime":2184.571,"endTime":2187.036,"body":"And"},{"startTime":2187.036,"endTime":2189.501,"body":"if"},{"startTime":2189.501,"endTime":2191.966,"body":"you"},{"startTime":2191.966,"endTime":2194.431,"body":"look"},{"startTime":2194.431,"endTime":2196.896,"body":"within"},{"startTime":2196.896,"endTime":2199.361,"body":"the"},{"startTime":2199.361,"endTime":2201.826,"body":"ETF"},{"startTime":2201.826,"endTime":2204.291,"body":"world,"},{"startTime":2204.291,"endTime":2206.756,"body":"you"},{"startTime":2206.756,"endTime":2209.221,"body":"can"},{"startTime":2209.221,"endTime":2211.686,"body":"see"},{"startTime":2211.686,"endTime":2214.151,"body":"there's"},{"startTime":2214.151,"endTime":2216.616,"body":"been"},{"startTime":2216.616,"endTime":2219.081,"body":"a"},{"startTime":2219.081,"endTime":2221.546,"body":"lot"},{"startTime":2221.546,"endTime":2224.011,"body":"of"},{"startTime":2224.011,"endTime":2226.476,"body":"diversification"},{"startTime":2226.476,"endTime":2228.941,"body":"in"},{"startTime":2228.941,"endTime":2231.406,"body":"how"},{"startTime":2231.406,"endTime":2233.871,"body":"people"},{"startTime":2233.871,"endTime":2236.336,"body":"have"},{"startTime":2236.336,"endTime":2238.801,"body":"gone"},{"startTime":2238.801,"endTime":2241.266,"body":"about"},{"startTime":2241.266,"endTime":2243.731,"body":"this"},{"startTime":2243.731,"endTime":2246.196,"body":"and"},{"startTime":2246.196,"endTime":2248.661,"body":"implemented."},{"startTime":2248.661,"endTime":2251.126,"body":"You"},{"startTime":2251.126,"endTime":2253.591,"body":"have"},{"startTime":2253.591,"endTime":2256.056,"body":"some"},{"startTime":2256.056,"endTime":2258.521,"body":"very"},{"startTime":2258.521,"endTime":2260.986,"body":"concentrated"},{"startTime":2260.986,"endTime":2263.451,"body":"strategies."},{"startTime":2263.451,"endTime":2265.916,"body":"You"},{"startTime":2265.916,"endTime":2268.381,"body":"have"},{"startTime":2268.381,"endTime":2270.846,"body":"some"},{"startTime":2270.846,"endTime":2273.311,"body":"incredibly"},{"startTime":2273.311,"endTime":2275.776,"body":"high"},{"startTime":2275.776,"endTime":2278.241,"body":"breadth"},{"startTime":2278.241,"endTime":2280.706,"body":"strategies."},{"startTime":2280.706,"endTime":2283.171,"body":"I"},{"startTime":2283.171,"endTime":2285.636,"body":"don't"},{"startTime":2285.636,"endTime":2288.101,"body":"know"},{"startTime":2288.101,"endTime":2290.566,"body":"how"},{"startTime":2290.566,"endTime":2293.031,"body":"well"},{"startTime":2293.031,"endTime":2295.496,"body":"those"},{"startTime":2295.496,"endTime":2297.961,"body":"can"},{"startTime":2297.961,"endTime":2300.426,"body":"scale"},{"startTime":2300.426,"endTime":2302.891,"body":"when"},{"startTime":2302.891,"endTime":2305.356,"body":"you"},{"startTime":2305.356,"endTime":2307.821,"body":"have"},{"startTime":2307.821,"endTime":2310.286,"body":"that"},{"startTime":2310.286,"endTime":2312.751,"body":"much"},{"startTime":2312.751,"endTime":2315.216,"body":"breadth."},{"startTime":2140.201,"endTime":2157.707,"body":"\rWe'vetried"},{"startTime":2157.707,"endTime":2166.46,"body":"to"},{"startTime":2166.46,"endTime":2175.213,"body":"hit"},{"startTime":2175.213,"endTime":2183.966,"body":"the"},{"startTime":2183.966,"endTime":2192.719,"body":"sweet"},{"startTime":2192.719,"endTime":2201.472,"body":"spot"},{"startTime":2201.472,"endTime":2210.225,"body":"between"},{"startTime":2210.225,"endTime":2218.978,"body":"breadth"},{"startTime":2218.978,"endTime":2227.731,"body":"and"},{"startTime":2227.731,"endTime":2236.484,"body":"diversification"},{"startTime":2236.484,"endTime":2245.237,"body":"to"},{"startTime":2245.237,"endTime":2253.99,"body":"try"},{"startTime":2253.99,"endTime":2262.743,"body":"to"},{"startTime":2262.743,"endTime":2271.496,"body":"manage"},{"startTime":2271.496,"endTime":2280.249,"body":"the"},{"startTime":2280.249,"endTime":2289.002,"body":"structure"},{"startTime":2289.002,"endTime":2297.755,"body":"with"},{"startTime":2297.755,"endTime":2306.508,"body":"the"},{"startTime":2306.508,"endTime":2315.261,"body":"strategy."},{"startTime":2315.501,"endTime":2315.821,"body":"Just"},{"startTime":2315.821,"endTime":2316.141,"body":"to"},{"startTime":2316.141,"endTime":2316.461,"body":"butt"},{"startTime":2316.461,"endTime":2316.781,"body":"in"},{"startTime":2316.781,"endTime":2317.101,"body":"here,"},{"startTime":2317.101,"endTime":2317.421,"body":"just"},{"startTime":2317.421,"endTime":2317.741,"body":"on"},{"startTime":2317.741,"endTime":2318.061,"body":"that"},{"startTime":2318.061,"endTime":2318.381,"body":"point,"},{"startTime":2318.381,"endTime":2318.701,"body":"I"},{"startTime":2318.701,"endTime":2319.021,"body":"find"},{"startTime":2319.021,"endTime":2319.341,"body":"that"},{"startTime":2319.341,"endTime":2319.661,"body":"very"},{"startTime":2319.661,"endTime":2319.981,"body":"interesting"},{"startTime":2319.981,"endTime":2320.301,"body":"and"},{"startTime":2320.301,"endTime":2320.621,"body":"it's"},{"startTime":2320.621,"endTime":2320.941,"body":"something"},{"startTime":2320.941,"endTime":2321.261,"body":"that"},{"startTime":2321.261,"endTime":2321.581,"body":"we"},{"startTime":2321.581,"endTime":2321.901,"body":"certainly"},{"startTime":2321.901,"endTime":2322.221,"body":"discuss"},{"startTime":2322.221,"endTime":2322.541,"body":"a"},{"startTime":2322.541,"endTime":2322.861,"body":"lot."},{"startTime":2323.411,"endTime":2325.117,"body":"Of"},{"startTime":2325.117,"endTime":2326.823,"body":"course,"},{"startTime":2326.823,"endTime":2328.529,"body":"I"},{"startTime":2328.529,"endTime":2330.235,"body":"come"},{"startTime":2330.235,"endTime":2331.941,"body":"from"},{"startTime":2331.941,"endTime":2333.647,"body":"a"},{"startTime":2333.647,"endTime":2335.353,"body":"company"},{"startTime":2335.353,"endTime":2337.059,"body":"that"},{"startTime":2337.059,"endTime":2338.765,"body":"has"},{"startTime":2338.765,"endTime":2340.471,"body":"been"},{"startTime":2340.471,"endTime":2342.177,"body":"doing"},{"startTime":2342.177,"endTime":2343.883,"body":"trend"},{"startTime":2343.883,"endTime":2345.589,"body":"following"},{"startTime":2345.589,"endTime":2347.295,"body":"for"},{"startTime":2347.295,"endTime":2349.001,"body":"more"},{"startTime":2349.001,"endTime":2350.707,"body":"than"},{"startTime":2350.707,"endTime":2352.413,"body":"50"},{"startTime":2352.413,"endTime":2354.119,"body":"years."},{"startTime":2354.119,"endTime":2355.825,"body":"And"},{"startTime":2355.825,"endTime":2357.531,"body":"one"},{"startTime":2357.531,"endTime":2359.237,"body":"of"},{"startTime":2359.237,"endTime":2360.943,"body":"the"},{"startTime":2360.943,"endTime":2362.649,"body":"things"},{"startTime":2362.649,"endTime":2364.355,"body":"we"},{"startTime":2364.355,"endTime":2366.061,"body":"truly"},{"startTime":2366.061,"endTime":2367.767,"body":"believe"},{"startTime":2367.767,"endTime":2369.473,"body":"in"},{"startTime":2369.473,"endTime":2371.179,"body":"is"},{"startTime":2371.179,"endTime":2372.885,"body":"that"},{"startTime":2372.885,"endTime":2374.591,"body":"commodities"},{"startTime":2374.591,"endTime":2376.297,"body":"adds"},{"startTime":2376.297,"endTime":2378.003,"body":"a"},{"startTime":2378.003,"endTime":2379.709,"body":"lot"},{"startTime":2379.709,"endTime":2381.415,"body":"of"},{"startTime":2381.415,"endTime":2383.121,"body":"value"},{"startTime":2383.121,"endTime":2384.827,"body":"in"},{"startTime":2384.827,"endTime":2386.533,"body":"that"},{"startTime":2386.533,"endTime":2388.239,"body":"breadth,"},{"startTime":2388.239,"endTime":2389.945,"body":"in"},{"startTime":2389.945,"endTime":2391.651,"body":"that"},{"startTime":2391.651,"endTime":2393.357,"body":"diversification"},{"startTime":2393.357,"endTime":2395.063,"body":"of"},{"startTime":2395.063,"endTime":2396.769,"body":"the"},{"startTime":2396.769,"endTime":2398.475,"body":"markets"},{"startTime":2398.475,"endTime":2400.181,"body":"that"},{"startTime":2400.181,"endTime":2401.887,"body":"you"},{"startTime":2401.887,"endTime":2403.593,"body":"trade."},{"startTime":2323.411,"endTime":2326.275,"body":"\rNow,of"},{"startTime":2326.275,"endTime":2327.707,"body":"course"},{"startTime":2327.707,"endTime":2329.139,"body":"we"},{"startTime":2329.139,"endTime":2330.571,"body":"also"},{"startTime":2330.571,"endTime":2332.003,"body":"understand"},{"startTime":2332.003,"endTime":2333.435,"body":"that"},{"startTime":2333.435,"endTime":2334.867,"body":"limits"},{"startTime":2334.867,"endTime":2336.299,"body":"the"},{"startTime":2336.299,"endTime":2337.731,"body":"capacity,"},{"startTime":2337.731,"endTime":2339.163,"body":"as"},{"startTime":2339.163,"endTime":2340.595,"body":"you"},{"startTime":2340.595,"endTime":2342.027,"body":"rightly"},{"startTime":2342.027,"endTime":2343.459,"body":"point"},{"startTime":2343.459,"endTime":2344.891,"body":"out."},{"startTime":2344.891,"endTime":2346.323,"body":"But"},{"startTime":2346.323,"endTime":2347.755,"body":"for"},{"startTime":2347.755,"endTime":2349.187,"body":"your"},{"startTime":2349.187,"endTime":2350.619,"body":"product,"},{"startTime":2350.619,"endTime":2352.051,"body":"specifically,"},{"startTime":2352.051,"endTime":2353.483,"body":"how"},{"startTime":2353.483,"endTime":2354.915,"body":"many"},{"startTime":2354.915,"endTime":2356.347,"body":"markets"},{"startTime":2356.347,"endTime":2357.779,"body":"did"},{"startTime":2357.779,"endTime":2359.211,"body":"you"},{"startTime":2359.211,"endTime":2360.643,"body":"decide"},{"startTime":2360.643,"endTime":2362.075,"body":"on"},{"startTime":2362.075,"endTime":2363.507,"body":"doing?"},{"startTime":2363.507,"endTime":2364.939,"body":"Because"},{"startTime":2364.939,"endTime":2366.371,"body":"one"},{"startTime":2366.371,"endTime":2367.803,"body":"of"},{"startTime":2367.803,"endTime":2369.235,"body":"the"},{"startTime":2369.235,"endTime":2370.667,"body":"big"},{"startTime":2370.667,"endTime":2372.099,"body":"surprises"},{"startTime":2372.099,"endTime":2373.531,"body":"to"},{"startTime":2373.531,"endTime":2374.963,"body":"me"},{"startTime":2374.963,"endTime":2376.395,"body":"has,"},{"startTime":2376.395,"endTime":2377.827,"body":"of"},{"startTime":2377.827,"endTime":2379.259,"body":"course,"},{"startTime":2379.259,"endTime":2380.691,"body":"been"},{"startTime":2380.691,"endTime":2382.123,"body":"the"},{"startTime":2382.123,"endTime":2383.555,"body":"success"},{"startTime":2383.555,"endTime":2384.987,"body":"of"},{"startTime":2384.987,"endTime":2386.419,"body":"these,"},{"startTime":2386.419,"endTime":2387.851,"body":"as"},{"startTime":2387.851,"endTime":2389.283,"body":"you"},{"startTime":2389.283,"endTime":2390.715,"body":"say,"},{"startTime":2390.715,"endTime":2392.147,"body":"very"},{"startTime":2392.147,"endTime":2393.579,"body":"narrow,"},{"startTime":2393.579,"endTime":2395.011,"body":"mostly"},{"startTime":2395.011,"endTime":2396.443,"body":"replicator"},{"startTime":2396.443,"endTime":2397.875,"body":"ETFs"},{"startTime":2397.875,"endTime":2399.307,"body":"that"},{"startTime":2399.307,"endTime":2400.739,"body":"have"},{"startTime":2400.739,"endTime":2402.171,"body":"come"},{"startTime":2402.171,"endTime":2403.603,"body":"out."},{"startTime":2323.411,"endTime":2325.063,"body":"\rAndeven"},{"startTime":2325.063,"endTime":2325.889,"body":"though"},{"startTime":2325.889,"endTime":2326.715,"body":"some"},{"startTime":2326.715,"endTime":2327.541,"body":"of"},{"startTime":2327.541,"endTime":2328.367,"body":"them"},{"startTime":2328.367,"endTime":2329.193,"body":"have"},{"startTime":2329.193,"endTime":2330.019,"body":"been"},{"startTime":2330.019,"endTime":2330.845,"body":"around"},{"startTime":2330.845,"endTime":2331.671,"body":"for"},{"startTime":2331.671,"endTime":2332.497,"body":"a"},{"startTime":2332.497,"endTime":2333.323,"body":"few"},{"startTime":2333.323,"endTime":2334.149,"body":"years"},{"startTime":2334.149,"endTime":2334.975,"body":"now,"},{"startTime":2334.975,"endTime":2335.801,"body":"I"},{"startTime":2335.801,"endTime":2336.627,"body":"still"},{"startTime":2336.627,"endTime":2337.453,"body":"wonder"},{"startTime":2337.453,"endTime":2338.279,"body":"whether,"},{"startTime":2338.279,"endTime":2339.105,"body":"when"},{"startTime":2339.105,"endTime":2339.931,"body":"we"},{"startTime":2339.931,"endTime":2340.757,"body":"look"},{"startTime":2340.757,"endTime":2341.583,"body":"back"},{"startTime":2341.583,"endTime":2342.409,"body":"10"},{"startTime":2342.409,"endTime":2343.235,"body":"years"},{"startTime":2343.235,"endTime":2344.061,"body":"from"},{"startTime":2344.061,"endTime":2344.887,"body":"now,"},{"startTime":2344.887,"endTime":2345.713,"body":"whether"},{"startTime":2345.713,"endTime":2346.539,"body":"that"},{"startTime":2346.539,"endTime":2347.365,"body":"last"},{"startTime":2347.365,"endTime":2348.191,"body":"five"},{"startTime":2348.191,"endTime":2349.017,"body":"or"},{"startTime":2349.017,"endTime":2349.843,"body":"six"},{"startTime":2349.843,"endTime":2350.669,"body":"year"},{"startTime":2350.669,"endTime":2351.495,"body":"period"},{"startTime":2351.495,"endTime":2352.321,"body":"where,"},{"startTime":2352.321,"endTime":2353.147,"body":"yes,"},{"startTime":2353.147,"endTime":2353.973,"body":"they"},{"startTime":2353.973,"endTime":2354.799,"body":"did"},{"startTime":2354.799,"endTime":2355.625,"body":"perform"},{"startTime":2355.625,"endTime":2356.451,"body":"probably"},{"startTime":2356.451,"endTime":2357.277,"body":"better"},{"startTime":2357.277,"endTime":2358.103,"body":"than"},{"startTime":2358.103,"endTime":2358.929,"body":"I"},{"startTime":2358.929,"endTime":2359.755,"body":"would"},{"startTime":2359.755,"endTime":2360.581,"body":"have"},{"startTime":2360.581,"endTime":2361.407,"body":"expected"},{"startTime":2361.407,"endTime":2362.233,"body":"it,"},{"startTime":2362.233,"endTime":2363.059,"body":"but"},{"startTime":2363.059,"endTime":2363.885,"body":"it"},{"startTime":2363.885,"endTime":2364.711,"body":"was"},{"startTime":2364.711,"endTime":2365.537,"body":"just"},{"startTime":2365.537,"endTime":2366.363,"body":"basically"},{"startTime":2366.363,"endTime":2367.189,"body":"because"},{"startTime":2367.189,"endTime":2368.015,"body":"of"},{"startTime":2368.015,"endTime":2368.841,"body":"fortuitous"},{"startTime":2368.841,"endTime":2369.667,"body":"selection"},{"startTime":2369.667,"endTime":2370.493,"body":"of"},{"startTime":2370.493,"endTime":2371.319,"body":"a"},{"startTime":2371.319,"endTime":2372.145,"body":"few"},{"startTime":2372.145,"endTime":2372.971,"body":"markets."},{"startTime":2372.971,"endTime":2373.797,"body":"I'd"},{"startTime":2373.797,"endTime":2374.623,"body":"love"},{"startTime":2374.623,"endTime":2375.449,"body":"to"},{"startTime":2375.449,"endTime":2376.275,"body":"hear"},{"startTime":2376.275,"endTime":2377.101,"body":"your"},{"startTime":2377.101,"endTime":2377.927,"body":"thoughts"},{"startTime":2377.927,"endTime":2378.753,"body":"on"},{"startTime":2378.753,"endTime":2379.579,"body":"that,"},{"startTime":2379.579,"endTime":2380.405,"body":"and"},{"startTime":2380.405,"endTime":2381.231,"body":"whether"},{"startTime":2381.231,"endTime":2382.057,"body":"you've"},{"startTime":2382.057,"endTime":2382.883,"body":"done"},{"startTime":2382.883,"endTime":2383.709,"body":"any"},{"startTime":2383.709,"endTime":2384.535,"body":"research"},{"startTime":2384.535,"endTime":2385.361,"body":"in"},{"startTime":2385.361,"endTime":2386.187,"body":"deciding"},{"startTime":2386.187,"endTime":2387.013,"body":"your"},{"startTime":2387.013,"endTime":2387.839,"body":"own"},{"startTime":2387.839,"endTime":2388.665,"body":"breadth,"},{"startTime":2388.665,"endTime":2389.491,"body":"in"},{"startTime":2389.491,"endTime":2390.317,"body":"terms"},{"startTime":2390.317,"endTime":2391.143,"body":"of"},{"startTime":2391.143,"endTime":2391.969,"body":"market"},{"startTime":2391.969,"endTime":2392.795,"body":"portfolio,"},{"startTime":2392.795,"endTime":2393.621,"body":"to"},{"startTime":2393.621,"endTime":2394.447,"body":"kind"},{"startTime":2394.447,"endTime":2395.273,"body":"of"},{"startTime":2395.273,"endTime":2396.099,"body":"avoid"},{"startTime":2396.099,"endTime":2396.925,"body":"the"},{"startTime":2396.925,"endTime":2397.751,"body":"luck/unlucky"},{"startTime":2397.751,"endTime":2398.577,"body":"factor"},{"startTime":2398.577,"endTime":2399.403,"body":"being"},{"startTime":2399.403,"endTime":2400.229,"body":"too"},{"startTime":2400.229,"endTime":2401.055,"body":"much"},{"startTime":2401.055,"endTime":2401.881,"body":"of"},{"startTime":2401.881,"endTime":2402.707,"body":"a"},{"startTime":2402.707,"endTime":2403.533,"body":"role."},{"startTime":2404.651,"endTime":2406.205,"body":"Yeah,"},{"startTime":2406.205,"endTime":2407.759,"body":"I"},{"startTime":2407.759,"endTime":2409.313,"body":"mean"},{"startTime":2409.313,"endTime":2410.867,"body":"you"},{"startTime":2410.867,"endTime":2412.421,"body":"look"},{"startTime":2412.421,"endTime":2413.975,"body":"in"},{"startTime":2413.975,"endTime":2415.529,"body":"2024"},{"startTime":2415.529,"endTime":2417.083,"body":"and"},{"startTime":2417.083,"endTime":2418.637,"body":"the"},{"startTime":2418.637,"endTime":2420.191,"body":"differentiator,"},{"startTime":2420.191,"endTime":2421.745,"body":"the"},{"startTime":2421.745,"endTime":2423.299,"body":"differentiator"},{"startTime":2423.299,"endTime":2424.853,"body":"was"},{"startTime":2424.853,"endTime":2426.407,"body":"did"},{"startTime":2426.407,"endTime":2427.961,"body":"you"},{"startTime":2427.961,"endTime":2429.515,"body":"have"},{"startTime":2429.515,"endTime":2431.069,"body":"cocoa"},{"startTime":2431.069,"endTime":2432.623,"body":"futures"},{"startTime":2432.623,"endTime":2434.177,"body":"in"},{"startTime":2434.177,"endTime":2435.731,"body":"your"},{"startTime":2435.731,"endTime":2437.285,"body":"basket?"},{"startTime":2437.285,"endTime":2438.839,"body":"And"},{"startTime":2438.839,"endTime":2440.393,"body":"the"},{"startTime":2440.393,"endTime":2441.947,"body":"ones"},{"startTime":2441.947,"endTime":2443.501,"body":"that"},{"startTime":2443.501,"endTime":2445.055,"body":"did,"},{"startTime":2445.055,"endTime":2446.609,"body":"did"},{"startTime":2446.609,"endTime":2448.163,"body":"great"},{"startTime":2448.163,"endTime":2449.717,"body":"and"},{"startTime":2449.717,"endTime":2451.271,"body":"the"},{"startTime":2451.271,"endTime":2452.825,"body":"ones"},{"startTime":2452.825,"endTime":2454.379,"body":"that"},{"startTime":2454.379,"endTime":2455.933,"body":"didn't"},{"startTime":2455.933,"endTime":2457.487,"body":"were"},{"startTime":2457.487,"endTime":2459.041,"body":"underperformers."},{"startTime":2459.041,"endTime":2460.595,"body":"And"},{"startTime":2460.595,"endTime":2462.149,"body":"we"},{"startTime":2462.149,"endTime":2463.703,"body":"looked"},{"startTime":2463.703,"endTime":2465.257,"body":"at"},{"startTime":2465.257,"endTime":2466.811,"body":"that"},{"startTime":2466.811,"endTime":2468.365,"body":"and"},{"startTime":2468.365,"endTime":2469.919,"body":"we"},{"startTime":2469.919,"endTime":2471.473,"body":"said,"},{"startTime":2471.473,"endTime":2473.027,"body":"well,"},{"startTime":2473.027,"endTime":2474.581,"body":"that's"},{"startTime":2474.581,"endTime":2476.135,"body":"insane"},{"startTime":2476.135,"endTime":2477.689,"body":"because"},{"startTime":2477.689,"endTime":2479.243,"body":"that's"},{"startTime":2479.243,"endTime":2480.797,"body":"a"},{"startTime":2480.797,"endTime":2482.351,"body":"very"},{"startTime":2482.351,"endTime":2483.905,"body":"small"},{"startTime":2483.905,"endTime":2485.459,"body":"contract"},{"startTime":2485.459,"endTime":2487.013,"body":"that"},{"startTime":2487.013,"endTime":2488.567,"body":"is"},{"startTime":2488.567,"endTime":2490.121,"body":"not"},{"startTime":2490.121,"endTime":2491.675,"body":"going"},{"startTime":2491.675,"endTime":2493.229,"body":"to"},{"startTime":2493.229,"endTime":2494.783,"body":"scale."},{"startTime":2494.783,"endTime":2496.337,"body":"And"},{"startTime":2496.337,"endTime":2497.891,"body":"scalability"},{"startTime":2497.891,"endTime":2499.445,"body":"is"},{"startTime":2499.445,"endTime":2500.999,"body":"important"},{"startTime":2500.999,"endTime":2502.553,"body":"to"},{"startTime":2502.553,"endTime":2504.107,"body":"us"},{"startTime":2504.107,"endTime":2505.661,"body":"in,"},{"startTime":2505.661,"endTime":2507.215,"body":"in"},{"startTime":2507.215,"endTime":2508.769,"body":"terms"},{"startTime":2508.769,"endTime":2510.323,"body":"of"},{"startTime":2510.323,"endTime":2511.877,"body":"the"},{"startTime":2511.877,"endTime":2513.431,"body":"market"},{"startTime":2513.431,"endTime":2514.985,"body":"quality"},{"startTime":2514.985,"endTime":2516.539,"body":"of"},{"startTime":2516.539,"endTime":2518.093,"body":"the"},{"startTime":2518.093,"endTime":2519.647,"body":"ETF"},{"startTime":2519.647,"endTime":2521.201,"body":"and"},{"startTime":2521.201,"endTime":2522.755,"body":"not"},{"startTime":2522.755,"endTime":2524.309,"body":"rolling"},{"startTime":2524.309,"endTime":2525.863,"body":"out"},{"startTime":2525.863,"endTime":2527.417,"body":"with"},{"startTime":2527.417,"endTime":2528.971,"body":"a"},{"startTime":2528.971,"endTime":2530.525,"body":"product"},{"startTime":2530.525,"endTime":2532.079,"body":"that"},{"startTime":2532.079,"endTime":2533.633,"body":"you"},{"startTime":2533.633,"endTime":2535.187,"body":"can't"},{"startTime":2535.187,"endTime":2536.741,"body":"expand"},{"startTime":2536.741,"endTime":2538.295,"body":"and"},{"startTime":2538.295,"endTime":2539.849,"body":"then"},{"startTime":2539.849,"endTime":2541.403,"body":"it"},{"startTime":2541.403,"endTime":2542.957,"body":"changes..."},{"startTime":2542.957,"endTime":2544.511,"body":"We"},{"startTime":2544.511,"endTime":2546.065,"body":"weren't"},{"startTime":2546.065,"endTime":2547.619,"body":"going"},{"startTime":2547.619,"endTime":2549.173,"body":"to"},{"startTime":2549.173,"endTime":2550.727,"body":"do"},{"startTime":2550.727,"endTime":2552.281,"body":"that."},{"startTime":2552.281,"endTime":2553.835,"body":"So,"},{"startTime":2553.835,"endTime":2555.389,"body":"I"},{"startTime":2555.389,"endTime":2556.943,"body":"do"},{"startTime":2556.943,"endTime":2558.497,"body":"think"},{"startTime":2558.497,"endTime":2560.051,"body":"that"},{"startTime":2560.051,"endTime":2561.605,"body":"breadth"},{"startTime":2561.605,"endTime":2563.159,"body":"is"},{"startTime":2563.159,"endTime":2564.713,"body":"the"},{"startTime":2564.713,"endTime":2566.267,"body":"hallmark"},{"startTime":2566.267,"endTime":2567.821,"body":"of"},{"startTime":2567.821,"endTime":2569.375,"body":"sustainable"},{"startTime":2569.375,"endTime":2570.929,"body":"information"},{"startTime":2570.929,"endTime":2572.483,"body":"ratio."},{"startTime":2572.483,"endTime":2574.037,"body":"It's"},{"startTime":2574.037,"endTime":2575.591,"body":"the"},{"startTime":2575.591,"endTime":2577.145,"body":"law"},{"startTime":2577.145,"endTime":2578.699,"body":"of"},{"startTime":2578.699,"endTime":2580.253,"body":"active"},{"startTime":2580.253,"endTime":2581.807,"body":"management."},{"startTime":2404.651,"endTime":2407.961,"body":"\rAndso,"},{"startTime":2407.961,"endTime":2409.616,"body":"you"},{"startTime":2409.616,"endTime":2411.271,"body":"want"},{"startTime":2411.271,"endTime":2412.926,"body":"to"},{"startTime":2412.926,"endTime":2414.581,"body":"try"},{"startTime":2414.581,"endTime":2416.236,"body":"to,"},{"startTime":2416.236,"endTime":2417.891,"body":"again,"},{"startTime":2417.891,"endTime":2419.546,"body":"find"},{"startTime":2419.546,"endTime":2421.201,"body":"the"},{"startTime":2421.201,"endTime":2422.856,"body":"sweet"},{"startTime":2422.856,"endTime":2424.511,"body":"spot."},{"startTime":2424.511,"endTime":2426.166,"body":"When"},{"startTime":2426.166,"endTime":2427.821,"body":"you"},{"startTime":2427.821,"endTime":2429.476,"body":"have"},{"startTime":2429.476,"endTime":2431.131,"body":"limits"},{"startTime":2431.131,"endTime":2432.786,"body":"that"},{"startTime":2432.786,"endTime":2434.441,"body":"you"},{"startTime":2434.441,"endTime":2436.096,"body":"have"},{"startTime":2436.096,"endTime":2437.751,"body":"in"},{"startTime":2437.751,"endTime":2439.406,"body":"our"},{"startTime":2439.406,"endTime":2441.061,"body":"structure,"},{"startTime":2441.061,"endTime":2442.716,"body":"when"},{"startTime":2442.716,"endTime":2444.371,"body":"we're"},{"startTime":2444.371,"endTime":2446.026,"body":"trying"},{"startTime":2446.026,"endTime":2447.681,"body":"to"},{"startTime":2447.681,"endTime":2449.336,"body":"build"},{"startTime":2449.336,"endTime":2450.991,"body":"something"},{"startTime":2450.991,"endTime":2452.646,"body":"that"},{"startTime":2452.646,"endTime":2454.301,"body":"can"},{"startTime":2454.301,"endTime":2455.956,"body":"scale,"},{"startTime":2455.956,"endTime":2457.611,"body":"then"},{"startTime":2457.611,"endTime":2459.266,"body":"you’ve"},{"startTime":2459.266,"endTime":2460.921,"body":"got"},{"startTime":2460.921,"endTime":2462.576,"body":"to"},{"startTime":2462.576,"endTime":2464.231,"body":"find"},{"startTime":2464.231,"endTime":2465.886,"body":"the"},{"startTime":2465.886,"endTime":2467.541,"body":"sweet"},{"startTime":2467.541,"endTime":2469.196,"body":"spot"},{"startTime":2469.196,"endTime":2470.851,"body":"between"},{"startTime":2470.851,"endTime":2472.506,"body":"scalability,"},{"startTime":2472.506,"endTime":2474.161,"body":"and"},{"startTime":2474.161,"endTime":2475.816,"body":"capacity,"},{"startTime":2475.816,"endTime":2477.471,"body":"and"},{"startTime":2477.471,"endTime":2479.126,"body":"diversification."},{"startTime":2479.126,"endTime":2480.781,"body":"I"},{"startTime":2480.781,"endTime":2482.436,"body":"think"},{"startTime":2482.436,"endTime":2484.091,"body":"we've"},{"startTime":2484.091,"endTime":2485.746,"body":"gotten"},{"startTime":2485.746,"endTime":2487.401,"body":"there."},{"startTime":2487.401,"endTime":2489.056,"body":"We're"},{"startTime":2489.056,"endTime":2490.711,"body":"somewhere"},{"startTime":2490.711,"endTime":2492.366,"body":"about"},{"startTime":2492.366,"endTime":2494.021,"body":"over"},{"startTime":2494.021,"endTime":2495.676,"body":"40"},{"startTime":2495.676,"endTime":2497.331,"body":"individual"},{"startTime":2497.331,"endTime":2498.986,"body":"contracts,"},{"startTime":2498.986,"endTime":2500.641,"body":"the"},{"startTime":2500.641,"endTime":2502.296,"body":"four"},{"startTime":2502.296,"endTime":2503.951,"body":"big"},{"startTime":2503.951,"endTime":2505.606,"body":"markets,"},{"startTime":2505.606,"endTime":2507.261,"body":"FX"},{"startTime":2507.261,"endTime":2508.916,"body":"rates,"},{"startTime":2508.916,"endTime":2510.571,"body":"commodities,"},{"startTime":2510.571,"endTime":2512.226,"body":"and"},{"startTime":2512.226,"endTime":2513.881,"body":"equities."},{"startTime":2513.881,"endTime":2515.536,"body":"And"},{"startTime":2515.536,"endTime":2517.191,"body":"if"},{"startTime":2517.191,"endTime":2518.846,"body":"you"},{"startTime":2518.846,"endTime":2520.501,"body":"look"},{"startTime":2520.501,"endTime":2522.156,"body":"at"},{"startTime":2522.156,"endTime":2523.811,"body":"our"},{"startTime":2523.811,"endTime":2525.466,"body":"holdings,"},{"startTime":2525.466,"endTime":2527.121,"body":"you're"},{"startTime":2527.121,"endTime":2528.776,"body":"going"},{"startTime":2528.776,"endTime":2530.431,"body":"to"},{"startTime":2530.431,"endTime":2532.086,"body":"see,"},{"startTime":2532.086,"endTime":2533.741,"body":"basically,"},{"startTime":2533.741,"endTime":2535.396,"body":"that"},{"startTime":2535.396,"endTime":2537.051,"body":"we're"},{"startTime":2537.051,"endTime":2538.706,"body":"up"},{"startTime":2538.706,"endTime":2540.361,"body":"market"},{"startTime":2540.361,"endTime":2542.016,"body":"in"},{"startTime":2542.016,"endTime":2543.671,"body":"liquidity."},{"startTime":2543.671,"endTime":2545.326,"body":"It's"},{"startTime":2545.326,"endTime":2546.981,"body":"not"},{"startTime":2546.981,"endTime":2548.636,"body":"particularly"},{"startTime":2548.636,"endTime":2550.291,"body":"surprising"},{"startTime":2550.291,"endTime":2551.946,"body":"which"},{"startTime":2551.946,"endTime":2553.601,"body":"names"},{"startTime":2553.601,"endTime":2555.256,"body":"we"},{"startTime":2555.256,"endTime":2556.911,"body":"trade,"},{"startTime":2556.911,"endTime":2558.566,"body":"and"},{"startTime":2558.566,"endTime":2560.221,"body":"which"},{"startTime":2560.221,"endTime":2561.876,"body":"contracts"},{"startTime":2561.876,"endTime":2563.531,"body":"we"},{"startTime":2563.531,"endTime":2565.186,"body":"trade,"},{"startTime":2565.186,"endTime":2566.841,"body":"and"},{"startTime":2566.841,"endTime":2568.496,"body":"which"},{"startTime":2568.496,"endTime":2570.151,"body":"contracts"},{"startTime":2570.151,"endTime":2571.806,"body":"we"},{"startTime":2571.806,"endTime":2573.461,"body":"had"},{"startTime":2573.461,"endTime":2575.116,"body":"to"},{"startTime":2575.116,"endTime":2576.771,"body":"exclude"},{"startTime":2576.771,"endTime":2578.426,"body":"for"},{"startTime":2578.426,"endTime":2580.081,"body":"the"},{"startTime":2580.081,"endTime":2581.736,"body":"capacity."},{"startTime":2404.651,"endTime":2410.759,"body":"\rButwe"},{"startTime":2410.759,"endTime":2413.813,"body":"felt,"},{"startTime":2413.813,"endTime":2416.867,"body":"and"},{"startTime":2416.867,"endTime":2419.921,"body":"we"},{"startTime":2419.921,"endTime":2422.975,"body":"tested,"},{"startTime":2422.975,"endTime":2426.029,"body":"and"},{"startTime":2426.029,"endTime":2429.083,"body":"did"},{"startTime":2429.083,"endTime":2432.137,"body":"the"},{"startTime":2432.137,"endTime":2435.191,"body":"research"},{"startTime":2435.191,"endTime":2438.245,"body":"on"},{"startTime":2438.245,"endTime":2441.299,"body":"those"},{"startTime":2441.299,"endTime":2444.353,"body":"names"},{"startTime":2444.353,"endTime":2447.407,"body":"and"},{"startTime":2447.407,"endTime":2450.461,"body":"we"},{"startTime":2450.461,"endTime":2453.515,"body":"looked"},{"startTime":2453.515,"endTime":2456.569,"body":"at"},{"startTime":2456.569,"endTime":2459.623,"body":"different"},{"startTime":2459.623,"endTime":2462.677,"body":"lists,"},{"startTime":2462.677,"endTime":2465.731,"body":"we"},{"startTime":2465.731,"endTime":2468.785,"body":"spent"},{"startTime":2468.785,"endTime":2471.839,"body":"a"},{"startTime":2471.839,"endTime":2474.893,"body":"lot"},{"startTime":2474.893,"endTime":2477.947,"body":"of"},{"startTime":2477.947,"endTime":2481.001,"body":"time"},{"startTime":2481.001,"endTime":2484.055,"body":"going"},{"startTime":2484.055,"endTime":2487.109,"body":"back"},{"startTime":2487.109,"endTime":2490.163,"body":"and"},{"startTime":2490.163,"endTime":2493.217,"body":"forth,"},{"startTime":2493.217,"endTime":2496.271,"body":"going"},{"startTime":2496.271,"endTime":2499.325,"body":"through"},{"startTime":2499.325,"endTime":2502.379,"body":"the"},{"startTime":2502.379,"endTime":2505.433,"body":"trade-off,"},{"startTime":2505.433,"endTime":2508.487,"body":"that"},{"startTime":2508.487,"endTime":2511.541,"body":"this"},{"startTime":2511.541,"endTime":2514.595,"body":"was"},{"startTime":2514.595,"endTime":2517.649,"body":"the"},{"startTime":2517.649,"endTime":2520.703,"body":"right"},{"startTime":2520.703,"endTime":2523.757,"body":"sweet"},{"startTime":2523.757,"endTime":2526.811,"body":"spot"},{"startTime":2526.811,"endTime":2529.865,"body":"in"},{"startTime":2529.865,"endTime":2532.919,"body":"terms"},{"startTime":2532.919,"endTime":2535.973,"body":"of"},{"startTime":2535.973,"endTime":2539.027,"body":"delivering"},{"startTime":2539.027,"endTime":2542.081,"body":"sufficient"},{"startTime":2542.081,"endTime":2545.135,"body":"diversification"},{"startTime":2545.135,"endTime":2548.189,"body":"in"},{"startTime":2548.189,"endTime":2551.243,"body":"sufficient"},{"startTime":2551.243,"endTime":2554.297,"body":"liquid"},{"startTime":2554.297,"endTime":2557.351,"body":"and"},{"startTime":2557.351,"endTime":2560.405,"body":"capacity."},{"startTime":2560.405,"endTime":2563.459,"body":"And"},{"startTime":2563.459,"endTime":2566.513,"body":"I"},{"startTime":2566.513,"endTime":2569.567,"body":"think"},{"startTime":2569.567,"endTime":2572.621,"body":"that's"},{"startTime":2572.621,"endTime":2575.675,"body":"the"},{"startTime":2575.675,"endTime":2578.729,"body":"right"},{"startTime":2578.729,"endTime":2581.783,"body":"strategy."},{"startTime":2404.651,"endTime":2581.831,"body":"\r"},{"startTime":2404.651,"endTime":2415.28,"body":"Ithinkthese"},{"startTime":2415.28,"endTime":2418.823,"body":"very"},{"startTime":2418.823,"endTime":2422.366,"body":"concentrated"},{"startTime":2422.366,"endTime":2425.909,"body":"strategies,"},{"startTime":2425.909,"endTime":2429.452,"body":"yeah,"},{"startTime":2429.452,"endTime":2432.995,"body":"you're"},{"startTime":2432.995,"endTime":2436.538,"body":"going"},{"startTime":2436.538,"endTime":2440.081,"body":"to"},{"startTime":2440.081,"endTime":2443.624,"body":"get"},{"startTime":2443.624,"endTime":2447.167,"body":"some"},{"startTime":2447.167,"endTime":2450.71,"body":"outperformance"},{"startTime":2450.71,"endTime":2454.253,"body":"when"},{"startTime":2454.253,"endTime":2457.796,"body":"you're"},{"startTime":2457.796,"endTime":2461.339,"body":"in"},{"startTime":2461.339,"endTime":2464.882,"body":"the"},{"startTime":2464.882,"endTime":2468.425,"body":"lucky"},{"startTime":2468.425,"endTime":2471.968,"body":"right"},{"startTime":2471.968,"endTime":2475.511,"body":"spot"},{"startTime":2475.511,"endTime":2479.054,"body":"and"},{"startTime":2479.054,"endTime":2482.597,"body":"then"},{"startTime":2482.597,"endTime":2486.14,"body":"you're"},{"startTime":2486.14,"endTime":2489.683,"body":"going"},{"startTime":2489.683,"endTime":2493.226,"body":"to"},{"startTime":2493.226,"endTime":2496.769,"body":"miss"},{"startTime":2496.769,"endTime":2500.312,"body":"it"},{"startTime":2500.312,"endTime":2503.855,"body":"in"},{"startTime":2503.855,"endTime":2507.398,"body":"other"},{"startTime":2507.398,"endTime":2510.941,"body":"days."},{"startTime":2510.941,"endTime":2514.484,"body":"And"},{"startTime":2514.484,"endTime":2518.027,"body":"that's"},{"startTime":2518.027,"endTime":2521.57,"body":"not"},{"startTime":2521.57,"endTime":2525.113,"body":"really"},{"startTime":2525.113,"endTime":2528.656,"body":"what"},{"startTime":2528.656,"endTime":2532.199,"body":"we're"},{"startTime":2532.199,"endTime":2535.742,"body":"about."},{"startTime":2535.742,"endTime":2539.285,"body":"We're"},{"startTime":2539.285,"endTime":2542.828,"body":"about"},{"startTime":2542.828,"endTime":2546.371,"body":"consistency"},{"startTime":2546.371,"endTime":2549.914,"body":"of"},{"startTime":2549.914,"endTime":2553.457,"body":"performance,"},{"startTime":2553.457,"endTime":2557,"body":"we're"},{"startTime":2557,"endTime":2560.543,"body":"about"},{"startTime":2560.543,"endTime":2564.086,"body":"consistency"},{"startTime":2564.086,"endTime":2567.629,"body":"of"},{"startTime":2567.629,"endTime":2571.172,"body":"delivering"},{"startTime":2571.172,"endTime":2574.715,"body":"on"},{"startTime":2574.715,"endTime":2578.258,"body":"the"},{"startTime":2578.258,"endTime":2581.801,"body":"outcome."},{"startTime":2404.651,"endTime":2412.891,"body":"\rButpart"},{"startTime":2412.891,"endTime":2417.011,"body":"of"},{"startTime":2417.011,"endTime":2421.131,"body":"that"},{"startTime":2421.131,"endTime":2425.251,"body":"outcome,"},{"startTime":2425.251,"endTime":2429.371,"body":"as"},{"startTime":2429.371,"endTime":2433.491,"body":"well,"},{"startTime":2433.491,"endTime":2437.611,"body":"is"},{"startTime":2437.611,"endTime":2441.731,"body":"understanding"},{"startTime":2441.731,"endTime":2445.851,"body":"that"},{"startTime":2445.851,"endTime":2449.971,"body":"a"},{"startTime":2449.971,"endTime":2454.091,"body":"trendless"},{"startTime":2454.091,"endTime":2458.211,"body":"market"},{"startTime":2458.211,"endTime":2462.331,"body":"can"},{"startTime":2462.331,"endTime":2466.451,"body":"be"},{"startTime":2466.451,"endTime":2470.571,"body":"a"},{"startTime":2470.571,"endTime":2474.691,"body":"very"},{"startTime":2474.691,"endTime":2478.811,"body":"challenging"},{"startTime":2478.811,"endTime":2482.931,"body":"environment"},{"startTime":2482.931,"endTime":2487.051,"body":"to"},{"startTime":2487.051,"endTime":2491.171,"body":"these"},{"startTime":2491.171,"endTime":2495.291,"body":"strategies."},{"startTime":2495.291,"endTime":2499.411,"body":"And"},{"startTime":2499.411,"endTime":2503.531,"body":"we're"},{"startTime":2503.531,"endTime":2507.651,"body":"pretty"},{"startTime":2507.651,"endTime":2511.771,"body":"explicit"},{"startTime":2511.771,"endTime":2515.891,"body":"about"},{"startTime":2515.891,"endTime":2520.011,"body":"that."},{"startTime":2520.011,"endTime":2524.131,"body":"And"},{"startTime":2524.131,"endTime":2528.251,"body":"the"},{"startTime":2528.251,"endTime":2532.371,"body":"other"},{"startTime":2532.371,"endTime":2536.491,"body":"thing,"},{"startTime":2536.491,"endTime":2540.611,"body":"it's"},{"startTime":2540.611,"endTime":2544.731,"body":"very"},{"startTime":2544.731,"endTime":2548.851,"body":"hard"},{"startTime":2548.851,"endTime":2552.971,"body":"to"},{"startTime":2552.971,"endTime":2557.091,"body":"forecast"},{"startTime":2557.091,"endTime":2561.211,"body":"what"},{"startTime":2561.211,"endTime":2565.331,"body":"environment"},{"startTime":2565.331,"endTime":2569.451,"body":"are"},{"startTime":2569.451,"endTime":2573.571,"body":"you"},{"startTime":2573.571,"endTime":2577.691,"body":"going"},{"startTime":2577.691,"endTime":2581.811,"body":"into?"},{"startTime":2404.651,"endTime":2409.939,"body":"\rAndso,"},{"startTime":2409.939,"endTime":2412.583,"body":"you"},{"startTime":2412.583,"endTime":2415.227,"body":"own"},{"startTime":2415.227,"endTime":2417.871,"body":"these"},{"startTime":2417.871,"endTime":2420.515,"body":"things"},{"startTime":2420.515,"endTime":2423.159,"body":"from"},{"startTime":2423.159,"endTime":2425.803,"body":"a"},{"startTime":2425.803,"endTime":2428.447,"body":"portfolio"},{"startTime":2428.447,"endTime":2431.091,"body":"diversification"},{"startTime":2431.091,"endTime":2433.735,"body":"perspective"},{"startTime":2433.735,"endTime":2436.379,"body":"and"},{"startTime":2436.379,"endTime":2439.023,"body":"less"},{"startTime":2439.023,"endTime":2441.667,"body":"from"},{"startTime":2441.667,"endTime":2444.311,"body":"a"},{"startTime":2444.311,"endTime":2446.955,"body":"timing"},{"startTime":2446.955,"endTime":2449.599,"body":"perspective."},{"startTime":2449.599,"endTime":2452.243,"body":"Now"},{"startTime":2452.243,"endTime":2454.887,"body":"we"},{"startTime":2454.887,"endTime":2457.531,"body":"know"},{"startTime":2457.531,"endTime":2460.175,"body":"that"},{"startTime":2460.175,"endTime":2462.819,"body":"not"},{"startTime":2462.819,"endTime":2465.463,"body":"everybody"},{"startTime":2465.463,"endTime":2468.107,"body":"does"},{"startTime":2468.107,"endTime":2470.751,"body":"that"},{"startTime":2470.751,"endTime":2473.395,"body":"and"},{"startTime":2473.395,"endTime":2476.039,"body":"people"},{"startTime":2476.039,"endTime":2478.683,"body":"will"},{"startTime":2478.683,"endTime":2481.327,"body":"try"},{"startTime":2481.327,"endTime":2483.971,"body":"to"},{"startTime":2483.971,"endTime":2486.615,"body":"try"},{"startTime":2486.615,"endTime":2489.259,"body":"to"},{"startTime":2489.259,"endTime":2491.903,"body":"time,"},{"startTime":2491.903,"endTime":2494.547,"body":"but"},{"startTime":2494.547,"endTime":2497.191,"body":"it's"},{"startTime":2497.191,"endTime":2499.835,"body":"hard"},{"startTime":2499.835,"endTime":2502.479,"body":"to"},{"startTime":2502.479,"endTime":2505.123,"body":"time"},{"startTime":2505.123,"endTime":2507.767,"body":"those"},{"startTime":2507.767,"endTime":2510.411,"body":"things."},{"startTime":2510.411,"endTime":2513.055,"body":"It's"},{"startTime":2513.055,"endTime":2515.699,"body":"hard"},{"startTime":2515.699,"endTime":2518.343,"body":"to"},{"startTime":2518.343,"endTime":2520.987,"body":"time"},{"startTime":2520.987,"endTime":2523.631,"body":"when"},{"startTime":2523.631,"endTime":2526.275,"body":"you're"},{"startTime":2526.275,"endTime":2528.919,"body":"going"},{"startTime":2528.919,"endTime":2531.563,"body":"to"},{"startTime":2531.563,"endTime":2534.207,"body":"be"},{"startTime":2534.207,"endTime":2536.851,"body":"in"},{"startTime":2536.851,"endTime":2539.495,"body":"the"},{"startTime":2539.495,"endTime":2542.139,"body":"tails"},{"startTime":2542.139,"endTime":2544.783,"body":"or"},{"startTime":2544.783,"endTime":2547.427,"body":"the"},{"startTime":2547.427,"endTime":2550.071,"body":"middle"},{"startTime":2550.071,"endTime":2552.715,"body":"of"},{"startTime":2552.715,"endTime":2555.359,"body":"the"},{"startTime":2555.359,"endTime":2558.003,"body":"distribution."},{"startTime":2558.003,"endTime":2560.647,"body":"So"},{"startTime":2560.647,"endTime":2563.291,"body":"more"},{"startTime":2563.291,"endTime":2565.935,"body":"of"},{"startTime":2565.935,"endTime":2568.579,"body":"a"},{"startTime":2568.579,"endTime":2571.223,"body":"kind"},{"startTime":2571.223,"endTime":2573.867,"body":"of"},{"startTime":2573.867,"endTime":2576.511,"body":"a"},{"startTime":2576.511,"endTime":2579.155,"body":"diversification"},{"startTime":2579.155,"endTime":2581.799,"body":"approach."},{"startTime":2404.651,"endTime":2415.073,"body":"\rAndreally"},{"startTime":2415.073,"endTime":2420.284,"body":"it's"},{"startTime":2420.284,"endTime":2425.495,"body":"about"},{"startTime":2425.495,"endTime":2430.706,"body":"what"},{"startTime":2430.706,"endTime":2435.917,"body":"I"},{"startTime":2435.917,"endTime":2441.128,"body":"was"},{"startTime":2441.128,"endTime":2446.339,"body":"saying"},{"startTime":2446.339,"endTime":2451.55,"body":"earlier,"},{"startTime":2451.55,"endTime":2456.761,"body":"giving"},{"startTime":2456.761,"endTime":2461.972,"body":"people"},{"startTime":2461.972,"endTime":2467.183,"body":"the"},{"startTime":2467.183,"endTime":2472.394,"body":"opportunity,"},{"startTime":2472.394,"endTime":2477.605,"body":"the"},{"startTime":2477.605,"endTime":2482.816,"body":"access"},{"startTime":2482.816,"endTime":2488.027,"body":"to"},{"startTime":2488.027,"endTime":2493.238,"body":"different"},{"startTime":2493.238,"endTime":2498.449,"body":"forms"},{"startTime":2498.449,"endTime":2503.66,"body":"of"},{"startTime":2503.66,"endTime":2508.871,"body":"diversification"},{"startTime":2508.871,"endTime":2514.082,"body":"in"},{"startTime":2514.082,"endTime":2519.293,"body":"this"},{"startTime":2519.293,"endTime":2524.504,"body":"liquid"},{"startTime":2524.504,"endTime":2529.715,"body":"alt"},{"startTime":2529.715,"endTime":2534.926,"body":"space"},{"startTime":2534.926,"endTime":2540.137,"body":"outside"},{"startTime":2540.137,"endTime":2545.348,"body":"of"},{"startTime":2545.348,"endTime":2550.559,"body":"kind"},{"startTime":2550.559,"endTime":2555.77,"body":"of"},{"startTime":2555.77,"endTime":2560.981,"body":"beta"},{"startTime":2560.981,"endTime":2566.192,"body":"exposures,"},{"startTime":2566.192,"endTime":2571.403,"body":"the"},{"startTime":2571.403,"endTime":2576.614,"body":"uncorrelated"},{"startTime":2576.614,"endTime":2581.825,"body":"space."},{"startTime":2582.311,"endTime":2582.686,"body":"Yeah,"},{"startTime":2582.686,"endTime":2583.061,"body":"you"},{"startTime":2583.061,"endTime":2583.436,"body":"mentioned"},{"startTime":2583.436,"endTime":2583.811,"body":"just"},{"startTime":2583.811,"endTime":2584.186,"body":"the"},{"startTime":2584.186,"endTime":2584.561,"body":"words"},{"startTime":2584.561,"endTime":2584.936,"body":"‘when"},{"startTime":2584.936,"endTime":2585.311,"body":"times"},{"startTime":2585.311,"endTime":2585.686,"body":"are"},{"startTime":2585.686,"endTime":2586.061,"body":"difficult’,"},{"startTime":2586.061,"endTime":2586.436,"body":"and"},{"startTime":2586.436,"endTime":2586.811,"body":"I"},{"startTime":2586.811,"endTime":2587.186,"body":"seem"},{"startTime":2587.186,"endTime":2587.561,"body":"to"},{"startTime":2587.561,"endTime":2587.936,"body":"have"},{"startTime":2587.936,"endTime":2588.311,"body":"heard"},{"startTime":2588.311,"endTime":2588.686,"body":"you"},{"startTime":2588.686,"endTime":2589.061,"body":"talk"},{"startTime":2589.061,"endTime":2589.436,"body":"about"},{"startTime":2589.436,"endTime":2589.811,"body":"something"},{"startTime":2589.811,"endTime":2590.186,"body":"that"},{"startTime":2590.186,"endTime":2590.561,"body":"I"},{"startTime":2590.561,"endTime":2590.936,"body":"believe"},{"startTime":2590.936,"endTime":2591.311,"body":"you"},{"startTime":2591.311,"endTime":2591.686,"body":"described"},{"startTime":2591.686,"endTime":2592.061,"body":"as"},{"startTime":2592.061,"endTime":2592.436,"body":"defensive"},{"startTime":2592.436,"endTime":2592.811,"body":"alpha,"},{"startTime":2592.811,"endTime":2593.186,"body":"which"},{"startTime":2593.186,"endTime":2593.561,"body":"strikes"},{"startTime":2593.561,"endTime":2593.936,"body":"me"},{"startTime":2593.936,"endTime":2594.311,"body":"maybe"},{"startTime":2594.311,"endTime":2594.686,"body":"as"},{"startTime":2594.686,"endTime":2595.061,"body":"something"},{"startTime":2595.061,"endTime":2595.436,"body":"a"},{"startTime":2595.436,"endTime":2595.811,"body":"little"},{"startTime":2595.811,"endTime":2596.186,"body":"bit"},{"startTime":2596.186,"endTime":2596.561,"body":"different."},{"startTime":2596.561,"endTime":2596.936,"body":"Can"},{"startTime":2596.936,"endTime":2597.311,"body":"you"},{"startTime":2597.311,"endTime":2597.686,"body":"refresh"},{"startTime":2597.686,"endTime":2598.061,"body":"me"},{"startTime":2598.061,"endTime":2598.436,"body":"on"},{"startTime":2598.436,"endTime":2598.811,"body":"when"},{"startTime":2598.811,"endTime":2599.186,"body":"you"},{"startTime":2599.186,"endTime":2599.561,"body":"think"},{"startTime":2599.561,"endTime":2599.936,"body":"about"},{"startTime":2599.936,"endTime":2600.311,"body":"defensive"},{"startTime":2600.311,"endTime":2600.686,"body":"alpha,"},{"startTime":2600.686,"endTime":2601.061,"body":"what"},{"startTime":2601.061,"endTime":2601.436,"body":"that"},{"startTime":2601.436,"endTime":2601.811,"body":"means?"},{"startTime":2602.551,"endTime":2604.717,"body":"Yeah,"},{"startTime":2604.717,"endTime":2606.883,"body":"so,"},{"startTime":2606.883,"endTime":2609.049,"body":"we'll"},{"startTime":2609.049,"endTime":2611.215,"body":"pivot"},{"startTime":2611.215,"endTime":2613.381,"body":"here"},{"startTime":2613.381,"endTime":2615.547,"body":"away"},{"startTime":2615.547,"endTime":2617.713,"body":"from,"},{"startTime":2617.713,"endTime":2619.879,"body":"you"},{"startTime":2619.879,"endTime":2622.045,"body":"know,"},{"startTime":2622.045,"endTime":2624.211,"body":"one"},{"startTime":2624.211,"endTime":2626.377,"body":"of"},{"startTime":2626.377,"endTime":2628.543,"body":"the"},{"startTime":2628.543,"endTime":2630.709,"body":"strategies"},{"startTime":2630.709,"endTime":2632.875,"body":"and,"},{"startTime":2632.875,"endTime":2635.041,"body":"again,"},{"startTime":2635.041,"endTime":2637.207,"body":"in"},{"startTime":2637.207,"endTime":2639.373,"body":"my"},{"startTime":2639.373,"endTime":2641.539,"body":"funds,"},{"startTime":2641.539,"endTime":2643.705,"body":"Systematic"},{"startTime":2643.705,"endTime":2645.871,"body":"Multi-strategy"},{"startTime":2645.871,"endTime":2648.037,"body":"or"},{"startTime":2648.037,"endTime":2650.203,"body":"the"},{"startTime":2650.203,"endTime":2652.369,"body":"fund"},{"startTime":2652.369,"endTime":2654.535,"body":"we're"},{"startTime":2654.535,"endTime":2656.701,"body":"about"},{"startTime":2656.701,"endTime":2658.867,"body":"to"},{"startTime":2658.867,"endTime":2661.033,"body":"roll"},{"startTime":2661.033,"endTime":2663.199,"body":"out,"},{"startTime":2663.199,"endTime":2665.365,"body":"which"},{"startTime":2665.365,"endTime":2667.531,"body":"is"},{"startTime":2667.531,"endTime":2669.697,"body":"an"},{"startTime":2669.697,"endTime":2671.863,"body":"ETF"},{"startTime":2671.863,"endTime":2674.029,"body":"I"},{"startTime":2674.029,"endTime":2676.195,"body":"Alt."},{"startTime":2676.195,"endTime":2678.361,"body":"There's"},{"startTime":2678.361,"endTime":2680.527,"body":"a"},{"startTime":2680.527,"endTime":2682.693,"body":"strategy"},{"startTime":2682.693,"endTime":2684.859,"body":"in"},{"startTime":2684.859,"endTime":2687.025,"body":"there,"},{"startTime":2687.025,"endTime":2689.191,"body":"which"},{"startTime":2689.191,"endTime":2691.357,"body":"we"},{"startTime":2691.357,"endTime":2693.523,"body":"created,"},{"startTime":2693.523,"endTime":2695.689,"body":"called"},{"startTime":2695.689,"endTime":2697.855,"body":"defensive"},{"startTime":2697.855,"endTime":2700.021,"body":"alpha."},{"startTime":2700.021,"endTime":2702.187,"body":"And"},{"startTime":2702.187,"endTime":2704.353,"body":"it's"},{"startTime":2704.353,"endTime":2706.519,"body":"a"},{"startTime":2706.519,"endTime":2708.685,"body":"very"},{"startTime":2708.685,"endTime":2710.851,"body":"differentiated"},{"startTime":2710.851,"endTime":2713.017,"body":"approach"},{"startTime":2713.017,"endTime":2715.183,"body":"to"},{"startTime":2715.183,"endTime":2717.349,"body":"an"},{"startTime":2717.349,"endTime":2719.515,"body":"uncorrelated"},{"startTime":2719.515,"endTime":2721.681,"body":"strategy"},{"startTime":2721.681,"endTime":2723.847,"body":"where"},{"startTime":2723.847,"endTime":2726.013,"body":"we're"},{"startTime":2726.013,"endTime":2728.179,"body":"investing"},{"startTime":2728.179,"endTime":2730.345,"body":"in"},{"startTime":2730.345,"endTime":2732.511,"body":"a"},{"startTime":2732.511,"endTime":2734.677,"body":"long"},{"startTime":2734.677,"endTime":2736.843,"body":"short"},{"startTime":2736.843,"endTime":2739.009,"body":"market"},{"startTime":2739.009,"endTime":2741.175,"body":"beta"},{"startTime":2741.175,"endTime":2743.341,"body":"factor"},{"startTime":2743.341,"endTime":2745.507,"body":"neutral"},{"startTime":2745.507,"endTime":2747.673,"body":"equity"},{"startTime":2747.673,"endTime":2749.839,"body":"portfolio,"},{"startTime":2749.839,"endTime":2752.005,"body":"but"},{"startTime":2752.005,"endTime":2754.171,"body":"we're"},{"startTime":2754.171,"endTime":2756.337,"body":"doing"},{"startTime":2756.337,"endTime":2758.503,"body":"it"},{"startTime":2758.503,"endTime":2760.669,"body":"from"},{"startTime":2760.669,"endTime":2762.835,"body":"a"},{"startTime":2762.835,"endTime":2765.001,"body":"credit"},{"startTime":2765.001,"endTime":2767.167,"body":"investor"},{"startTime":2767.167,"endTime":2769.333,"body":"lens."},{"startTime":2769.333,"endTime":2771.499,"body":"So,"},{"startTime":2771.499,"endTime":2773.665,"body":"this"},{"startTime":2773.665,"endTime":2775.831,"body":"is"},{"startTime":2775.831,"endTime":2777.997,"body":"going"},{"startTime":2777.997,"endTime":2780.163,"body":"to"},{"startTime":2780.163,"endTime":2782.329,"body":"harken"},{"startTime":2782.329,"endTime":2784.495,"body":"back"},{"startTime":2784.495,"endTime":2786.661,"body":"to"},{"startTime":2786.661,"endTime":2788.827,"body":"that"},{"startTime":2788.827,"endTime":2790.993,"body":"tree"},{"startTime":2790.993,"endTime":2793.159,"body":"of"},{"startTime":2793.159,"endTime":2795.325,"body":"systematic"},{"startTime":2795.325,"endTime":2797.491,"body":"that"},{"startTime":2797.491,"endTime":2799.657,"body":"really"},{"startTime":2799.657,"endTime":2801.823,"body":"springs"},{"startTime":2801.823,"endTime":2803.989,"body":"from"},{"startTime":2803.989,"endTime":2806.155,"body":"Robert"},{"startTime":2806.155,"endTime":2808.321,"body":"Merton,"},{"startTime":2808.321,"endTime":2810.487,"body":"I"},{"startTime":2810.487,"endTime":2812.653,"body":"think"},{"startTime":2812.653,"endTime":2814.819,"body":"it's"},{"startTime":2814.819,"endTime":2816.985,"body":"the"},{"startTime":2816.985,"endTime":2819.151,"body":"‘77"},{"startTime":2819.151,"endTime":2821.317,"body":"Value"},{"startTime":2821.317,"endTime":2823.483,"body":"of"},{"startTime":2823.483,"endTime":2825.649,"body":"The"},{"startTime":2825.649,"endTime":2827.815,"body":"Firm"},{"startTime":2827.815,"endTime":2829.981,"body":"paper,"},{"startTime":2829.981,"endTime":2832.147,"body":"where"},{"startTime":2832.147,"endTime":2834.313,"body":"we"},{"startTime":2834.313,"endTime":2836.479,"body":"really"},{"startTime":2836.479,"endTime":2838.645,"body":"think"},{"startTime":2838.645,"endTime":2840.811,"body":"about"},{"startTime":2840.811,"endTime":2842.977,"body":"capital"},{"startTime":2842.977,"endTime":2845.143,"body":"structure"},{"startTime":2845.143,"endTime":2847.309,"body":"investing."},{"startTime":2847.309,"endTime":2849.475,"body":"And"},{"startTime":2849.475,"endTime":2851.641,"body":"we"},{"startTime":2851.641,"endTime":2853.807,"body":"think"},{"startTime":2853.807,"endTime":2855.973,"body":"about"},{"startTime":2855.973,"endTime":2858.139,"body":"how"},{"startTime":2858.139,"endTime":2860.305,"body":"can"},{"startTime":2860.305,"endTime":2862.471,"body":"we"},{"startTime":2862.471,"endTime":2864.637,"body":"take"},{"startTime":2864.637,"endTime":2866.803,"body":"signals"},{"startTime":2866.803,"endTime":2868.969,"body":"and"},{"startTime":2868.969,"endTime":2871.135,"body":"inputs"},{"startTime":2871.135,"endTime":2873.301,"body":"from"},{"startTime":2873.301,"endTime":2875.467,"body":"the"},{"startTime":2875.467,"endTime":2877.633,"body":"equity"},{"startTime":2877.633,"endTime":2879.799,"body":"to"},{"startTime":2879.799,"endTime":2881.965,"body":"value"},{"startTime":2881.965,"endTime":2884.131,"body":"the"},{"startTime":2884.131,"endTime":2886.297,"body":"debt."},{"startTime":2886.297,"endTime":2888.463,"body":"That"},{"startTime":2888.463,"endTime":2890.629,"body":"was"},{"startTime":2890.629,"endTime":2892.795,"body":"the"},{"startTime":2892.795,"endTime":2894.961,"body":"underlying"},{"startTime":2894.961,"endTime":2897.127,"body":"idea"},{"startTime":2897.127,"endTime":2899.293,"body":"using"},{"startTime":2899.293,"endTime":2901.459,"body":"option"},{"startTime":2901.459,"endTime":2903.625,"body":"pricing."},{"startTime":2602.551,"endTime":2613.913,"body":"\rAndso,"},{"startTime":2613.913,"endTime":2619.594,"body":"you"},{"startTime":2619.594,"endTime":2625.275,"body":"fast"},{"startTime":2625.275,"endTime":2630.956,"body":"forward"},{"startTime":2630.956,"endTime":2636.637,"body":"to"},{"startTime":2636.637,"endTime":2642.318,"body":"our"},{"startTime":2642.318,"endTime":2647.999,"body":"development."},{"startTime":2647.999,"endTime":2653.68,"body":"We're"},{"startTime":2653.68,"endTime":2659.361,"body":"building"},{"startTime":2659.361,"endTime":2665.042,"body":"out"},{"startTime":2665.042,"endTime":2670.723,"body":"a"},{"startTime":2670.723,"endTime":2676.404,"body":"long/short"},{"startTime":2676.404,"endTime":2682.085,"body":"credit"},{"startTime":2682.085,"endTime":2687.766,"body":"expertise."},{"startTime":2687.766,"endTime":2693.447,"body":"Credit"},{"startTime":2693.447,"endTime":2699.128,"body":"is"},{"startTime":2699.128,"endTime":2704.809,"body":"very"},{"startTime":2704.809,"endTime":2710.49,"body":"capacity"},{"startTime":2710.49,"endTime":2716.171,"body":"constrained,"},{"startTime":2716.171,"endTime":2721.852,"body":"on"},{"startTime":2721.852,"endTime":2727.533,"body":"the"},{"startTime":2727.533,"endTime":2733.214,"body":"short"},{"startTime":2733.214,"endTime":2738.895,"body":"side,"},{"startTime":2738.895,"endTime":2744.576,"body":"as"},{"startTime":2744.576,"endTime":2750.257,"body":"we're"},{"startTime":2750.257,"endTime":2755.938,"body":"looking"},{"startTime":2755.938,"endTime":2761.619,"body":"at"},{"startTime":2761.619,"endTime":2767.3,"body":"how"},{"startTime":2767.3,"endTime":2772.981,"body":"can"},{"startTime":2772.981,"endTime":2778.662,"body":"we"},{"startTime":2778.662,"endTime":2784.343,"body":"extend"},{"startTime":2784.343,"endTime":2790.024,"body":"this"},{"startTime":2790.024,"endTime":2795.705,"body":"capacity."},{"startTime":2795.705,"endTime":2801.386,"body":"And"},{"startTime":2801.386,"endTime":2807.067,"body":"we"},{"startTime":2807.067,"endTime":2812.748,"body":"realize,"},{"startTime":2812.748,"endTime":2818.429,"body":"well,"},{"startTime":2818.429,"endTime":2824.11,"body":"we"},{"startTime":2824.11,"endTime":2829.791,"body":"have"},{"startTime":2829.791,"endTime":2835.472,"body":"all"},{"startTime":2835.472,"endTime":2841.153,"body":"these"},{"startTime":2841.153,"endTime":2846.834,"body":"insights,"},{"startTime":2846.834,"endTime":2852.515,"body":"let's"},{"startTime":2852.515,"endTime":2858.196,"body":"trade"},{"startTime":2858.196,"endTime":2863.877,"body":"those"},{"startTime":2863.877,"endTime":2869.558,"body":"insights,"},{"startTime":2869.558,"endTime":2875.239,"body":"those"},{"startTime":2875.239,"endTime":2880.92,"body":"credit"},{"startTime":2880.92,"endTime":2886.601,"body":"insights"},{"startTime":2886.601,"endTime":2892.282,"body":"on"},{"startTime":2892.282,"endTime":2897.963,"body":"the"},{"startTime":2897.963,"endTime":2903.644,"body":"equities."},{"startTime":2602.551,"endTime":2614.841,"body":"\rAndit"},{"startTime":2614.841,"endTime":2620.986,"body":"was"},{"startTime":2620.986,"endTime":2627.131,"body":"one"},{"startTime":2627.131,"endTime":2633.276,"body":"of"},{"startTime":2633.276,"endTime":2639.421,"body":"these"},{"startTime":2639.421,"endTime":2645.566,"body":"kind"},{"startTime":2645.566,"endTime":2651.711,"body":"of"},{"startTime":2651.711,"endTime":2657.856,"body":"aha"},{"startTime":2657.856,"endTime":2664.001,"body":"moments"},{"startTime":2664.001,"endTime":2670.146,"body":"when"},{"startTime":2670.146,"endTime":2676.291,"body":"you"},{"startTime":2676.291,"endTime":2682.436,"body":"realize,"},{"startTime":2682.436,"endTime":2688.581,"body":"well,"},{"startTime":2688.581,"endTime":2694.726,"body":"when"},{"startTime":2694.726,"endTime":2700.871,"body":"you"},{"startTime":2700.871,"endTime":2707.016,"body":"change"},{"startTime":2707.016,"endTime":2713.161,"body":"the"},{"startTime":2713.161,"endTime":2719.306,"body":"universe"},{"startTime":2719.306,"endTime":2725.451,"body":"from"},{"startTime":2725.451,"endTime":2731.596,"body":"a"},{"startTime":2731.596,"endTime":2737.741,"body":"typical"},{"startTime":2737.741,"endTime":2743.886,"body":"long/short,"},{"startTime":2743.886,"endTime":2750.031,"body":"typical"},{"startTime":2750.031,"endTime":2756.176,"body":"long,/short"},{"startTime":2756.176,"endTime":2762.321,"body":"systematic."},{"startTime":2762.321,"endTime":2768.466,"body":"It's"},{"startTime":2768.466,"endTime":2774.611,"body":"what"},{"startTime":2774.611,"endTime":2780.756,"body":"we"},{"startTime":2780.756,"endTime":2786.901,"body":"talked"},{"startTime":2786.901,"endTime":2793.046,"body":"about"},{"startTime":2793.046,"endTime":2799.191,"body":"before."},{"startTime":2799.191,"endTime":2805.336,"body":"You"},{"startTime":2805.336,"endTime":2811.481,"body":"want"},{"startTime":2811.481,"endTime":2817.626,"body":"to"},{"startTime":2817.626,"endTime":2823.771,"body":"have"},{"startTime":2823.771,"endTime":2829.916,"body":"the"},{"startTime":2829.916,"endTime":2836.061,"body":"highest"},{"startTime":2836.061,"endTime":2842.206,"body":"breadth"},{"startTime":2842.206,"endTime":2848.351,"body":"possible."},{"startTime":2848.351,"endTime":2854.496,"body":"We"},{"startTime":2854.496,"endTime":2860.641,"body":"have"},{"startTime":2860.641,"endTime":2866.786,"body":"15,000"},{"startTime":2866.786,"endTime":2872.931,"body":"names"},{"startTime":2872.931,"endTime":2879.076,"body":"in"},{"startTime":2879.076,"endTime":2885.221,"body":"our"},{"startTime":2885.221,"endTime":2891.366,"body":"equity"},{"startTime":2891.366,"endTime":2897.511,"body":"long/short"},{"startTime":2897.511,"endTime":2903.656,"body":"portfolios."},{"startTime":2602.551,"endTime":2615.641,"body":"\rButin"},{"startTime":2615.641,"endTime":2622.186,"body":"this"},{"startTime":2622.186,"endTime":2628.731,"body":"strategy,"},{"startTime":2628.731,"endTime":2635.276,"body":"in"},{"startTime":2635.276,"endTime":2641.821,"body":"defensive"},{"startTime":2641.821,"endTime":2648.366,"body":"alpha,"},{"startTime":2648.366,"endTime":2654.911,"body":"we're"},{"startTime":2654.911,"endTime":2661.456,"body":"limiting"},{"startTime":2661.456,"endTime":2668.001,"body":"the"},{"startTime":2668.001,"endTime":2674.546,"body":"universe"},{"startTime":2674.546,"endTime":2681.091,"body":"to"},{"startTime":2681.091,"endTime":2687.636,"body":"a"},{"startTime":2687.636,"endTime":2694.181,"body":"universe"},{"startTime":2694.181,"endTime":2700.726,"body":"of"},{"startTime":2700.726,"endTime":2707.271,"body":"companies"},{"startTime":2707.271,"endTime":2713.816,"body":"that"},{"startTime":2713.816,"endTime":2720.361,"body":"have"},{"startTime":2720.361,"endTime":2726.906,"body":"debt"},{"startTime":2726.906,"endTime":2733.451,"body":"on"},{"startTime":2733.451,"endTime":2739.996,"body":"its"},{"startTime":2739.996,"endTime":2746.541,"body":"balance"},{"startTime":2746.541,"endTime":2753.086,"body":"sheet."},{"startTime":2753.086,"endTime":2759.631,"body":"Now"},{"startTime":2759.631,"endTime":2766.176,"body":"why"},{"startTime":2766.176,"endTime":2772.721,"body":"that"},{"startTime":2772.721,"endTime":2779.266,"body":"becomes"},{"startTime":2779.266,"endTime":2785.811,"body":"important"},{"startTime":2785.811,"endTime":2792.356,"body":"is"},{"startTime":2792.356,"endTime":2798.901,"body":"because"},{"startTime":2798.901,"endTime":2805.446,"body":"what"},{"startTime":2805.446,"endTime":2811.991,"body":"drives"},{"startTime":2811.991,"endTime":2818.536,"body":"alpha"},{"startTime":2818.536,"endTime":2825.081,"body":"in"},{"startTime":2825.081,"endTime":2831.626,"body":"any"},{"startTime":2831.626,"endTime":2838.171,"body":"market"},{"startTime":2838.171,"endTime":2844.716,"body":"neutral"},{"startTime":2844.716,"endTime":2851.261,"body":"investing"},{"startTime":2851.261,"endTime":2857.806,"body":"is"},{"startTime":2857.806,"endTime":2864.351,"body":"the"},{"startTime":2864.351,"endTime":2870.896,"body":"dispersion"},{"startTime":2870.896,"endTime":2877.441,"body":"between"},{"startTime":2877.441,"endTime":2883.986,"body":"the"},{"startTime":2883.986,"endTime":2890.531,"body":"winners"},{"startTime":2890.531,"endTime":2897.076,"body":"and"},{"startTime":2897.076,"endTime":2903.621,"body":"losers."},{"startTime":2602.551,"endTime":2615.363,"body":"\rAndone"},{"startTime":2615.363,"endTime":2621.769,"body":"of"},{"startTime":2621.769,"endTime":2628.175,"body":"the"},{"startTime":2628.175,"endTime":2634.581,"body":"sorts"},{"startTime":2634.581,"endTime":2640.987,"body":"of"},{"startTime":2640.987,"endTime":2647.393,"body":"insights,"},{"startTime":2647.393,"endTime":2653.799,"body":"the"},{"startTime":2653.799,"endTime":2660.205,"body":"aha"},{"startTime":2660.205,"endTime":2666.611,"body":"moment"},{"startTime":2666.611,"endTime":2673.017,"body":"of"},{"startTime":2673.017,"endTime":2679.423,"body":"narrowing"},{"startTime":2679.423,"endTime":2685.829,"body":"the"},{"startTime":2685.829,"endTime":2692.235,"body":"universe,"},{"startTime":2692.235,"endTime":2698.641,"body":"which"},{"startTime":2698.641,"endTime":2705.047,"body":"is"},{"startTime":2705.047,"endTime":2711.453,"body":"very"},{"startTime":2711.453,"endTime":2717.859,"body":"kind"},{"startTime":2717.859,"endTime":2724.265,"body":"of"},{"startTime":2724.265,"endTime":2730.671,"body":"antithetical"},{"startTime":2730.671,"endTime":2737.077,"body":"for"},{"startTime":2737.077,"endTime":2743.483,"body":"a"},{"startTime":2743.483,"endTime":2749.889,"body":"quant"},{"startTime":2749.889,"endTime":2756.295,"body":"and"},{"startTime":2756.295,"endTime":2762.701,"body":"a"},{"startTime":2762.701,"endTime":2769.107,"body":"systematic"},{"startTime":2769.107,"endTime":2775.513,"body":"quant,"},{"startTime":2775.513,"endTime":2781.919,"body":"you"},{"startTime":2781.919,"endTime":2788.325,"body":"don't"},{"startTime":2788.325,"endTime":2794.731,"body":"want"},{"startTime":2794.731,"endTime":2801.137,"body":"to"},{"startTime":2801.137,"endTime":2807.543,"body":"narrow"},{"startTime":2807.543,"endTime":2813.949,"body":"the"},{"startTime":2813.949,"endTime":2820.355,"body":"universe."},{"startTime":2820.355,"endTime":2826.761,"body":"You"},{"startTime":2826.761,"endTime":2833.167,"body":"always"},{"startTime":2833.167,"endTime":2839.573,"body":"want"},{"startTime":2839.573,"endTime":2845.979,"body":"to…"},{"startTime":2845.979,"endTime":2852.385,"body":"It's"},{"startTime":2852.385,"endTime":2858.791,"body":"the"},{"startTime":2858.791,"endTime":2865.197,"body":"law"},{"startTime":2865.197,"endTime":2871.603,"body":"of"},{"startTime":2871.603,"endTime":2878.009,"body":"active"},{"startTime":2878.009,"endTime":2884.415,"body":"management."},{"startTime":2884.415,"endTime":2890.821,"body":"More"},{"startTime":2890.821,"endTime":2897.227,"body":"breadth,"},{"startTime":2897.227,"endTime":2903.633,"body":"better."},{"startTime":2602.551,"endTime":2611.815,"body":"\rButwhen"},{"startTime":2611.815,"endTime":2616.447,"body":"we"},{"startTime":2616.447,"endTime":2621.079,"body":"narrowed"},{"startTime":2621.079,"endTime":2625.711,"body":"the"},{"startTime":2625.711,"endTime":2630.343,"body":"breadth,"},{"startTime":2630.343,"endTime":2634.975,"body":"and"},{"startTime":2634.975,"endTime":2639.607,"body":"it's"},{"startTime":2639.607,"endTime":2644.239,"body":"still"},{"startTime":2644.239,"endTime":2648.871,"body":"a"},{"startTime":2648.871,"endTime":2653.503,"body":"high"},{"startTime":2653.503,"endTime":2658.135,"body":"breadth"},{"startTime":2658.135,"endTime":2662.767,"body":"universe,"},{"startTime":2662.767,"endTime":2667.399,"body":"it's"},{"startTime":2667.399,"endTime":2672.031,"body":"about"},{"startTime":2672.031,"endTime":2676.663,"body":"500,"},{"startTime":2676.663,"endTime":2681.295,"body":"600"},{"startTime":2681.295,"endTime":2685.927,"body":"universe"},{"startTime":2685.927,"endTime":2690.559,"body":"names"},{"startTime":2690.559,"endTime":2695.191,"body":"that"},{"startTime":2695.191,"endTime":2699.823,"body":"we"},{"startTime":2699.823,"endTime":2704.455,"body":"invest"},{"startTime":2704.455,"endTime":2709.087,"body":"in,"},{"startTime":2709.087,"endTime":2713.719,"body":"to"},{"startTime":2713.719,"endTime":2718.351,"body":"companies"},{"startTime":2718.351,"endTime":2722.983,"body":"that"},{"startTime":2722.983,"endTime":2727.615,"body":"have"},{"startTime":2727.615,"endTime":2732.247,"body":"debt"},{"startTime":2732.247,"endTime":2736.879,"body":"on"},{"startTime":2736.879,"endTime":2741.511,"body":"their"},{"startTime":2741.511,"endTime":2746.143,"body":"balance"},{"startTime":2746.143,"endTime":2750.775,"body":"sheets,"},{"startTime":2750.775,"endTime":2755.407,"body":"you"},{"startTime":2755.407,"endTime":2760.039,"body":"realize,"},{"startTime":2760.039,"endTime":2764.671,"body":"oh,"},{"startTime":2764.671,"endTime":2769.303,"body":"what"},{"startTime":2769.303,"endTime":2773.935,"body":"does"},{"startTime":2773.935,"endTime":2778.567,"body":"debt"},{"startTime":2778.567,"endTime":2783.199,"body":"do?"},{"startTime":2783.199,"endTime":2787.831,"body":"It"},{"startTime":2787.831,"endTime":2792.463,"body":"accelerates"},{"startTime":2792.463,"endTime":2797.095,"body":"dispersion."},{"startTime":2797.095,"endTime":2801.727,"body":"And"},{"startTime":2801.727,"endTime":2806.359,"body":"when"},{"startTime":2806.359,"endTime":2810.991,"body":"does"},{"startTime":2810.991,"endTime":2815.623,"body":"it"},{"startTime":2815.623,"endTime":2820.255,"body":"accelerate"},{"startTime":2820.255,"endTime":2824.887,"body":"dispersion?"},{"startTime":2824.887,"endTime":2829.519,"body":"When"},{"startTime":2829.519,"endTime":2834.151,"body":"it"},{"startTime":2834.151,"endTime":2838.783,"body":"matters"},{"startTime":2838.783,"endTime":2843.415,"body":"most"},{"startTime":2843.415,"endTime":2848.047,"body":"to"},{"startTime":2848.047,"endTime":2852.679,"body":"a"},{"startTime":2852.679,"endTime":2857.311,"body":"defensive"},{"startTime":2857.311,"endTime":2861.943,"body":"need"},{"startTime":2861.943,"endTime":2866.575,"body":"for"},{"startTime":2866.575,"endTime":2871.207,"body":"diversification,"},{"startTime":2871.207,"endTime":2875.839,"body":"which"},{"startTime":2875.839,"endTime":2880.471,"body":"is"},{"startTime":2880.471,"endTime":2885.103,"body":"when"},{"startTime":2885.103,"endTime":2889.735,"body":"markets"},{"startTime":2889.735,"endTime":2894.367,"body":"are"},{"startTime":2894.367,"endTime":2898.999,"body":"going"},{"startTime":2898.999,"endTime":2903.631,"body":"down."},{"startTime":2602.551,"endTime":2608.759,"body":"\rWhenmarkets"},{"startTime":2608.759,"endTime":2611.863,"body":"are"},{"startTime":2611.863,"endTime":2614.967,"body":"going"},{"startTime":2614.967,"endTime":2618.071,"body":"down,"},{"startTime":2618.071,"endTime":2621.175,"body":"there's"},{"startTime":2621.175,"endTime":2624.279,"body":"this"},{"startTime":2624.279,"endTime":2627.383,"body":"pivoting"},{"startTime":2627.383,"endTime":2630.487,"body":"feature"},{"startTime":2630.487,"endTime":2633.591,"body":"of"},{"startTime":2633.591,"endTime":2636.695,"body":"kind"},{"startTime":2636.695,"endTime":2639.799,"body":"of"},{"startTime":2639.799,"endTime":2642.903,"body":"the"},{"startTime":2642.903,"endTime":2646.007,"body":"behavioral"},{"startTime":2646.007,"endTime":2649.111,"body":"side"},{"startTime":2649.111,"endTime":2652.215,"body":"of"},{"startTime":2652.215,"endTime":2655.319,"body":"our"},{"startTime":2655.319,"endTime":2658.423,"body":"markets."},{"startTime":2658.423,"endTime":2661.527,"body":"Which"},{"startTime":2661.527,"endTime":2664.631,"body":"is"},{"startTime":2664.631,"endTime":2667.735,"body":"when"},{"startTime":2667.735,"endTime":2670.839,"body":"things"},{"startTime":2670.839,"endTime":2673.943,"body":"are"},{"startTime":2673.943,"endTime":2677.047,"body":"going"},{"startTime":2677.047,"endTime":2680.151,"body":"great,"},{"startTime":2680.151,"endTime":2683.255,"body":"equity"},{"startTime":2683.255,"endTime":2686.359,"body":"analysts"},{"startTime":2686.359,"endTime":2689.463,"body":"focus"},{"startTime":2689.463,"endTime":2692.567,"body":"on"},{"startTime":2692.567,"endTime":2695.671,"body":"the"},{"startTime":2695.671,"endTime":2698.775,"body":"upside,"},{"startTime":2698.775,"endTime":2701.879,"body":"they"},{"startTime":2701.879,"endTime":2704.983,"body":"focus"},{"startTime":2704.983,"endTime":2708.087,"body":"on"},{"startTime":2708.087,"endTime":2711.191,"body":"the"},{"startTime":2711.191,"endTime":2714.295,"body":"income"},{"startTime":2714.295,"endTime":2717.399,"body":"statement."},{"startTime":2717.399,"endTime":2720.503,"body":"When"},{"startTime":2720.503,"endTime":2723.607,"body":"things"},{"startTime":2723.607,"endTime":2726.711,"body":"are"},{"startTime":2726.711,"endTime":2729.815,"body":"really"},{"startTime":2729.815,"endTime":2732.919,"body":"tough,"},{"startTime":2732.919,"endTime":2736.023,"body":"you"},{"startTime":2736.023,"endTime":2739.127,"body":"batten"},{"startTime":2739.127,"endTime":2742.231,"body":"down"},{"startTime":2742.231,"endTime":2745.335,"body":"the"},{"startTime":2745.335,"endTime":2748.439,"body":"hatches,"},{"startTime":2748.439,"endTime":2751.543,"body":"you"},{"startTime":2751.543,"endTime":2754.647,"body":"circle"},{"startTime":2754.647,"endTime":2757.751,"body":"the"},{"startTime":2757.751,"endTime":2760.855,"body":"wagons,"},{"startTime":2760.855,"endTime":2763.959,"body":"you"},{"startTime":2763.959,"endTime":2767.063,"body":"focus"},{"startTime":2767.063,"endTime":2770.167,"body":"on"},{"startTime":2770.167,"endTime":2773.271,"body":"the"},{"startTime":2773.271,"endTime":2776.375,"body":"balance"},{"startTime":2776.375,"endTime":2779.479,"body":"sheet,"},{"startTime":2779.479,"endTime":2782.583,"body":"you"},{"startTime":2782.583,"endTime":2785.687,"body":"focus"},{"startTime":2785.687,"endTime":2788.791,"body":"on"},{"startTime":2788.791,"endTime":2791.895,"body":"liquidity,"},{"startTime":2791.895,"endTime":2794.999,"body":"you"},{"startTime":2794.999,"endTime":2798.103,"body":"focus"},{"startTime":2798.103,"endTime":2801.207,"body":"on"},{"startTime":2801.207,"endTime":2804.311,"body":"access"},{"startTime":2804.311,"endTime":2807.415,"body":"to"},{"startTime":2807.415,"endTime":2810.519,"body":"credit"},{"startTime":2810.519,"endTime":2813.623,"body":"and"},{"startTime":2813.623,"endTime":2816.727,"body":"cost"},{"startTime":2816.727,"endTime":2819.831,"body":"of"},{"startTime":2819.831,"endTime":2822.935,"body":"credit."},{"startTime":2822.935,"endTime":2826.039,"body":"All"},{"startTime":2826.039,"endTime":2829.143,"body":"the"},{"startTime":2829.143,"endTime":2832.247,"body":"things"},{"startTime":2832.247,"endTime":2835.351,"body":"that"},{"startTime":2835.351,"endTime":2838.455,"body":"we"},{"startTime":2838.455,"endTime":2841.559,"body":"tend"},{"startTime":2841.559,"endTime":2844.663,"body":"to,"},{"startTime":2844.663,"endTime":2847.767,"body":"in"},{"startTime":2847.767,"endTime":2850.871,"body":"our"},{"startTime":2850.871,"endTime":2853.975,"body":"signal"},{"startTime":2853.975,"endTime":2857.079,"body":"set"},{"startTime":2857.079,"endTime":2860.183,"body":"in"},{"startTime":2860.183,"endTime":2863.287,"body":"building"},{"startTime":2863.287,"endTime":2866.391,"body":"a"},{"startTime":2866.391,"endTime":2869.495,"body":"model,"},{"startTime":2869.495,"endTime":2872.599,"body":"systematic"},{"startTime":2872.599,"endTime":2875.703,"body":"implementation"},{"startTime":2875.703,"endTime":2878.807,"body":"of"},{"startTime":2878.807,"endTime":2881.911,"body":"defensive"},{"startTime":2881.911,"endTime":2885.015,"body":"alpha,"},{"startTime":2885.015,"endTime":2888.119,"body":"we"},{"startTime":2888.119,"endTime":2891.223,"body":"tend"},{"startTime":2891.223,"endTime":2894.327,"body":"to"},{"startTime":2894.327,"endTime":2897.431,"body":"overweight"},{"startTime":2897.431,"endTime":2900.535,"body":"those"},{"startTime":2900.535,"endTime":2903.639,"body":"signals."},{"startTime":2602.551,"endTime":2614.359,"body":"\rAndthe"},{"startTime":2614.359,"endTime":2620.263,"body":"result"},{"startTime":2620.263,"endTime":2626.167,"body":"is"},{"startTime":2626.167,"endTime":2632.071,"body":"a"},{"startTime":2632.071,"endTime":2637.975,"body":"profile"},{"startTime":2637.975,"endTime":2643.879,"body":"of"},{"startTime":2643.879,"endTime":2649.783,"body":"our"},{"startTime":2649.783,"endTime":2655.687,"body":"alpha"},{"startTime":2655.687,"endTime":2661.591,"body":"that"},{"startTime":2661.591,"endTime":2667.495,"body":"tends"},{"startTime":2667.495,"endTime":2673.399,"body":"to"},{"startTime":2673.399,"endTime":2679.303,"body":"be"},{"startTime":2679.303,"endTime":2685.207,"body":"really"},{"startTime":2685.207,"endTime":2691.111,"body":"strong"},{"startTime":2691.111,"endTime":2697.015,"body":"in"},{"startTime":2697.015,"endTime":2702.919,"body":"down"},{"startTime":2702.919,"endTime":2708.823,"body":"markets,"},{"startTime":2708.823,"endTime":2714.727,"body":"tends"},{"startTime":2714.727,"endTime":2720.631,"body":"to"},{"startTime":2720.631,"endTime":2726.535,"body":"be"},{"startTime":2726.535,"endTime":2732.439,"body":"okay"},{"startTime":2732.439,"endTime":2738.343,"body":"in"},{"startTime":2738.343,"endTime":2744.247,"body":"up"},{"startTime":2744.247,"endTime":2750.151,"body":"markets"},{"startTime":2750.151,"endTime":2756.055,"body":"because"},{"startTime":2756.055,"endTime":2761.959,"body":"it's"},{"startTime":2761.959,"endTime":2767.863,"body":"market"},{"startTime":2767.863,"endTime":2773.767,"body":"beta"},{"startTime":2773.767,"endTime":2779.671,"body":"factor"},{"startTime":2779.671,"endTime":2785.575,"body":"neutral."},{"startTime":2785.575,"endTime":2791.479,"body":"And"},{"startTime":2791.479,"endTime":2797.383,"body":"that"},{"startTime":2797.383,"endTime":2803.287,"body":"profile"},{"startTime":2803.287,"endTime":2809.191,"body":"kind"},{"startTime":2809.191,"endTime":2815.095,"body":"of"},{"startTime":2815.095,"endTime":2820.999,"body":"looks"},{"startTime":2820.999,"endTime":2826.903,"body":"like"},{"startTime":2826.903,"endTime":2832.807,"body":"a"},{"startTime":2832.807,"endTime":2838.711,"body":"long"},{"startTime":2838.711,"endTime":2844.615,"body":"put"},{"startTime":2844.615,"endTime":2850.519,"body":"option"},{"startTime":2850.519,"endTime":2856.423,"body":"profile,"},{"startTime":2856.423,"endTime":2862.327,"body":"but"},{"startTime":2862.327,"endTime":2868.231,"body":"without"},{"startTime":2868.231,"endTime":2874.135,"body":"the"},{"startTime":2874.135,"endTime":2880.039,"body":"timing"},{"startTime":2880.039,"endTime":2885.943,"body":"and"},{"startTime":2885.943,"endTime":2891.847,"body":"without"},{"startTime":2891.847,"endTime":2897.751,"body":"the"},{"startTime":2897.751,"endTime":2903.655,"body":"directionality."},{"startTime":2602.551,"endTime":2606.761,"body":"\rAndso,"},{"startTime":2606.761,"endTime":2608.866,"body":"this"},{"startTime":2608.866,"endTime":2610.971,"body":"is"},{"startTime":2610.971,"endTime":2613.076,"body":"something"},{"startTime":2613.076,"endTime":2615.181,"body":"that"},{"startTime":2615.181,"endTime":2617.286,"body":"we"},{"startTime":2617.286,"endTime":2619.391,"body":"do."},{"startTime":2619.391,"endTime":2621.496,"body":"It's"},{"startTime":2621.496,"endTime":2623.601,"body":"highly"},{"startTime":2623.601,"endTime":2625.706,"body":"differentiated,"},{"startTime":2625.706,"endTime":2627.811,"body":"comes"},{"startTime":2627.811,"endTime":2629.916,"body":"out"},{"startTime":2629.916,"endTime":2632.021,"body":"of"},{"startTime":2632.021,"endTime":2634.126,"body":"our"},{"startTime":2634.126,"endTime":2636.231,"body":"credit"},{"startTime":2636.231,"endTime":2638.336,"body":"expertise"},{"startTime":2638.336,"endTime":2640.441,"body":"piece,"},{"startTime":2640.441,"endTime":2642.546,"body":"and"},{"startTime":2642.546,"endTime":2644.651,"body":"it's"},{"startTime":2644.651,"endTime":2646.756,"body":"central"},{"startTime":2646.756,"endTime":2648.861,"body":"to"},{"startTime":2648.861,"endTime":2650.966,"body":"systematic"},{"startTime":2650.966,"endTime":2653.071,"body":"multi-strategy."},{"startTime":2653.071,"endTime":2655.176,"body":"It'll"},{"startTime":2655.176,"endTime":2657.281,"body":"be"},{"startTime":2657.281,"endTime":2659.386,"body":"a"},{"startTime":2659.386,"endTime":2661.491,"body":"central"},{"startTime":2661.491,"endTime":2663.596,"body":"aspect"},{"startTime":2663.596,"endTime":2665.701,"body":"of"},{"startTime":2665.701,"endTime":2667.806,"body":"the"},{"startTime":2667.806,"endTime":2669.911,"body":"new"},{"startTime":2669.911,"endTime":2672.016,"body":"fund"},{"startTime":2672.016,"endTime":2674.121,"body":"in"},{"startTime":2674.121,"endTime":2676.226,"body":"I"},{"startTime":2676.226,"endTime":2678.331,"body":"Alt"},{"startTime":2678.331,"endTime":2680.436,"body":"as"},{"startTime":2680.436,"endTime":2682.541,"body":"well."},{"startTime":2682.541,"endTime":2684.646,"body":"And"},{"startTime":2684.646,"endTime":2686.751,"body":"again,"},{"startTime":2686.751,"endTime":2688.856,"body":"back"},{"startTime":2688.856,"endTime":2690.961,"body":"to"},{"startTime":2690.961,"endTime":2693.066,"body":"the"},{"startTime":2693.066,"endTime":2695.171,"body":"broader"},{"startTime":2695.171,"endTime":2697.276,"body":"theme."},{"startTime":2697.276,"endTime":2699.381,"body":"Whether"},{"startTime":2699.381,"endTime":2701.486,"body":"it's"},{"startTime":2701.486,"endTime":2703.591,"body":"trend"},{"startTime":2703.591,"endTime":2705.696,"body":"or"},{"startTime":2705.696,"endTime":2707.801,"body":"systematic"},{"startTime":2707.801,"endTime":2709.906,"body":"investing,"},{"startTime":2709.906,"endTime":2712.011,"body":"we're"},{"startTime":2712.011,"endTime":2714.116,"body":"in"},{"startTime":2714.116,"endTime":2716.221,"body":"the"},{"startTime":2716.221,"endTime":2718.326,"body":"world"},{"startTime":2718.326,"endTime":2720.431,"body":"of"},{"startTime":2720.431,"endTime":2722.536,"body":"uncorrelated"},{"startTime":2722.536,"endTime":2724.641,"body":"assets."},{"startTime":2724.641,"endTime":2726.746,"body":"But"},{"startTime":2726.746,"endTime":2728.851,"body":"even"},{"startTime":2728.851,"endTime":2730.956,"body":"in"},{"startTime":2730.956,"endTime":2733.061,"body":"a"},{"startTime":2733.061,"endTime":2735.166,"body":"world"},{"startTime":2735.166,"endTime":2737.271,"body":"of"},{"startTime":2737.271,"endTime":2739.376,"body":"uncorrelated"},{"startTime":2739.376,"endTime":2741.481,"body":"assets,"},{"startTime":2741.481,"endTime":2743.586,"body":"what"},{"startTime":2743.586,"endTime":2745.691,"body":"we're"},{"startTime":2745.691,"endTime":2747.796,"body":"talking"},{"startTime":2747.796,"endTime":2749.901,"body":"about"},{"startTime":2749.901,"endTime":2752.006,"body":"is,"},{"startTime":2752.006,"endTime":2754.111,"body":"well,"},{"startTime":2754.111,"endTime":2756.216,"body":"what"},{"startTime":2756.216,"endTime":2758.321,"body":"is"},{"startTime":2758.321,"endTime":2760.426,"body":"the"},{"startTime":2760.426,"endTime":2762.531,"body":"profile?"},{"startTime":2762.531,"endTime":2764.636,"body":"Trend"},{"startTime":2764.636,"endTime":2766.741,"body":"has"},{"startTime":2766.741,"endTime":2768.846,"body":"a"},{"startTime":2768.846,"endTime":2770.951,"body":"particular…"},{"startTime":2770.951,"endTime":2773.056,"body":"the"},{"startTime":2773.056,"endTime":2775.161,"body":"CTA"},{"startTime":2775.161,"endTime":2777.266,"body":"smile."},{"startTime":2777.266,"endTime":2779.371,"body":"It's"},{"startTime":2779.371,"endTime":2781.476,"body":"good"},{"startTime":2781.476,"endTime":2783.581,"body":"in"},{"startTime":2783.581,"endTime":2785.686,"body":"really"},{"startTime":2785.686,"endTime":2787.791,"body":"down"},{"startTime":2787.791,"endTime":2789.896,"body":"markets,"},{"startTime":2789.896,"endTime":2792.001,"body":"it's"},{"startTime":2792.001,"endTime":2794.106,"body":"good"},{"startTime":2794.106,"endTime":2796.211,"body":"in"},{"startTime":2796.211,"endTime":2798.316,"body":"really"},{"startTime":2798.316,"endTime":2800.421,"body":"strong"},{"startTime":2800.421,"endTime":2802.526,"body":"up"},{"startTime":2802.526,"endTime":2804.631,"body":"markets."},{"startTime":2804.631,"endTime":2806.736,"body":"It"},{"startTime":2806.736,"endTime":2808.841,"body":"has"},{"startTime":2808.841,"endTime":2810.946,"body":"that"},{"startTime":2810.946,"endTime":2813.051,"body":"kind"},{"startTime":2813.051,"endTime":2815.156,"body":"of"},{"startTime":2815.156,"endTime":2817.261,"body":"profile,"},{"startTime":2817.261,"endTime":2819.366,"body":"kind"},{"startTime":2819.366,"endTime":2821.471,"body":"of"},{"startTime":2821.471,"endTime":2823.576,"body":"tough"},{"startTime":2823.576,"endTime":2825.681,"body":"in"},{"startTime":2825.681,"endTime":2827.786,"body":"the"},{"startTime":2827.786,"endTime":2829.891,"body":"middle."},{"startTime":2829.891,"endTime":2831.996,"body":"Well,"},{"startTime":2831.996,"endTime":2834.101,"body":"here's"},{"startTime":2834.101,"endTime":2836.206,"body":"another"},{"startTime":2836.206,"endTime":2838.311,"body":"uncorrelated"},{"startTime":2838.311,"endTime":2840.416,"body":"profile"},{"startTime":2840.416,"endTime":2842.521,"body":"that"},{"startTime":2842.521,"endTime":2844.626,"body":"we've"},{"startTime":2844.626,"endTime":2846.731,"body":"engineered"},{"startTime":2846.731,"endTime":2848.836,"body":"systematically."},{"startTime":2848.836,"endTime":2850.941,"body":"Defensive"},{"startTime":2850.941,"endTime":2853.046,"body":"alpha;"},{"startTime":2853.046,"endTime":2855.151,"body":"what"},{"startTime":2855.151,"endTime":2857.256,"body":"does"},{"startTime":2857.256,"endTime":2859.361,"body":"its"},{"startTime":2859.361,"endTime":2861.466,"body":"profile"},{"startTime":2861.466,"endTime":2863.571,"body":"look"},{"startTime":2863.571,"endTime":2865.676,"body":"like?"},{"startTime":2865.676,"endTime":2867.781,"body":"Kind"},{"startTime":2867.781,"endTime":2869.886,"body":"of"},{"startTime":2869.886,"endTime":2871.991,"body":"okay"},{"startTime":2871.991,"endTime":2874.096,"body":"in"},{"startTime":2874.096,"endTime":2876.201,"body":"up"},{"startTime":2876.201,"endTime":2878.306,"body":"markets,"},{"startTime":2878.306,"endTime":2880.411,"body":"really"},{"startTime":2880.411,"endTime":2882.516,"body":"strong"},{"startTime":2882.516,"endTime":2884.621,"body":"in"},{"startTime":2884.621,"endTime":2886.726,"body":"really"},{"startTime":2886.726,"endTime":2888.831,"body":"down"},{"startTime":2888.831,"endTime":2890.936,"body":"markets."},{"startTime":2890.936,"endTime":2893.041,"body":"Okay,"},{"startTime":2893.041,"endTime":2895.146,"body":"that's"},{"startTime":2895.146,"endTime":2897.251,"body":"a"},{"startTime":2897.251,"endTime":2899.356,"body":"really"},{"startTime":2899.356,"endTime":2901.461,"body":"cool"},{"startTime":2901.461,"endTime":2903.566,"body":"profile."},{"startTime":2602.551,"endTime":2628.733,"body":"\rAndthen"},{"startTime":2628.733,"endTime":2641.824,"body":"it's"},{"startTime":2641.824,"endTime":2654.915,"body":"about,"},{"startTime":2654.915,"endTime":2668.006,"body":"once"},{"startTime":2668.006,"endTime":2681.097,"body":"you've"},{"startTime":2681.097,"endTime":2694.188,"body":"engineered"},{"startTime":2694.188,"endTime":2707.279,"body":"these"},{"startTime":2707.279,"endTime":2720.37,"body":"various"},{"startTime":2720.37,"endTime":2733.461,"body":"uncorrelated"},{"startTime":2733.461,"endTime":2746.552,"body":"profiles,"},{"startTime":2746.552,"endTime":2759.643,"body":"how"},{"startTime":2759.643,"endTime":2772.734,"body":"can"},{"startTime":2772.734,"endTime":2785.825,"body":"you"},{"startTime":2785.825,"endTime":2798.916,"body":"put"},{"startTime":2798.916,"endTime":2812.007,"body":"them"},{"startTime":2812.007,"endTime":2825.098,"body":"together"},{"startTime":2825.098,"endTime":2838.189,"body":"to"},{"startTime":2838.189,"endTime":2851.28,"body":"create"},{"startTime":2851.28,"endTime":2864.371,"body":"a"},{"startTime":2864.371,"endTime":2877.462,"body":"really"},{"startTime":2877.462,"endTime":2890.553,"body":"attractive"},{"startTime":2890.553,"endTime":2903.644,"body":"profile?"},{"startTime":2602.551,"endTime":2903.661,"body":"\r"},{"startTime":2602.551,"endTime":2612.586,"body":",insystematic"},{"startTime":2612.586,"endTime":2615.931,"body":"multi-strategy"},{"startTime":2615.931,"endTime":2619.276,"body":"we"},{"startTime":2619.276,"endTime":2622.621,"body":"do"},{"startTime":2622.621,"endTime":2625.966,"body":"it"},{"startTime":2625.966,"endTime":2629.311,"body":"with"},{"startTime":2629.311,"endTime":2632.656,"body":"a"},{"startTime":2632.656,"endTime":2636.001,"body":"fixed"},{"startTime":2636.001,"endTime":2639.346,"body":"income"},{"startTime":2639.346,"endTime":2642.691,"body":"anchoring"},{"startTime":2642.691,"endTime":2646.036,"body":"and"},{"startTime":2646.036,"endTime":2649.381,"body":"we're"},{"startTime":2649.381,"endTime":2652.726,"body":"going"},{"startTime":2652.726,"endTime":2656.071,"body":"for"},{"startTime":2656.071,"endTime":2659.416,"body":"fixed"},{"startTime":2659.416,"endTime":2662.761,"body":"income"},{"startTime":2662.761,"endTime":2666.106,"body":"replacement"},{"startTime":2666.106,"endTime":2669.451,"body":"or"},{"startTime":2669.451,"endTime":2672.796,"body":"complement"},{"startTime":2672.796,"endTime":2676.141,"body":"fixed"},{"startTime":2676.141,"endTime":2679.486,"body":"income"},{"startTime":2679.486,"endTime":2682.831,"body":"type"},{"startTime":2682.831,"endTime":2686.176,"body":"volatility."},{"startTime":2686.176,"endTime":2689.521,"body":"In"},{"startTime":2689.521,"endTime":2692.866,"body":"I"},{"startTime":2692.866,"endTime":2696.211,"body":"Alt"},{"startTime":2696.211,"endTime":2699.556,"body":"we'll"},{"startTime":2699.556,"endTime":2702.901,"body":"go"},{"startTime":2702.901,"endTime":2706.246,"body":"a"},{"startTime":2706.246,"endTime":2709.591,"body":"little"},{"startTime":2709.591,"endTime":2712.936,"body":"bit"},{"startTime":2712.936,"endTime":2716.281,"body":"more"},{"startTime":2716.281,"endTime":2719.626,"body":"higher"},{"startTime":2719.626,"endTime":2722.971,"body":"octane,"},{"startTime":2722.971,"endTime":2726.316,"body":"more"},{"startTime":2726.316,"endTime":2729.661,"body":"for"},{"startTime":2729.661,"endTime":2733.006,"body":"an"},{"startTime":2733.006,"endTime":2736.351,"body":"alpha"},{"startTime":2736.351,"endTime":2739.696,"body":"diversifier,"},{"startTime":2739.696,"endTime":2743.041,"body":"more"},{"startTime":2743.041,"endTime":2746.386,"body":"of"},{"startTime":2746.386,"endTime":2749.731,"body":"an"},{"startTime":2749.731,"endTime":2753.076,"body":"equity"},{"startTime":2753.076,"endTime":2756.421,"body":"substitute"},{"startTime":2756.421,"endTime":2759.766,"body":"but"},{"startTime":2759.766,"endTime":2763.111,"body":"without"},{"startTime":2763.111,"endTime":2766.456,"body":"the"},{"startTime":2766.456,"endTime":2769.801,"body":"correlation,"},{"startTime":2769.801,"endTime":2773.146,"body":"with"},{"startTime":2773.146,"endTime":2776.491,"body":"a"},{"startTime":2776.491,"endTime":2779.836,"body":"broad"},{"startTime":2779.836,"endTime":2783.181,"body":"mix"},{"startTime":2783.181,"endTime":2786.526,"body":"of"},{"startTime":2786.526,"endTime":2789.871,"body":"strategies,"},{"startTime":2789.871,"endTime":2793.216,"body":"defensive"},{"startTime":2793.216,"endTime":2796.561,"body":"alpha,"},{"startTime":2796.561,"endTime":2799.906,"body":"some"},{"startTime":2799.906,"endTime":2803.251,"body":"trend,"},{"startTime":2803.251,"endTime":2806.596,"body":"some"},{"startTime":2806.596,"endTime":2809.941,"body":"equity"},{"startTime":2809.941,"endTime":2813.286,"body":"long/short,"},{"startTime":2813.286,"endTime":2816.631,"body":"kind"},{"startTime":2816.631,"endTime":2819.976,"body":"of"},{"startTime":2819.976,"endTime":2823.321,"body":"more"},{"startTime":2823.321,"endTime":2826.666,"body":"full"},{"startTime":2826.666,"endTime":2830.011,"body":"alpha,"},{"startTime":2830.011,"endTime":2833.356,"body":"equity"},{"startTime":2833.356,"endTime":2836.701,"body":"long/short"},{"startTime":2836.701,"endTime":2840.046,"body":"as"},{"startTime":2840.046,"endTime":2843.391,"body":"opposed"},{"startTime":2843.391,"endTime":2846.736,"body":"to"},{"startTime":2846.736,"endTime":2850.081,"body":"the"},{"startTime":2850.081,"endTime":2853.426,"body":"defensive"},{"startTime":2853.426,"endTime":2856.771,"body":"type."},{"startTime":2856.771,"endTime":2860.116,"body":"And"},{"startTime":2860.116,"endTime":2863.461,"body":"that"},{"startTime":2863.461,"endTime":2866.806,"body":"will"},{"startTime":2866.806,"endTime":2870.151,"body":"be"},{"startTime":2870.151,"endTime":2873.496,"body":"kind"},{"startTime":2873.496,"endTime":2876.841,"body":"of"},{"startTime":2876.841,"endTime":2880.186,"body":"the"},{"startTime":2880.186,"endTime":2883.531,"body":"mixture"},{"startTime":2883.531,"endTime":2886.876,"body":"of"},{"startTime":2886.876,"endTime":2890.221,"body":"underlying"},{"startTime":2890.221,"endTime":2893.566,"body":"strategies"},{"startTime":2893.566,"endTime":2896.911,"body":"in"},{"startTime":2896.911,"endTime":2900.256,"body":"I"},{"startTime":2900.256,"endTime":2903.601,"body":"Alt."},{"startTime":2903.661,"endTime":2904.513,"body":"So,"},{"startTime":2904.513,"endTime":2905.365,"body":"before"},{"startTime":2905.365,"endTime":2906.217,"body":"I"},{"startTime":2906.217,"endTime":2907.069,"body":"hand"},{"startTime":2907.069,"endTime":2907.921,"body":"it"},{"startTime":2907.921,"endTime":2908.773,"body":"back"},{"startTime":2908.773,"endTime":2909.625,"body":"to"},{"startTime":2909.625,"endTime":2910.477,"body":"you,"},{"startTime":2910.477,"endTime":2911.329,"body":"Alan,"},{"startTime":2911.329,"endTime":2912.181,"body":"I"},{"startTime":2912.181,"endTime":2913.033,"body":"just"},{"startTime":2913.033,"endTime":2913.885,"body":"wanted"},{"startTime":2913.885,"endTime":2914.737,"body":"to"},{"startTime":2914.737,"endTime":2915.589,"body":"ask"},{"startTime":2915.589,"endTime":2916.441,"body":"you,"},{"startTime":2916.441,"endTime":2917.293,"body":"you"},{"startTime":2917.293,"endTime":2918.145,"body":"mentioned"},{"startTime":2918.145,"endTime":2918.997,"body":"briefly"},{"startTime":2918.997,"endTime":2919.849,"body":"liquidity,"},{"startTime":2919.849,"endTime":2920.701,"body":"and"},{"startTime":2920.701,"endTime":2921.553,"body":"of"},{"startTime":2921.553,"endTime":2922.405,"body":"course"},{"startTime":2922.405,"endTime":2923.257,"body":"in"},{"startTime":2923.257,"endTime":2924.109,"body":"a"},{"startTime":2924.109,"endTime":2924.961,"body":"big"},{"startTime":2924.961,"endTime":2925.813,"body":"company"},{"startTime":2925.813,"endTime":2926.665,"body":"like"},{"startTime":2926.665,"endTime":2927.517,"body":"yours,"},{"startTime":2927.517,"endTime":2928.369,"body":"obviously"},{"startTime":2928.369,"endTime":2929.221,"body":"execution"},{"startTime":2929.221,"endTime":2930.073,"body":"capabilities"},{"startTime":2930.073,"endTime":2930.925,"body":"will"},{"startTime":2930.925,"endTime":2931.777,"body":"be"},{"startTime":2931.777,"endTime":2932.629,"body":"probably"},{"startTime":2932.629,"endTime":2933.481,"body":"some"},{"startTime":2933.481,"endTime":2934.333,"body":"of"},{"startTime":2934.333,"endTime":2935.185,"body":"the"},{"startTime":2935.185,"endTime":2936.037,"body":"very"},{"startTime":2936.037,"endTime":2936.889,"body":"best."},{"startTime":2936.889,"endTime":2937.741,"body":"Is"},{"startTime":2937.741,"endTime":2938.593,"body":"there"},{"startTime":2938.593,"endTime":2939.445,"body":"any,"},{"startTime":2939.445,"endTime":2940.297,"body":"if"},{"startTime":2940.297,"endTime":2941.149,"body":"we"},{"startTime":2941.149,"endTime":2942.001,"body":"say"},{"startTime":2942.001,"endTime":2942.853,"body":"with"},{"startTime":2942.853,"endTime":2943.705,"body":"the"},{"startTime":2943.705,"endTime":2944.557,"body":"word"},{"startTime":2944.557,"endTime":2945.409,"body":"alpha,"},{"startTime":2945.409,"endTime":2946.261,"body":"I"},{"startTime":2946.261,"endTime":2947.113,"body":"mean"},{"startTime":2947.113,"endTime":2947.965,"body":"is"},{"startTime":2947.965,"endTime":2948.817,"body":"there"},{"startTime":2948.817,"endTime":2949.669,"body":"any"},{"startTime":2949.669,"endTime":2950.521,"body":"edge"},{"startTime":2950.521,"endTime":2951.373,"body":"anymore"},{"startTime":2951.373,"endTime":2952.225,"body":"in"},{"startTime":2952.225,"endTime":2953.077,"body":"execution?"},{"startTime":2903.661,"endTime":2906.131,"body":"\rWelive"},{"startTime":2906.131,"endTime":2907.366,"body":"in"},{"startTime":2907.366,"endTime":2908.601,"body":"a"},{"startTime":2908.601,"endTime":2909.836,"body":"world"},{"startTime":2909.836,"endTime":2911.071,"body":"where"},{"startTime":2911.071,"endTime":2912.306,"body":"it's"},{"startTime":2912.306,"endTime":2913.541,"body":"difficult"},{"startTime":2913.541,"endTime":2914.776,"body":"maybe"},{"startTime":2914.776,"endTime":2916.011,"body":"to"},{"startTime":2916.011,"endTime":2917.246,"body":"compete"},{"startTime":2917.246,"endTime":2918.481,"body":"with"},{"startTime":2918.481,"endTime":2919.716,"body":"some"},{"startTime":2919.716,"endTime":2920.951,"body":"of"},{"startTime":2920.951,"endTime":2922.186,"body":"the,"},{"startTime":2922.186,"endTime":2923.421,"body":"you"},{"startTime":2923.421,"endTime":2924.656,"body":"know,"},{"startTime":2924.656,"endTime":2925.891,"body":"very,"},{"startTime":2925.891,"endTime":2927.126,"body":"very"},{"startTime":2927.126,"endTime":2928.361,"body":"large"},{"startTime":2928.361,"endTime":2929.596,"body":"shops,"},{"startTime":2929.596,"endTime":2930.831,"body":"market"},{"startTime":2930.831,"endTime":2932.066,"body":"maker"},{"startTime":2932.066,"endTime":2933.301,"body":"shops,"},{"startTime":2933.301,"endTime":2934.536,"body":"however"},{"startTime":2934.536,"endTime":2935.771,"body":"we"},{"startTime":2935.771,"endTime":2937.006,"body":"define"},{"startTime":2937.006,"endTime":2938.241,"body":"them."},{"startTime":2938.241,"endTime":2939.476,"body":"But,"},{"startTime":2939.476,"endTime":2940.711,"body":"but"},{"startTime":2940.711,"endTime":2941.946,"body":"how"},{"startTime":2941.946,"endTime":2943.181,"body":"important"},{"startTime":2943.181,"endTime":2944.416,"body":"are"},{"startTime":2944.416,"endTime":2945.651,"body":"execution"},{"startTime":2945.651,"endTime":2946.886,"body":"capabilities"},{"startTime":2946.886,"endTime":2948.121,"body":"at"},{"startTime":2948.121,"endTime":2949.356,"body":"a"},{"startTime":2949.356,"endTime":2950.591,"body":"shop"},{"startTime":2950.591,"endTime":2951.826,"body":"like"},{"startTime":2951.826,"endTime":2953.061,"body":"yours?"},{"startTime":2954.051,"endTime":2956.369,"body":"Yeah,"},{"startTime":2956.369,"endTime":2958.687,"body":"I,"},{"startTime":2958.687,"endTime":2961.005,"body":"I"},{"startTime":2961.005,"endTime":2963.323,"body":"would"},{"startTime":2963.323,"endTime":2965.641,"body":"frame"},{"startTime":2965.641,"endTime":2967.959,"body":"this"},{"startTime":2967.959,"endTime":2970.277,"body":"just"},{"startTime":2970.277,"endTime":2972.595,"body":"because"},{"startTime":2972.595,"endTime":2974.913,"body":"we"},{"startTime":2974.913,"endTime":2977.231,"body":"invest"},{"startTime":2977.231,"endTime":2979.549,"body":"across"},{"startTime":2979.549,"endTime":2981.867,"body":"so"},{"startTime":2981.867,"endTime":2984.185,"body":"many"},{"startTime":2984.185,"endTime":2986.503,"body":"different"},{"startTime":2986.503,"endTime":2988.821,"body":"asset"},{"startTime":2988.821,"endTime":2991.139,"body":"classes."},{"startTime":2991.139,"endTime":2993.457,"body":"I"},{"startTime":2993.457,"endTime":2995.775,"body":"think"},{"startTime":2995.775,"endTime":2998.093,"body":"each"},{"startTime":2998.093,"endTime":3000.411,"body":"asset"},{"startTime":3000.411,"endTime":3002.729,"body":"class"},{"startTime":3002.729,"endTime":3005.047,"body":"is"},{"startTime":3005.047,"endTime":3007.365,"body":"different"},{"startTime":3007.365,"endTime":3009.683,"body":"answer"},{"startTime":3009.683,"endTime":3012.001,"body":"with"},{"startTime":3012.001,"endTime":3014.319,"body":"regards"},{"startTime":3014.319,"endTime":3016.637,"body":"to"},{"startTime":3016.637,"endTime":3018.955,"body":"the"},{"startTime":3018.955,"endTime":3021.273,"body":"importance."},{"startTime":3021.273,"endTime":3023.591,"body":"And"},{"startTime":3023.591,"endTime":3025.909,"body":"I"},{"startTime":3025.909,"endTime":3028.227,"body":"think"},{"startTime":3028.227,"endTime":3030.545,"body":"it"},{"startTime":3030.545,"endTime":3032.863,"body":"roughly"},{"startTime":3032.863,"endTime":3035.181,"body":"scales,"},{"startTime":3035.181,"endTime":3037.499,"body":"by"},{"startTime":3037.499,"endTime":3039.817,"body":"the"},{"startTime":3039.817,"endTime":3042.135,"body":"liquidity,"},{"startTime":3042.135,"endTime":3044.453,"body":"of"},{"startTime":3044.453,"endTime":3046.771,"body":"the"},{"startTime":3046.771,"endTime":3049.089,"body":"underlying"},{"startTime":3049.089,"endTime":3051.407,"body":"asset"},{"startTime":3051.407,"endTime":3053.725,"body":"class."},{"startTime":3053.725,"endTime":3056.043,"body":"So,"},{"startTime":3056.043,"endTime":3058.361,"body":"commodities,"},{"startTime":3058.361,"endTime":3060.679,"body":"equities,"},{"startTime":3060.679,"endTime":3062.997,"body":"corporate"},{"startTime":3062.997,"endTime":3065.315,"body":"bonds,"},{"startTime":3065.315,"endTime":3067.633,"body":"high"},{"startTime":3067.633,"endTime":3069.951,"body":"yield"},{"startTime":3069.951,"endTime":3072.269,"body":"bonds,"},{"startTime":3072.269,"endTime":3074.587,"body":"emerging"},{"startTime":3074.587,"endTime":3076.905,"body":"markets."},{"startTime":2954.051,"endTime":2956.693,"body":"\rInthe"},{"startTime":2956.693,"endTime":2958.014,"body":"lower"},{"startTime":2958.014,"endTime":2959.335,"body":"liquid"},{"startTime":2959.335,"endTime":2960.656,"body":"asset"},{"startTime":2960.656,"endTime":2961.977,"body":"classes,"},{"startTime":2961.977,"endTime":2963.298,"body":"I"},{"startTime":2963.298,"endTime":2964.619,"body":"think"},{"startTime":2964.619,"endTime":2965.94,"body":"there's"},{"startTime":2965.94,"endTime":2967.261,"body":"more"},{"startTime":2967.261,"endTime":2968.582,"body":"alpha"},{"startTime":2968.582,"endTime":2969.903,"body":"opportunity."},{"startTime":2969.903,"endTime":2971.224,"body":"We"},{"startTime":2971.224,"endTime":2972.545,"body":"call"},{"startTime":2972.545,"endTime":2973.866,"body":"it"},{"startTime":2973.866,"endTime":2975.187,"body":"implementation"},{"startTime":2975.187,"endTime":2976.508,"body":"alpha."},{"startTime":2976.508,"endTime":2977.829,"body":"Sometimes"},{"startTime":2977.829,"endTime":2979.15,"body":"it's"},{"startTime":2979.15,"endTime":2980.471,"body":"real"},{"startTime":2980.471,"endTime":2981.792,"body":"alpha,"},{"startTime":2981.792,"endTime":2983.113,"body":"sometimes"},{"startTime":2983.113,"endTime":2984.434,"body":"it's"},{"startTime":2984.434,"endTime":2985.755,"body":"the"},{"startTime":2985.755,"endTime":2987.076,"body":"avoidance"},{"startTime":2987.076,"endTime":2988.397,"body":"of"},{"startTime":2988.397,"endTime":2989.718,"body":"losing"},{"startTime":2989.718,"endTime":2991.039,"body":"alpha"},{"startTime":2991.039,"endTime":2992.36,"body":"and"},{"startTime":2992.36,"endTime":2993.681,"body":"having"},{"startTime":2993.681,"endTime":2995.002,"body":"all"},{"startTime":2995.002,"endTime":2996.323,"body":"your"},{"startTime":2996.323,"endTime":2997.644,"body":"alpha"},{"startTime":2997.644,"endTime":2998.965,"body":"taken"},{"startTime":2998.965,"endTime":3000.286,"body":"from"},{"startTime":3000.286,"endTime":3001.607,"body":"you"},{"startTime":3001.607,"endTime":3002.928,"body":"by"},{"startTime":3002.928,"endTime":3004.249,"body":"your"},{"startTime":3004.249,"endTime":3005.57,"body":"counterparties."},{"startTime":3005.57,"endTime":3006.891,"body":"And"},{"startTime":3006.891,"endTime":3008.212,"body":"so,"},{"startTime":3008.212,"endTime":3009.533,"body":"that's"},{"startTime":3009.533,"endTime":3010.854,"body":"a"},{"startTime":3010.854,"endTime":3012.175,"body":"really"},{"startTime":3012.175,"endTime":3013.496,"body":"big"},{"startTime":3013.496,"endTime":3014.817,"body":"important"},{"startTime":3014.817,"endTime":3016.138,"body":"part"},{"startTime":3016.138,"endTime":3017.459,"body":"in"},{"startTime":3017.459,"endTime":3018.78,"body":"our"},{"startTime":3018.78,"endTime":3020.101,"body":"credit"},{"startTime":3020.101,"endTime":3021.422,"body":"and"},{"startTime":3021.422,"endTime":3022.743,"body":"credit"},{"startTime":3022.743,"endTime":3024.064,"body":"implementation."},{"startTime":3024.064,"endTime":3025.385,"body":"I"},{"startTime":3025.385,"endTime":3026.706,"body":"think"},{"startTime":3026.706,"endTime":3028.027,"body":"as"},{"startTime":3028.027,"endTime":3029.348,"body":"you"},{"startTime":3029.348,"endTime":3030.669,"body":"get"},{"startTime":3030.669,"endTime":3031.99,"body":"to"},{"startTime":3031.99,"endTime":3033.311,"body":"the"},{"startTime":3033.311,"endTime":3034.632,"body":"more"},{"startTime":3034.632,"endTime":3035.953,"body":"liquid"},{"startTime":3035.953,"endTime":3037.274,"body":"asset"},{"startTime":3037.274,"endTime":3038.595,"body":"classes,"},{"startTime":3038.595,"endTime":3039.916,"body":"it"},{"startTime":3039.916,"endTime":3041.237,"body":"becomes"},{"startTime":3041.237,"endTime":3042.558,"body":"more"},{"startTime":3042.558,"endTime":3043.879,"body":"about"},{"startTime":3043.879,"endTime":3045.2,"body":"scale,"},{"startTime":3045.2,"endTime":3046.521,"body":"and"},{"startTime":3046.521,"endTime":3047.842,"body":"I"},{"startTime":3047.842,"endTime":3049.163,"body":"think"},{"startTime":3049.163,"endTime":3050.484,"body":"it"},{"startTime":3050.484,"endTime":3051.805,"body":"becomes"},{"startTime":3051.805,"endTime":3053.126,"body":"more"},{"startTime":3053.126,"endTime":3054.447,"body":"about"},{"startTime":3054.447,"endTime":3055.768,"body":"the"},{"startTime":3055.768,"endTime":3057.089,"body":"ability"},{"startTime":3057.089,"endTime":3058.41,"body":"to"},{"startTime":3058.41,"endTime":3059.731,"body":"trade"},{"startTime":3059.731,"endTime":3061.052,"body":"without"},{"startTime":3061.052,"endTime":3062.373,"body":"market"},{"startTime":3062.373,"endTime":3063.694,"body":"impact,"},{"startTime":3063.694,"endTime":3065.015,"body":"and"},{"startTime":3065.015,"endTime":3066.336,"body":"that"},{"startTime":3066.336,"endTime":3067.657,"body":"also"},{"startTime":3067.657,"endTime":3068.978,"body":"impacts"},{"startTime":3068.978,"endTime":3070.299,"body":"the"},{"startTime":3070.299,"endTime":3071.62,"body":"lower"},{"startTime":3071.62,"endTime":3072.941,"body":"liquid"},{"startTime":3072.941,"endTime":3074.262,"body":"areas"},{"startTime":3074.262,"endTime":3075.583,"body":"as"},{"startTime":3075.583,"endTime":3076.904,"body":"well."},{"startTime":2954.051,"endTime":2957.327,"body":"\rOneof"},{"startTime":2957.327,"endTime":2958.965,"body":"the"},{"startTime":2958.965,"endTime":2960.603,"body":"benefits"},{"startTime":2960.603,"endTime":2962.241,"body":"that"},{"startTime":2962.241,"endTime":2963.879,"body":"we"},{"startTime":2963.879,"endTime":2965.517,"body":"have,"},{"startTime":2965.517,"endTime":2967.155,"body":"in"},{"startTime":2967.155,"endTime":2968.793,"body":"the"},{"startTime":2968.793,"endTime":2970.431,"body":"fixed"},{"startTime":2970.431,"endTime":2972.069,"body":"income"},{"startTime":2972.069,"endTime":2973.707,"body":"side,"},{"startTime":2973.707,"endTime":2975.345,"body":"is"},{"startTime":2975.345,"endTime":2976.983,"body":"we"},{"startTime":2976.983,"endTime":2978.621,"body":"trade"},{"startTime":2978.621,"endTime":2980.259,"body":"index"},{"startTime":2980.259,"endTime":2981.897,"body":"products,"},{"startTime":2981.897,"endTime":2983.535,"body":"fully"},{"startTime":2983.535,"endTime":2985.173,"body":"active"},{"startTime":2985.173,"endTime":2986.811,"body":"products,"},{"startTime":2986.811,"endTime":2988.449,"body":"systematic"},{"startTime":2988.449,"endTime":2990.087,"body":"products,"},{"startTime":2990.087,"endTime":2991.725,"body":"and"},{"startTime":2991.725,"endTime":2993.363,"body":"they"},{"startTime":2993.363,"endTime":2995.001,"body":"all"},{"startTime":2995.001,"endTime":2996.639,"body":"get"},{"startTime":2996.639,"endTime":2998.277,"body":"traded"},{"startTime":2998.277,"endTime":2999.915,"body":"together."},{"startTime":2999.915,"endTime":3001.553,"body":"And"},{"startTime":3001.553,"endTime":3003.191,"body":"so"},{"startTime":3003.191,"endTime":3004.829,"body":"that"},{"startTime":3004.829,"endTime":3006.467,"body":"kind"},{"startTime":3006.467,"endTime":3008.105,"body":"of"},{"startTime":3008.105,"endTime":3009.743,"body":"river"},{"startTime":3009.743,"endTime":3011.381,"body":"of"},{"startTime":3011.381,"endTime":3013.019,"body":"liquidity"},{"startTime":3013.019,"endTime":3014.657,"body":"that"},{"startTime":3014.657,"endTime":3016.295,"body":"we"},{"startTime":3016.295,"endTime":3017.933,"body":"can"},{"startTime":3017.933,"endTime":3019.571,"body":"tap"},{"startTime":3019.571,"endTime":3021.209,"body":"into"},{"startTime":3021.209,"endTime":3022.847,"body":"really"},{"startTime":3022.847,"endTime":3024.485,"body":"helps"},{"startTime":3024.485,"endTime":3026.123,"body":"us"},{"startTime":3026.123,"endTime":3027.761,"body":"both"},{"startTime":3027.761,"endTime":3029.399,"body":"in"},{"startTime":3029.399,"endTime":3031.037,"body":"terms"},{"startTime":3031.037,"endTime":3032.675,"body":"of"},{"startTime":3032.675,"endTime":3034.313,"body":"implementation"},{"startTime":3034.313,"endTime":3035.951,"body":"but"},{"startTime":3035.951,"endTime":3037.589,"body":"also"},{"startTime":3037.589,"endTime":3039.227,"body":"in"},{"startTime":3039.227,"endTime":3040.865,"body":"terms"},{"startTime":3040.865,"endTime":3042.503,"body":"of"},{"startTime":3042.503,"endTime":3044.141,"body":"mitigating"},{"startTime":3044.141,"endTime":3045.779,"body":"market"},{"startTime":3045.779,"endTime":3047.417,"body":"impact."},{"startTime":3047.417,"endTime":3049.055,"body":"And"},{"startTime":3049.055,"endTime":3050.693,"body":"in"},{"startTime":3050.693,"endTime":3052.331,"body":"systematic"},{"startTime":3052.331,"endTime":3053.969,"body":"strategies"},{"startTime":3053.969,"endTime":3055.607,"body":"that's"},{"startTime":3055.607,"endTime":3057.245,"body":"really"},{"startTime":3057.245,"endTime":3058.883,"body":"important"},{"startTime":3058.883,"endTime":3060.521,"body":"because"},{"startTime":3060.521,"endTime":3062.159,"body":"your"},{"startTime":3062.159,"endTime":3063.797,"body":"footprint"},{"startTime":3063.797,"endTime":3065.435,"body":"in"},{"startTime":3065.435,"endTime":3067.073,"body":"the"},{"startTime":3067.073,"endTime":3068.711,"body":"market"},{"startTime":3068.711,"endTime":3070.349,"body":"matters"},{"startTime":3070.349,"endTime":3071.987,"body":"as"},{"startTime":3071.987,"endTime":3073.625,"body":"a"},{"startTime":3073.625,"endTime":3075.263,"body":"systematic"},{"startTime":3075.263,"endTime":3076.901,"body":"investor."},{"startTime":2954.051,"endTime":2957.327,"body":"\rAndso,"},{"startTime":2957.327,"endTime":2958.965,"body":"you"},{"startTime":2958.965,"endTime":2960.603,"body":"want"},{"startTime":2960.603,"endTime":2962.241,"body":"to"},{"startTime":2962.241,"endTime":2963.879,"body":"be"},{"startTime":2963.879,"endTime":2965.517,"body":"really"},{"startTime":2965.517,"endTime":2967.155,"body":"careful"},{"startTime":2967.155,"endTime":2968.793,"body":"about"},{"startTime":2968.793,"endTime":2970.431,"body":"how"},{"startTime":2970.431,"endTime":2972.069,"body":"that"},{"startTime":2972.069,"endTime":2973.707,"body":"footprint"},{"startTime":2973.707,"endTime":2975.345,"body":"is"},{"startTime":2975.345,"endTime":2976.983,"body":"being"},{"startTime":2976.983,"endTime":2978.621,"body":"left"},{"startTime":2978.621,"endTime":2980.259,"body":"in"},{"startTime":2980.259,"endTime":2981.897,"body":"the"},{"startTime":2981.897,"endTime":2983.535,"body":"sand."},{"startTime":2983.535,"endTime":2985.173,"body":"And"},{"startTime":2985.173,"endTime":2986.811,"body":"one"},{"startTime":2986.811,"endTime":2988.449,"body":"of"},{"startTime":2988.449,"endTime":2990.087,"body":"the"},{"startTime":2990.087,"endTime":2991.725,"body":"advantages"},{"startTime":2991.725,"endTime":2993.363,"body":"in"},{"startTime":2993.363,"endTime":2995.001,"body":"trading"},{"startTime":2995.001,"endTime":2996.639,"body":"in"},{"startTime":2996.639,"endTime":2998.277,"body":"BlackRock"},{"startTime":2998.277,"endTime":2999.915,"body":"is"},{"startTime":2999.915,"endTime":3001.553,"body":"rather"},{"startTime":3001.553,"endTime":3003.191,"body":"than"},{"startTime":3003.191,"endTime":3004.829,"body":"stepping"},{"startTime":3004.829,"endTime":3006.467,"body":"into"},{"startTime":3006.467,"endTime":3008.105,"body":"the"},{"startTime":3008.105,"endTime":3009.743,"body":"sand,"},{"startTime":3009.743,"endTime":3011.381,"body":"we"},{"startTime":3011.381,"endTime":3013.019,"body":"can"},{"startTime":3013.019,"endTime":3014.657,"body":"step"},{"startTime":3014.657,"endTime":3016.295,"body":"into"},{"startTime":3016.295,"endTime":3017.933,"body":"the"},{"startTime":3017.933,"endTime":3019.571,"body":"river."},{"startTime":3019.571,"endTime":3021.209,"body":"And"},{"startTime":3021.209,"endTime":3022.847,"body":"this"},{"startTime":3022.847,"endTime":3024.485,"body":"is"},{"startTime":3024.485,"endTime":3026.123,"body":"a"},{"startTime":3026.123,"endTime":3027.761,"body":"terrible"},{"startTime":3027.761,"endTime":3029.399,"body":"analogy,"},{"startTime":3029.399,"endTime":3031.037,"body":"but"},{"startTime":3031.037,"endTime":3032.675,"body":"we"},{"startTime":3032.675,"endTime":3034.313,"body":"get"},{"startTime":3034.313,"endTime":3035.951,"body":"the"},{"startTime":3035.951,"endTime":3037.589,"body":"full"},{"startTime":3037.589,"endTime":3039.227,"body":"liquidity"},{"startTime":3039.227,"endTime":3040.865,"body":"stream"},{"startTime":3040.865,"endTime":3042.503,"body":"of"},{"startTime":3042.503,"endTime":3044.141,"body":"all"},{"startTime":3044.141,"endTime":3045.779,"body":"the"},{"startTime":3045.779,"endTime":3047.417,"body":"transaction"},{"startTime":3047.417,"endTime":3049.055,"body":"activity"},{"startTime":3049.055,"endTime":3050.693,"body":"that"},{"startTime":3050.693,"endTime":3052.331,"body":"is"},{"startTime":3052.331,"endTime":3053.969,"body":"going"},{"startTime":3053.969,"endTime":3055.607,"body":"on"},{"startTime":3055.607,"endTime":3057.245,"body":"at"},{"startTime":3057.245,"endTime":3058.883,"body":"BlackRock"},{"startTime":3058.883,"endTime":3060.521,"body":"and"},{"startTime":3060.521,"endTime":3062.159,"body":"that"},{"startTime":3062.159,"endTime":3063.797,"body":"helps"},{"startTime":3063.797,"endTime":3065.435,"body":"us"},{"startTime":3065.435,"endTime":3067.073,"body":"in"},{"startTime":3067.073,"endTime":3068.711,"body":"terms"},{"startTime":3068.711,"endTime":3070.349,"body":"of"},{"startTime":3070.349,"endTime":3071.987,"body":"trading"},{"startTime":3071.987,"endTime":3073.625,"body":"and"},{"startTime":3073.625,"endTime":3075.263,"body":"market"},{"startTime":3075.263,"endTime":3076.901,"body":"impact."},{"startTime":3077.981,"endTime":3078.421,"body":"Alan,"},{"startTime":3078.421,"endTime":3078.581,"body":"where"},{"startTime":3078.581,"endTime":3078.701,"body":"do"},{"startTime":3078.701,"endTime":3078.781,"body":"you"},{"startTime":3078.781,"endTime":3078.901,"body":"want"},{"startTime":3078.901,"endTime":3079.021,"body":"to"},{"startTime":3079.021,"endTime":3079.141,"body":"go"},{"startTime":3079.141,"endTime":3079.421,"body":"next?"},{"startTime":3080.221,"endTime":3080.964,"body":"Yeah,"},{"startTime":3080.964,"endTime":3081.707,"body":"just"},{"startTime":3081.707,"endTime":3082.45,"body":"curious"},{"startTime":3082.45,"endTime":3083.193,"body":"to"},{"startTime":3083.193,"endTime":3083.936,"body":"get"},{"startTime":3083.936,"endTime":3084.679,"body":"your"},{"startTime":3084.679,"endTime":3085.422,"body":"thoughts"},{"startTime":3085.422,"endTime":3086.165,"body":"on"},{"startTime":3086.165,"endTime":3086.908,"body":"kind"},{"startTime":3086.908,"endTime":3087.651,"body":"of,"},{"startTime":3087.651,"endTime":3088.394,"body":"for"},{"startTime":3088.394,"endTime":3089.137,"body":"all"},{"startTime":3089.137,"endTime":3089.88,"body":"of"},{"startTime":3089.88,"endTime":3090.623,"body":"these"},{"startTime":3090.623,"endTime":3091.366,"body":"products,"},{"startTime":3091.366,"endTime":3092.109,"body":"or"},{"startTime":3092.109,"endTime":3092.852,"body":"how"},{"startTime":3092.852,"endTime":3093.595,"body":"they're"},{"startTime":3093.595,"endTime":3094.338,"body":"positioned"},{"startTime":3094.338,"endTime":3095.081,"body":"with"},{"startTime":3095.081,"endTime":3095.824,"body":"investors."},{"startTime":3095.824,"endTime":3096.567,"body":"Obviously,"},{"startTime":3096.567,"endTime":3097.31,"body":"you're"},{"startTime":3097.31,"endTime":3098.053,"body":"a"},{"startTime":3098.053,"endTime":3098.796,"body":"solutions"},{"startTime":3098.796,"endTime":3099.539,"body":"provider."},{"startTime":3099.539,"endTime":3100.282,"body":"You're"},{"startTime":3100.282,"endTime":3101.025,"body":"providing"},{"startTime":3101.025,"endTime":3101.768,"body":"the"},{"startTime":3101.768,"endTime":3102.511,"body":"building"},{"startTime":3102.511,"endTime":3103.254,"body":"blocks"},{"startTime":3103.254,"endTime":3103.997,"body":"for"},{"startTime":3103.997,"endTime":3104.74,"body":"investors"},{"startTime":3104.74,"endTime":3105.483,"body":"to"},{"startTime":3105.483,"endTime":3106.226,"body":"build"},{"startTime":3106.226,"endTime":3106.969,"body":"portfolios."},{"startTime":3106.969,"endTime":3107.712,"body":"But"},{"startTime":3107.712,"endTime":3108.455,"body":"curious"},{"startTime":3108.455,"endTime":3109.198,"body":"hearing"},{"startTime":3109.198,"endTime":3109.941,"body":"you"},{"startTime":3109.941,"endTime":3110.684,"body":"talk"},{"startTime":3110.684,"endTime":3111.427,"body":"about"},{"startTime":3111.427,"endTime":3112.17,"body":"trend"},{"startTime":3112.17,"endTime":3112.913,"body":"and"},{"startTime":3112.913,"endTime":3113.656,"body":"how"},{"startTime":3113.656,"endTime":3114.399,"body":"it"},{"startTime":3114.399,"endTime":3115.142,"body":"does"},{"startTime":3115.142,"endTime":3115.885,"body":"well"},{"startTime":3115.885,"endTime":3116.628,"body":"in"},{"startTime":3116.628,"endTime":3117.371,"body":"very"},{"startTime":3117.371,"endTime":3118.114,"body":"good"},{"startTime":3118.114,"endTime":3118.857,"body":"markets"},{"startTime":3118.857,"endTime":3119.6,"body":"as"},{"startTime":3119.6,"endTime":3120.343,"body":"well,"},{"startTime":3120.343,"endTime":3121.086,"body":"which"},{"startTime":3121.086,"endTime":3121.829,"body":"is"},{"startTime":3121.829,"endTime":3122.572,"body":"not"},{"startTime":3122.572,"endTime":3123.315,"body":"something"},{"startTime":3123.315,"endTime":3124.058,"body":"that's"},{"startTime":3124.058,"endTime":3124.801,"body":"often"},{"startTime":3124.801,"endTime":3125.544,"body":"talked"},{"startTime":3125.544,"endTime":3126.287,"body":"about."},{"startTime":3126.287,"endTime":3127.03,"body":"People"},{"startTime":3127.03,"endTime":3127.773,"body":"talk"},{"startTime":3127.773,"endTime":3128.516,"body":"about"},{"startTime":3128.516,"endTime":3129.259,"body":"the"},{"startTime":3129.259,"endTime":3130.002,"body":"defensive"},{"startTime":3130.002,"endTime":3130.745,"body":"quality,"},{"startTime":3130.745,"endTime":3131.488,"body":"but"},{"startTime":3131.488,"endTime":3132.231,"body":"it"},{"startTime":3132.231,"endTime":3132.974,"body":"can"},{"startTime":3132.974,"endTime":3133.717,"body":"obviously"},{"startTime":3133.717,"endTime":3134.46,"body":"do"},{"startTime":3134.46,"endTime":3135.203,"body":"well"},{"startTime":3135.203,"endTime":3135.946,"body":"when"},{"startTime":3135.946,"endTime":3136.689,"body":"markets"},{"startTime":3136.689,"endTime":3137.432,"body":"are"},{"startTime":3137.432,"endTime":3138.175,"body":"ripping"},{"startTime":3138.175,"endTime":3138.918,"body":"higher."},{"startTime":3080.221,"endTime":3081.601,"body":"\rSoyou"},{"startTime":3081.601,"endTime":3082.291,"body":"have"},{"startTime":3082.291,"endTime":3082.981,"body":"a"},{"startTime":3082.981,"endTime":3083.671,"body":"profile"},{"startTime":3083.671,"endTime":3084.361,"body":"like"},{"startTime":3084.361,"endTime":3085.051,"body":"that"},{"startTime":3085.051,"endTime":3085.741,"body":"and"},{"startTime":3085.741,"endTime":3086.431,"body":"then,"},{"startTime":3086.431,"endTime":3087.121,"body":"obviously,"},{"startTime":3087.121,"endTime":3087.811,"body":"you"},{"startTime":3087.811,"endTime":3088.501,"body":"mentioned"},{"startTime":3088.501,"endTime":3089.191,"body":"kind"},{"startTime":3089.191,"endTime":3089.881,"body":"of"},{"startTime":3089.881,"endTime":3090.571,"body":"I"},{"startTime":3090.571,"endTime":3091.261,"body":"Alts"},{"startTime":3091.261,"endTime":3091.951,"body":"and"},{"startTime":3091.951,"endTime":3092.641,"body":"multi-strats."},{"startTime":3092.641,"endTime":3093.331,"body":"I"},{"startTime":3093.331,"endTime":3094.021,"body":"mean"},{"startTime":3094.021,"endTime":3094.711,"body":"the"},{"startTime":3094.711,"endTime":3095.401,"body":"idea"},{"startTime":3095.401,"endTime":3096.091,"body":"of"},{"startTime":3096.091,"endTime":3096.781,"body":"combining"},{"startTime":3096.781,"endTime":3097.471,"body":"a"},{"startTime":3097.471,"endTime":3098.161,"body":"number"},{"startTime":3098.161,"endTime":3098.851,"body":"of"},{"startTime":3098.851,"endTime":3099.541,"body":"different"},{"startTime":3099.541,"endTime":3100.231,"body":"strategies"},{"startTime":3100.231,"endTime":3100.921,"body":"that"},{"startTime":3100.921,"endTime":3101.611,"body":"have"},{"startTime":3101.611,"endTime":3102.301,"body":"maybe"},{"startTime":3102.301,"endTime":3102.991,"body":"defensive"},{"startTime":3102.991,"endTime":3103.681,"body":"characteristics,"},{"startTime":3103.681,"endTime":3104.371,"body":"is"},{"startTime":3104.371,"endTime":3105.061,"body":"that"},{"startTime":3105.061,"endTime":3105.751,"body":"just"},{"startTime":3105.751,"endTime":3106.441,"body":"from"},{"startTime":3106.441,"endTime":3107.131,"body":"a"},{"startTime":3107.131,"endTime":3107.821,"body":"robustness"},{"startTime":3107.821,"endTime":3108.511,"body":"perspective"},{"startTime":3108.511,"endTime":3109.201,"body":"or"},{"startTime":3109.201,"endTime":3109.891,"body":"is"},{"startTime":3109.891,"endTime":3110.581,"body":"it"},{"startTime":3110.581,"endTime":3111.271,"body":"because"},{"startTime":3111.271,"endTime":3111.961,"body":"we'll"},{"startTime":3111.961,"endTime":3112.651,"body":"have"},{"startTime":3112.651,"endTime":3113.341,"body":"different"},{"startTime":3113.341,"endTime":3114.031,"body":"types"},{"startTime":3114.031,"endTime":3114.721,"body":"of"},{"startTime":3114.721,"endTime":3115.411,"body":"equity"},{"startTime":3115.411,"endTime":3116.101,"body":"drawdowns"},{"startTime":3116.101,"endTime":3116.791,"body":"like"},{"startTime":3116.791,"endTime":3117.481,"body":"short,"},{"startTime":3117.481,"endTime":3118.171,"body":"sharp"},{"startTime":3118.171,"endTime":3118.861,"body":"ones,"},{"startTime":3118.861,"endTime":3119.551,"body":"more"},{"startTime":3119.551,"endTime":3120.241,"body":"prolonged"},{"startTime":3120.241,"endTime":3120.931,"body":"ones"},{"startTime":3120.931,"endTime":3121.621,"body":"like"},{"startTime":3121.621,"endTime":3122.311,"body":"2022,"},{"startTime":3122.311,"endTime":3123.001,"body":"or"},{"startTime":3123.001,"endTime":3123.691,"body":"back"},{"startTime":3123.691,"endTime":3124.381,"body":"to"},{"startTime":3124.381,"endTime":3125.071,"body":"the"},{"startTime":3125.071,"endTime":3125.761,"body":"dot"},{"startTime":3125.761,"endTime":3126.451,"body":"com"},{"startTime":3126.451,"endTime":3127.141,"body":"unwind?"},{"startTime":3127.141,"endTime":3127.831,"body":"Is"},{"startTime":3127.831,"endTime":3128.521,"body":"that"},{"startTime":3128.521,"endTime":3129.211,"body":"what's"},{"startTime":3129.211,"endTime":3129.901,"body":"motivating"},{"startTime":3129.901,"endTime":3130.591,"body":"the"},{"startTime":3130.591,"endTime":3131.281,"body":"kind"},{"startTime":3131.281,"endTime":3131.971,"body":"of"},{"startTime":3131.971,"endTime":3132.661,"body":"portfolio"},{"startTime":3132.661,"endTime":3133.351,"body":"construction"},{"startTime":3133.351,"endTime":3134.041,"body":"behind"},{"startTime":3134.041,"endTime":3134.731,"body":"say"},{"startTime":3134.731,"endTime":3135.421,"body":"a"},{"startTime":3135.421,"endTime":3136.111,"body":"multi-strat"},{"startTime":3136.111,"endTime":3136.801,"body":"versus"},{"startTime":3136.801,"endTime":3137.491,"body":"a"},{"startTime":3137.491,"endTime":3138.181,"body":"pure"},{"startTime":3138.181,"endTime":3138.871,"body":"trend?"},{"startTime":3139.911,"endTime":3143.065,"body":"Yeah,"},{"startTime":3143.065,"endTime":3146.219,"body":"first"},{"startTime":3146.219,"endTime":3149.373,"body":"and"},{"startTime":3149.373,"endTime":3152.527,"body":"foremost,"},{"startTime":3152.527,"endTime":3155.681,"body":"I"},{"startTime":3155.681,"endTime":3158.835,"body":"think"},{"startTime":3158.835,"endTime":3161.989,"body":"the"},{"startTime":3161.989,"endTime":3165.143,"body":"pure"},{"startTime":3165.143,"endTime":3168.297,"body":"trend"},{"startTime":3168.297,"endTime":3171.451,"body":"was"},{"startTime":3171.451,"endTime":3174.605,"body":"just"},{"startTime":3174.605,"endTime":3177.759,"body":"to"},{"startTime":3177.759,"endTime":3180.913,"body":"introduce"},{"startTime":3180.913,"endTime":3184.067,"body":"the"},{"startTime":3184.067,"endTime":3187.221,"body":"concept"},{"startTime":3187.221,"endTime":3190.375,"body":"of"},{"startTime":3190.375,"endTime":3193.529,"body":"a"},{"startTime":3193.529,"endTime":3196.683,"body":"derivative"},{"startTime":3196.683,"endTime":3199.837,"body":"heavy"},{"startTime":3199.837,"endTime":3202.991,"body":"structure"},{"startTime":3202.991,"endTime":3206.145,"body":"within"},{"startTime":3206.145,"endTime":3209.299,"body":"an"},{"startTime":3209.299,"endTime":3212.453,"body":"ETF"},{"startTime":3212.453,"endTime":3215.607,"body":"construct."},{"startTime":3215.607,"endTime":3218.761,"body":"We"},{"startTime":3218.761,"endTime":3221.915,"body":"wanted"},{"startTime":3221.915,"endTime":3225.069,"body":"to"},{"startTime":3225.069,"endTime":3228.223,"body":"start"},{"startTime":3228.223,"endTime":3231.377,"body":"with"},{"startTime":3231.377,"endTime":3234.531,"body":"the"},{"startTime":3234.531,"endTime":3237.685,"body":"notion"},{"startTime":3237.685,"endTime":3240.839,"body":"of"},{"startTime":3240.839,"endTime":3243.993,"body":"something"},{"startTime":3243.993,"endTime":3247.147,"body":"that"},{"startTime":3247.147,"endTime":3250.301,"body":"people"},{"startTime":3250.301,"endTime":3253.455,"body":"were"},{"startTime":3253.455,"endTime":3256.609,"body":"familiar"},{"startTime":3256.609,"endTime":3259.763,"body":"with,"},{"startTime":3259.763,"endTime":3262.917,"body":"even"},{"startTime":3262.917,"endTime":3266.071,"body":"if"},{"startTime":3266.071,"endTime":3269.225,"body":"sometimes"},{"startTime":3269.225,"endTime":3272.379,"body":"it"},{"startTime":3272.379,"endTime":3275.533,"body":"feels"},{"startTime":3275.533,"endTime":3278.687,"body":"like"},{"startTime":3278.687,"endTime":3281.841,"body":"they're"},{"startTime":3281.841,"endTime":3284.995,"body":"less"},{"startTime":3284.995,"endTime":3288.149,"body":"familiar"},{"startTime":3288.149,"endTime":3291.303,"body":"with"},{"startTime":3291.303,"endTime":3294.457,"body":"it."},{"startTime":3139.911,"endTime":3144.897,"body":"\rThey'recertainly"},{"startTime":3144.897,"endTime":3147.39,"body":"a"},{"startTime":3147.39,"endTime":3149.883,"body":"lot"},{"startTime":3149.883,"endTime":3152.376,"body":"less"},{"startTime":3152.376,"endTime":3154.869,"body":"familiar"},{"startTime":3154.869,"endTime":3157.362,"body":"with"},{"startTime":3157.362,"endTime":3159.855,"body":"some"},{"startTime":3159.855,"endTime":3162.348,"body":"of"},{"startTime":3162.348,"endTime":3164.841,"body":"the"},{"startTime":3164.841,"endTime":3167.334,"body":"other"},{"startTime":3167.334,"endTime":3169.827,"body":"strategies"},{"startTime":3169.827,"endTime":3172.32,"body":"that"},{"startTime":3172.32,"endTime":3174.813,"body":"we"},{"startTime":3174.813,"endTime":3177.306,"body":"have"},{"startTime":3177.306,"endTime":3179.799,"body":"within"},{"startTime":3179.799,"endTime":3182.292,"body":"the"},{"startTime":3182.292,"endTime":3184.785,"body":"lab,"},{"startTime":3184.785,"endTime":3187.278,"body":"if"},{"startTime":3187.278,"endTime":3189.771,"body":"you"},{"startTime":3189.771,"endTime":3192.264,"body":"will."},{"startTime":3192.264,"endTime":3194.757,"body":"The"},{"startTime":3194.757,"endTime":3197.25,"body":"capabilities"},{"startTime":3197.25,"endTime":3199.743,"body":"that"},{"startTime":3199.743,"endTime":3202.236,"body":"we"},{"startTime":3202.236,"endTime":3204.729,"body":"have"},{"startTime":3204.729,"endTime":3207.222,"body":"that"},{"startTime":3207.222,"endTime":3209.715,"body":"have"},{"startTime":3209.715,"endTime":3212.208,"body":"been,"},{"startTime":3212.208,"endTime":3214.701,"body":"you"},{"startTime":3214.701,"endTime":3217.194,"body":"know,"},{"startTime":3217.194,"endTime":3219.687,"body":"understood"},{"startTime":3219.687,"endTime":3222.18,"body":"and"},{"startTime":3222.18,"endTime":3224.673,"body":"rolled"},{"startTime":3224.673,"endTime":3227.166,"body":"out"},{"startTime":3227.166,"endTime":3229.659,"body":"for"},{"startTime":3229.659,"endTime":3232.152,"body":"institutional"},{"startTime":3232.152,"endTime":3234.645,"body":"investors."},{"startTime":3234.645,"endTime":3237.138,"body":"They're"},{"startTime":3237.138,"endTime":3239.631,"body":"in"},{"startTime":3239.631,"endTime":3242.124,"body":"our"},{"startTime":3242.124,"endTime":3244.617,"body":"hedge"},{"startTime":3244.617,"endTime":3247.11,"body":"funds."},{"startTime":3247.11,"endTime":3249.603,"body":"We're"},{"startTime":3249.603,"endTime":3252.096,"body":"trying"},{"startTime":3252.096,"endTime":3254.589,"body":"to"},{"startTime":3254.589,"endTime":3257.082,"body":"bring"},{"startTime":3257.082,"endTime":3259.575,"body":"these"},{"startTime":3259.575,"endTime":3262.068,"body":"to"},{"startTime":3262.068,"endTime":3264.561,"body":"a"},{"startTime":3264.561,"endTime":3267.054,"body":"broader"},{"startTime":3267.054,"endTime":3269.547,"body":"audience"},{"startTime":3269.547,"endTime":3272.04,"body":"with"},{"startTime":3272.04,"endTime":3274.533,"body":"a"},{"startTime":3274.533,"endTime":3277.026,"body":"more"},{"startTime":3277.026,"endTime":3279.519,"body":"modern"},{"startTime":3279.519,"endTime":3282.012,"body":"and"},{"startTime":3282.012,"endTime":3284.505,"body":"attractive"},{"startTime":3284.505,"endTime":3286.998,"body":"wrapper,"},{"startTime":3286.998,"endTime":3289.491,"body":"the"},{"startTime":3289.491,"endTime":3291.984,"body":"ETF"},{"startTime":3291.984,"endTime":3294.477,"body":"wrapper."},{"startTime":3139.911,"endTime":3143.271,"body":"\rButwhen"},{"startTime":3143.271,"endTime":3144.951,"body":"you"},{"startTime":3144.951,"endTime":3146.631,"body":"do"},{"startTime":3146.631,"endTime":3148.311,"body":"that,"},{"startTime":3148.311,"endTime":3149.991,"body":"you"},{"startTime":3149.991,"endTime":3151.671,"body":"start"},{"startTime":3151.671,"endTime":3153.351,"body":"to"},{"startTime":3153.351,"endTime":3155.031,"body":"really"},{"startTime":3155.031,"endTime":3156.711,"body":"push"},{"startTime":3156.711,"endTime":3158.391,"body":"the"},{"startTime":3158.391,"endTime":3160.071,"body":"ETF"},{"startTime":3160.071,"endTime":3161.751,"body":"ecosystem"},{"startTime":3161.751,"endTime":3163.431,"body":"in"},{"startTime":3163.431,"endTime":3165.111,"body":"ways"},{"startTime":3165.111,"endTime":3166.791,"body":"that"},{"startTime":3166.791,"endTime":3168.471,"body":"it"},{"startTime":3168.471,"endTime":3170.151,"body":"hasn't"},{"startTime":3170.151,"endTime":3171.831,"body":"been"},{"startTime":3171.831,"endTime":3173.511,"body":"pushed"},{"startTime":3173.511,"endTime":3175.191,"body":"before"},{"startTime":3175.191,"endTime":3176.871,"body":"in"},{"startTime":3176.871,"endTime":3178.551,"body":"terms"},{"startTime":3178.551,"endTime":3180.231,"body":"of"},{"startTime":3180.231,"endTime":3181.911,"body":"what"},{"startTime":3181.911,"endTime":3183.591,"body":"are"},{"startTime":3183.591,"endTime":3185.271,"body":"some"},{"startTime":3185.271,"endTime":3186.951,"body":"of"},{"startTime":3186.951,"endTime":3188.631,"body":"the"},{"startTime":3188.631,"endTime":3190.311,"body":"things"},{"startTime":3190.311,"endTime":3191.991,"body":"you're"},{"startTime":3191.991,"endTime":3193.671,"body":"doing"},{"startTime":3193.671,"endTime":3195.351,"body":"in"},{"startTime":3195.351,"endTime":3197.031,"body":"that"},{"startTime":3197.031,"endTime":3198.711,"body":"ecosystem,"},{"startTime":3198.711,"endTime":3200.391,"body":"in"},{"startTime":3200.391,"endTime":3202.071,"body":"the"},{"startTime":3202.071,"endTime":3203.751,"body":"underlying"},{"startTime":3203.751,"endTime":3205.431,"body":"portfolios,"},{"startTime":3205.431,"endTime":3207.111,"body":"that"},{"startTime":3207.111,"endTime":3208.791,"body":"we"},{"startTime":3208.791,"endTime":3210.471,"body":"wanted"},{"startTime":3210.471,"endTime":3212.151,"body":"to"},{"startTime":3212.151,"endTime":3213.831,"body":"start"},{"startTime":3213.831,"endTime":3215.511,"body":"with"},{"startTime":3215.511,"endTime":3217.191,"body":"something"},{"startTime":3217.191,"endTime":3218.871,"body":"that"},{"startTime":3218.871,"endTime":3220.551,"body":"was"},{"startTime":3220.551,"endTime":3222.231,"body":"relatively"},{"startTime":3222.231,"endTime":3223.911,"body":"more"},{"startTime":3223.911,"endTime":3225.591,"body":"straightforward"},{"startTime":3225.591,"endTime":3227.271,"body":"and"},{"startTime":3227.271,"endTime":3228.951,"body":"simpler,"},{"startTime":3228.951,"endTime":3230.631,"body":"that"},{"startTime":3230.631,"endTime":3232.311,"body":"was"},{"startTime":3232.311,"endTime":3233.991,"body":"ISMF,"},{"startTime":3233.991,"endTime":3235.671,"body":"and"},{"startTime":3235.671,"endTime":3237.351,"body":"that"},{"startTime":3237.351,"endTime":3239.031,"body":"was"},{"startTime":3239.031,"endTime":3240.711,"body":"the"},{"startTime":3240.711,"endTime":3242.391,"body":"pure"},{"startTime":3242.391,"endTime":3244.071,"body":"trend"},{"startTime":3244.071,"endTime":3245.751,"body":"strategy."},{"startTime":3245.751,"endTime":3247.431,"body":"So,"},{"startTime":3247.431,"endTime":3249.111,"body":"part"},{"startTime":3249.111,"endTime":3250.791,"body":"of"},{"startTime":3250.791,"endTime":3252.471,"body":"this"},{"startTime":3252.471,"endTime":3254.151,"body":"is"},{"startTime":3254.151,"endTime":3255.831,"body":"really"},{"startTime":3255.831,"endTime":3257.511,"body":"about"},{"startTime":3257.511,"endTime":3259.191,"body":"this"},{"startTime":3259.191,"endTime":3260.871,"body":"merger"},{"startTime":3260.871,"endTime":3262.551,"body":"here"},{"startTime":3262.551,"endTime":3264.231,"body":"between"},{"startTime":3264.231,"endTime":3265.911,"body":"the"},{"startTime":3265.911,"endTime":3267.591,"body":"capabilities"},{"startTime":3267.591,"endTime":3269.271,"body":"of"},{"startTime":3269.271,"endTime":3270.951,"body":"BlackRock"},{"startTime":3270.951,"endTime":3272.631,"body":"Systematic"},{"startTime":3272.631,"endTime":3274.311,"body":"and"},{"startTime":3274.311,"endTime":3275.991,"body":"the"},{"startTime":3275.991,"endTime":3277.671,"body":"expertise"},{"startTime":3277.671,"endTime":3279.351,"body":"and"},{"startTime":3279.351,"endTime":3281.031,"body":"capabilities"},{"startTime":3281.031,"endTime":3282.711,"body":"of"},{"startTime":3282.711,"endTime":3284.391,"body":"the"},{"startTime":3284.391,"endTime":3286.071,"body":"ETF"},{"startTime":3286.071,"endTime":3287.751,"body":"wrapper"},{"startTime":3287.751,"endTime":3289.431,"body":"and"},{"startTime":3289.431,"endTime":3291.111,"body":"the"},{"startTime":3291.111,"endTime":3292.791,"body":"ETF"},{"startTime":3292.791,"endTime":3294.471,"body":"ecosystem."},{"startTime":3139.911,"endTime":3142.071,"body":"\rAndthose"},{"startTime":3142.071,"endTime":3143.151,"body":"two"},{"startTime":3143.151,"endTime":3144.231,"body":"things"},{"startTime":3144.231,"endTime":3145.311,"body":"coming"},{"startTime":3145.311,"endTime":3146.391,"body":"together"},{"startTime":3146.391,"endTime":3147.471,"body":"is"},{"startTime":3147.471,"endTime":3148.551,"body":"really"},{"startTime":3148.551,"endTime":3149.631,"body":"an"},{"startTime":3149.631,"endTime":3150.711,"body":"opportunity"},{"startTime":3150.711,"endTime":3151.791,"body":"that"},{"startTime":3151.791,"endTime":3152.871,"body":"we"},{"startTime":3152.871,"endTime":3153.951,"body":"see"},{"startTime":3153.951,"endTime":3155.031,"body":"for"},{"startTime":3155.031,"endTime":3156.111,"body":"growth"},{"startTime":3156.111,"endTime":3157.191,"body":"within"},{"startTime":3157.191,"endTime":3158.271,"body":"the"},{"startTime":3158.271,"endTime":3159.351,"body":"uncorrelated"},{"startTime":3159.351,"endTime":3160.431,"body":"asset"},{"startTime":3160.431,"endTime":3161.511,"body":"capability"},{"startTime":3161.511,"endTime":3162.591,"body":"space,"},{"startTime":3162.591,"endTime":3163.671,"body":"of"},{"startTime":3163.671,"endTime":3164.751,"body":"which"},{"startTime":3164.751,"endTime":3165.831,"body":"trend"},{"startTime":3165.831,"endTime":3166.911,"body":"is"},{"startTime":3166.911,"endTime":3167.991,"body":"a"},{"startTime":3167.991,"endTime":3169.071,"body":"portion"},{"startTime":3169.071,"endTime":3170.151,"body":"of,"},{"startTime":3170.151,"endTime":3171.231,"body":"to"},{"startTime":3171.231,"endTime":3172.311,"body":"grow"},{"startTime":3172.311,"endTime":3173.391,"body":"the"},{"startTime":3173.391,"endTime":3174.471,"body":"overall"},{"startTime":3174.471,"endTime":3175.551,"body":"liquid"},{"startTime":3175.551,"endTime":3176.631,"body":"alternative"},{"startTime":3176.631,"endTime":3177.711,"body":"space."},{"startTime":3177.711,"endTime":3178.791,"body":"Which"},{"startTime":3178.791,"endTime":3179.871,"body":"is"},{"startTime":3179.871,"endTime":3180.951,"body":"really"},{"startTime":3180.951,"endTime":3182.031,"body":"about"},{"startTime":3182.031,"endTime":3183.111,"body":"the"},{"startTime":3183.111,"endTime":3184.191,"body":"space"},{"startTime":3184.191,"endTime":3185.271,"body":"in"},{"startTime":3185.271,"endTime":3186.351,"body":"clients"},{"startTime":3186.351,"endTime":3187.431,"body":"portfolios"},{"startTime":3187.431,"endTime":3188.511,"body":"for"},{"startTime":3188.511,"endTime":3189.591,"body":"diversification"},{"startTime":3189.591,"endTime":3190.671,"body":"and"},{"startTime":3190.671,"endTime":3191.751,"body":"non-correlated"},{"startTime":3191.751,"endTime":3192.831,"body":"assets"},{"startTime":3192.831,"endTime":3193.911,"body":"within"},{"startTime":3193.911,"endTime":3194.991,"body":"the"},{"startTime":3194.991,"endTime":3196.071,"body":"portfolio."},{"startTime":3196.071,"endTime":3197.151,"body":"But"},{"startTime":3197.151,"endTime":3198.231,"body":"I"},{"startTime":3198.231,"endTime":3199.311,"body":"think"},{"startTime":3199.311,"endTime":3200.391,"body":"the"},{"startTime":3200.391,"endTime":3201.471,"body":"sequencing"},{"startTime":3201.471,"endTime":3202.551,"body":"here"},{"startTime":3202.551,"endTime":3203.631,"body":"was"},{"startTime":3203.631,"endTime":3204.711,"body":"very"},{"startTime":3204.711,"endTime":3205.791,"body":"much"},{"startTime":3205.791,"endTime":3206.871,"body":"conscious."},{"startTime":3206.871,"endTime":3207.951,"body":"It"},{"startTime":3207.951,"endTime":3209.031,"body":"was"},{"startTime":3209.031,"endTime":3210.111,"body":"a"},{"startTime":3210.111,"endTime":3211.191,"body":"plan"},{"startTime":3211.191,"endTime":3212.271,"body":"that"},{"startTime":3212.271,"endTime":3213.351,"body":"let's"},{"startTime":3213.351,"endTime":3214.431,"body":"roll"},{"startTime":3214.431,"endTime":3215.511,"body":"out"},{"startTime":3215.511,"endTime":3216.591,"body":"with"},{"startTime":3216.591,"endTime":3217.671,"body":"first"},{"startTime":3217.671,"endTime":3218.751,"body":"a"},{"startTime":3218.751,"endTime":3219.831,"body":"strategy"},{"startTime":3219.831,"endTime":3220.911,"body":"that"},{"startTime":3220.911,"endTime":3221.991,"body":"is"},{"startTime":3221.991,"endTime":3223.071,"body":"more"},{"startTime":3223.071,"endTime":3224.151,"body":"well"},{"startTime":3224.151,"endTime":3225.231,"body":"understood"},{"startTime":3225.231,"endTime":3226.311,"body":"within"},{"startTime":3226.311,"endTime":3227.391,"body":"the"},{"startTime":3227.391,"endTime":3228.471,"body":"investor"},{"startTime":3228.471,"endTime":3229.551,"body":"community."},{"startTime":3229.551,"endTime":3230.631,"body":"Use"},{"startTime":3230.631,"endTime":3231.711,"body":"that"},{"startTime":3231.711,"endTime":3232.791,"body":"to"},{"startTime":3232.791,"endTime":3233.871,"body":"build"},{"startTime":3233.871,"endTime":3234.951,"body":"the"},{"startTime":3234.951,"endTime":3236.031,"body":"understanding"},{"startTime":3236.031,"endTime":3237.111,"body":"within"},{"startTime":3237.111,"endTime":3238.191,"body":"the"},{"startTime":3238.191,"endTime":3239.271,"body":"ETF"},{"startTime":3239.271,"endTime":3240.351,"body":"community"},{"startTime":3240.351,"endTime":3241.431,"body":"in"},{"startTime":3241.431,"endTime":3242.511,"body":"the"},{"startTime":3242.511,"endTime":3243.591,"body":"ETF"},{"startTime":3243.591,"endTime":3244.671,"body":"ecosystem."},{"startTime":3244.671,"endTime":3245.751,"body":"And"},{"startTime":3245.751,"endTime":3246.831,"body":"then"},{"startTime":3246.831,"endTime":3247.911,"body":"follow"},{"startTime":3247.911,"endTime":3248.991,"body":"that"},{"startTime":3248.991,"endTime":3250.071,"body":"learning"},{"startTime":3250.071,"endTime":3251.151,"body":"and"},{"startTime":3251.151,"endTime":3252.231,"body":"experience"},{"startTime":3252.231,"endTime":3253.311,"body":"with"},{"startTime":3253.311,"endTime":3254.391,"body":"a"},{"startTime":3254.391,"endTime":3255.471,"body":"multi-strategy,"},{"startTime":3255.471,"endTime":3256.551,"body":"the"},{"startTime":3256.551,"endTime":3257.631,"body":"I"},{"startTime":3257.631,"endTime":3258.711,"body":"Alt"},{"startTime":3258.711,"endTime":3259.791,"body":"strategy,"},{"startTime":3259.791,"endTime":3260.871,"body":"That's"},{"startTime":3260.871,"endTime":3261.951,"body":"going"},{"startTime":3261.951,"endTime":3263.031,"body":"to"},{"startTime":3263.031,"endTime":3264.111,"body":"add"},{"startTime":3264.111,"endTime":3265.191,"body":"even"},{"startTime":3265.191,"endTime":3266.271,"body":"more"},{"startTime":3266.271,"endTime":3267.351,"body":"complications,"},{"startTime":3267.351,"endTime":3268.431,"body":"sophistication,"},{"startTime":3268.431,"endTime":3269.511,"body":"challenges"},{"startTime":3269.511,"endTime":3270.591,"body":"to"},{"startTime":3270.591,"endTime":3271.671,"body":"the"},{"startTime":3271.671,"endTime":3272.751,"body":"ETF"},{"startTime":3272.751,"endTime":3273.831,"body":"ecosystem."},{"startTime":3273.831,"endTime":3274.911,"body":"It'll"},{"startTime":3274.911,"endTime":3275.991,"body":"be"},{"startTime":3275.991,"endTime":3277.071,"body":"easier"},{"startTime":3277.071,"endTime":3278.151,"body":"to"},{"startTime":3278.151,"endTime":3279.231,"body":"accomplish"},{"startTime":3279.231,"endTime":3280.311,"body":"that"},{"startTime":3280.311,"endTime":3281.391,"body":"if"},{"startTime":3281.391,"endTime":3282.471,"body":"we"},{"startTime":3282.471,"endTime":3283.551,"body":"built"},{"startTime":3283.551,"endTime":3284.631,"body":"the"},{"startTime":3284.631,"endTime":3285.711,"body":"base"},{"startTime":3285.711,"endTime":3286.791,"body":"of"},{"startTime":3286.791,"endTime":3287.871,"body":"that"},{"startTime":3287.871,"endTime":3288.951,"body":"understanding"},{"startTime":3288.951,"endTime":3290.031,"body":"with"},{"startTime":3290.031,"endTime":3291.111,"body":"the"},{"startTime":3291.111,"endTime":3292.191,"body":"pure"},{"startTime":3292.191,"endTime":3293.271,"body":"trend"},{"startTime":3293.271,"endTime":3294.351,"body":"strategy."},{"startTime":3296.282,"endTime":3296.969,"body":"I"},{"startTime":3296.969,"endTime":3297.656,"body":"mean"},{"startTime":3297.656,"endTime":3298.343,"body":"you've"},{"startTime":3298.343,"endTime":3299.03,"body":"talked"},{"startTime":3299.03,"endTime":3299.717,"body":"a"},{"startTime":3299.717,"endTime":3300.404,"body":"lot"},{"startTime":3300.404,"endTime":3301.091,"body":"about"},{"startTime":3301.091,"endTime":3301.778,"body":"the"},{"startTime":3301.778,"endTime":3302.465,"body":"ETF"},{"startTime":3302.465,"endTime":3303.152,"body":"wrapper,"},{"startTime":3303.152,"endTime":3303.839,"body":"its"},{"startTime":3302.768,"endTime":3304.526,"body":"attractions,"},{"startTime":3304.526,"endTime":3305.213,"body":"people"},{"startTime":3305.213,"endTime":3305.9,"body":"like"},{"startTime":3305.9,"endTime":3306.587,"body":"it,"},{"startTime":3306.587,"endTime":3307.274,"body":"it's"},{"startTime":3307.274,"endTime":3307.961,"body":"familiar,"},{"startTime":3307.961,"endTime":3308.648,"body":"the"},{"startTime":3308.648,"endTime":3309.335,"body":"liquidity,"},{"startTime":3309.335,"endTime":3310.022,"body":"tax"},{"startTime":3310.022,"endTime":3310.709,"body":"advantages."},{"startTime":3310.709,"endTime":3311.396,"body":"I"},{"startTime":3311.396,"endTime":3312.083,"body":"mean,"},{"startTime":3312.083,"endTime":3312.77,"body":"the"},{"startTime":3312.77,"endTime":3313.457,"body":"flip"},{"startTime":3313.457,"endTime":3314.144,"body":"side"},{"startTime":3314.144,"endTime":3314.831,"body":"is"},{"startTime":3314.831,"endTime":3315.518,"body":"obviously"},{"startTime":3315.518,"endTime":3316.205,"body":"you"},{"startTime":3316.205,"endTime":3316.892,"body":"can't"},{"startTime":3316.892,"endTime":3317.579,"body":"do"},{"startTime":3317.579,"endTime":3318.266,"body":"everything."},{"startTime":3318.266,"endTime":3318.953,"body":"There"},{"startTime":3318.953,"endTime":3319.64,"body":"are"},{"startTime":3319.64,"endTime":3320.327,"body":"constraints,"},{"startTime":3320.327,"endTime":3321.014,"body":"there"},{"startTime":3321.014,"endTime":3321.701,"body":"are"},{"startTime":3321.701,"endTime":3322.388,"body":"trade-offs."},{"startTime":3322.388,"endTime":3323.075,"body":"I"},{"startTime":3323.075,"endTime":3323.762,"body":"mean,"},{"startTime":3323.762,"endTime":3324.449,"body":"are"},{"startTime":3324.449,"endTime":3325.136,"body":"they"},{"startTime":3325.136,"endTime":3325.823,"body":"quantifiable?"},{"startTime":3325.823,"endTime":3326.51,"body":"How"},{"startTime":3326.51,"endTime":3327.197,"body":"much"},{"startTime":3327.197,"endTime":3327.884,"body":"are"},{"startTime":3327.884,"endTime":3328.571,"body":"you"},{"startTime":3328.571,"endTime":3329.258,"body":"giving"},{"startTime":3329.258,"endTime":3329.945,"body":"up?"},{"startTime":3296.282,"endTime":3297.78,"body":"\rObviously,volatility"},{"startTime":3297.78,"endTime":3298.529,"body":"levels"},{"startTime":3298.529,"endTime":3299.278,"body":"can"},{"startTime":3299.278,"endTime":3300.027,"body":"impact,"},{"startTime":3300.027,"endTime":3300.776,"body":"you"},{"startTime":3300.776,"endTime":3301.525,"body":"know,"},{"startTime":3301.525,"endTime":3302.274,"body":"if"},{"startTime":3302.274,"endTime":3303.023,"body":"you're"},{"startTime":3303.023,"endTime":3303.772,"body":"running"},{"startTime":3302.701,"endTime":3304.521,"body":"at"},{"startTime":3304.521,"endTime":3305.27,"body":"a"},{"startTime":3305.27,"endTime":3306.019,"body":"higher"},{"startTime":3306.019,"endTime":3306.768,"body":"level"},{"startTime":3306.768,"endTime":3307.517,"body":"of"},{"startTime":3307.517,"endTime":3308.266,"body":"volatility,"},{"startTime":3308.266,"endTime":3309.015,"body":"say"},{"startTime":3309.015,"endTime":3309.764,"body":"for"},{"startTime":3309.764,"endTime":3310.513,"body":"trend,"},{"startTime":3310.513,"endTime":3311.262,"body":"you"},{"startTime":3311.262,"endTime":3312.011,"body":"should"},{"startTime":3312.011,"endTime":3312.76,"body":"expect"},{"startTime":3312.76,"endTime":3313.509,"body":"higher"},{"startTime":3313.509,"endTime":3314.258,"body":"returns,"},{"startTime":3314.258,"endTime":3315.007,"body":"but"},{"startTime":3315.007,"endTime":3315.756,"body":"more"},{"startTime":3315.756,"endTime":3316.505,"body":"drawdowns."},{"startTime":3316.505,"endTime":3317.254,"body":"But"},{"startTime":3317.254,"endTime":3318.003,"body":"I"},{"startTime":3318.003,"endTime":3318.752,"body":"mean,"},{"startTime":3318.752,"endTime":3319.501,"body":"how"},{"startTime":3319.501,"endTime":3320.25,"body":"constraining"},{"startTime":3320.25,"endTime":3320.999,"body":"or"},{"startTime":3320.999,"endTime":3321.748,"body":"not"},{"startTime":3321.748,"endTime":3322.497,"body":"is"},{"startTime":3322.497,"endTime":3323.246,"body":"it"},{"startTime":3323.246,"endTime":3323.995,"body":"when"},{"startTime":3323.995,"endTime":3324.744,"body":"you"},{"startTime":3324.744,"endTime":3325.493,"body":"bring"},{"startTime":3325.493,"endTime":3326.242,"body":"alternative"},{"startTime":3326.242,"endTime":3326.991,"body":"quant"},{"startTime":3326.991,"endTime":3327.74,"body":"strategies"},{"startTime":3327.74,"endTime":3328.489,"body":"into"},{"startTime":3328.489,"endTime":3329.238,"body":"an"},{"startTime":3329.238,"endTime":3329.987,"body":"ETF?"},{"startTime":3330.712,"endTime":3334.729,"body":"It's"},{"startTime":3334.729,"endTime":3338.746,"body":"different."},{"startTime":3338.746,"endTime":3342.763,"body":"You"},{"startTime":3342.763,"endTime":3346.78,"body":"can't"},{"startTime":3346.78,"endTime":3350.797,"body":"manage"},{"startTime":3350.797,"endTime":3354.814,"body":"the"},{"startTime":3354.814,"endTime":3358.831,"body":"way"},{"startTime":3358.831,"endTime":3362.848,"body":"we"},{"startTime":3362.848,"endTime":3366.865,"body":"manage"},{"startTime":3366.865,"endTime":3370.882,"body":"across"},{"startTime":3370.882,"endTime":3374.899,"body":"the"},{"startTime":3374.899,"endTime":3378.916,"body":"spectrum."},{"startTime":3378.916,"endTime":3382.933,"body":"Hedge"},{"startTime":3382.933,"endTime":3386.95,"body":"funds"},{"startTime":3386.95,"endTime":3390.967,"body":"in"},{"startTime":3390.967,"endTime":3394.984,"body":"a"},{"startTime":3394.984,"endTime":3399.001,"body":"Cayman"},{"startTime":3399.001,"endTime":3403.018,"body":"vehicle,"},{"startTime":3403.018,"endTime":3407.035,"body":"mutual"},{"startTime":3407.035,"endTime":3411.052,"body":"Funds"},{"startTime":3411.052,"endTime":3415.069,"body":"in"},{"startTime":3415.069,"endTime":3419.086,"body":"a"},{"startTime":3419.086,"endTime":3423.103,"body":"40"},{"startTime":3423.103,"endTime":3427.12,"body":"ACT"},{"startTime":3427.12,"endTime":3431.137,"body":"wrapper,"},{"startTime":3431.137,"endTime":3435.154,"body":"UCITS"},{"startTime":3435.154,"endTime":3439.171,"body":"funds"},{"startTime":3439.171,"endTime":3443.188,"body":"in"},{"startTime":3443.188,"endTime":3447.205,"body":"a"},{"startTime":3447.205,"endTime":3451.222,"body":"UCITS"},{"startTime":3451.222,"endTime":3455.239,"body":"wrapper,"},{"startTime":3455.239,"endTime":3459.256,"body":"ETFs"},{"startTime":3459.256,"endTime":3463.273,"body":"are"},{"startTime":3463.273,"endTime":3467.29,"body":"a"},{"startTime":3467.29,"endTime":3471.307,"body":"40"},{"startTime":3471.307,"endTime":3475.324,"body":"ACT"},{"startTime":3475.324,"endTime":3479.341,"body":"wrapper,"},{"startTime":3479.341,"endTime":3483.358,"body":"but"},{"startTime":3483.358,"endTime":3487.375,"body":"they"},{"startTime":3487.375,"endTime":3491.392,"body":"just"},{"startTime":3491.392,"endTime":3495.409,"body":"add"},{"startTime":3495.409,"endTime":3499.426,"body":"some"},{"startTime":3499.426,"endTime":3503.443,"body":"additional"},{"startTime":3503.443,"endTime":3507.46,"body":"constraints"},{"startTime":3507.46,"endTime":3511.477,"body":"without"},{"startTime":3511.477,"endTime":3515.494,"body":"recognizing"},{"startTime":3515.494,"endTime":3519.511,"body":"that"},{"startTime":3519.511,"endTime":3523.528,"body":"there"},{"startTime":3523.528,"endTime":3527.545,"body":"are"},{"startTime":3527.545,"endTime":3531.562,"body":"trade-offs"},{"startTime":3531.562,"endTime":3535.579,"body":"and"},{"startTime":3535.579,"endTime":3539.596,"body":"there"},{"startTime":3539.596,"endTime":3543.613,"body":"are"},{"startTime":3543.613,"endTime":3547.63,"body":"trade-offs"},{"startTime":3547.63,"endTime":3551.647,"body":"on"},{"startTime":3551.647,"endTime":3555.664,"body":"liquidity"},{"startTime":3555.664,"endTime":3559.681,"body":"and"},{"startTime":3559.681,"endTime":3563.698,"body":"capacity."},{"startTime":3330.712,"endTime":3338.746,"body":"\rAndthey"},{"startTime":3338.746,"endTime":3342.763,"body":"create"},{"startTime":3342.763,"endTime":3346.78,"body":"design"},{"startTime":3346.78,"endTime":3350.797,"body":"choices,"},{"startTime":3350.797,"endTime":3354.814,"body":"and"},{"startTime":3354.814,"endTime":3358.831,"body":"they"},{"startTime":3358.831,"endTime":3362.848,"body":"create"},{"startTime":3362.848,"endTime":3366.865,"body":"choices"},{"startTime":3366.865,"endTime":3370.882,"body":"that"},{"startTime":3370.882,"endTime":3374.899,"body":"are"},{"startTime":3374.899,"endTime":3378.916,"body":"designed"},{"startTime":3378.916,"endTime":3382.933,"body":"to"},{"startTime":3382.933,"endTime":3386.95,"body":"maximize"},{"startTime":3386.95,"endTime":3390.967,"body":"the"},{"startTime":3390.967,"endTime":3394.984,"body":"investor"},{"startTime":3394.984,"endTime":3399.001,"body":"experience"},{"startTime":3399.001,"endTime":3403.018,"body":"given"},{"startTime":3403.018,"endTime":3407.035,"body":"the"},{"startTime":3407.035,"endTime":3411.052,"body":"constraints"},{"startTime":3411.052,"endTime":3415.069,"body":"of"},{"startTime":3415.069,"endTime":3419.086,"body":"the"},{"startTime":3419.086,"endTime":3423.103,"body":"wrapper."},{"startTime":3423.103,"endTime":3427.12,"body":"And"},{"startTime":3427.12,"endTime":3431.137,"body":"so,"},{"startTime":3431.137,"endTime":3435.154,"body":"you're"},{"startTime":3435.154,"endTime":3439.171,"body":"just"},{"startTime":3439.171,"endTime":3443.188,"body":"a"},{"startTime":3443.188,"endTime":3447.205,"body":"more"},{"startTime":3447.205,"endTime":3451.222,"body":"constraining"},{"startTime":3451.222,"endTime":3455.239,"body":"wrapper."},{"startTime":3455.239,"endTime":3459.256,"body":"If"},{"startTime":3459.256,"endTime":3463.273,"body":"you"},{"startTime":3463.273,"endTime":3467.29,"body":"want"},{"startTime":3467.29,"endTime":3471.307,"body":"to"},{"startTime":3471.307,"endTime":3475.324,"body":"invest"},{"startTime":3475.324,"endTime":3479.341,"body":"in"},{"startTime":3479.341,"endTime":3483.358,"body":"an"},{"startTime":3483.358,"endTime":3487.375,"body":"unconstrained"},{"startTime":3487.375,"endTime":3491.392,"body":"wrapper,"},{"startTime":3491.392,"endTime":3495.409,"body":"that's"},{"startTime":3495.409,"endTime":3499.426,"body":"a"},{"startTime":3499.426,"endTime":3503.443,"body":"Cayman"},{"startTime":3503.443,"endTime":3507.46,"body":"vehicle."},{"startTime":3507.46,"endTime":3511.477,"body":"Unfortunately,"},{"startTime":3511.477,"endTime":3515.494,"body":"Cayman"},{"startTime":3515.494,"endTime":3519.511,"body":"vehicles"},{"startTime":3519.511,"endTime":3523.528,"body":"are"},{"startTime":3523.528,"endTime":3527.545,"body":"not"},{"startTime":3527.545,"endTime":3531.562,"body":"so"},{"startTime":3531.562,"endTime":3535.579,"body":"easily"},{"startTime":3535.579,"endTime":3539.596,"body":"accessible"},{"startTime":3539.596,"endTime":3543.613,"body":"to"},{"startTime":3543.613,"endTime":3547.63,"body":"the"},{"startTime":3547.63,"endTime":3551.647,"body":"broadest"},{"startTime":3551.647,"endTime":3555.664,"body":"array"},{"startTime":3555.664,"endTime":3559.681,"body":"of"},{"startTime":3559.681,"endTime":3563.698,"body":"investors."},{"startTime":3330.712,"endTime":3339.672,"body":"\rAndso,"},{"startTime":3339.672,"endTime":3344.152,"body":"this"},{"startTime":3344.152,"endTime":3348.632,"body":"is"},{"startTime":3348.632,"endTime":3353.112,"body":"the"},{"startTime":3353.112,"endTime":3357.592,"body":"trade-off"},{"startTime":3357.592,"endTime":3362.072,"body":"between"},{"startTime":3362.072,"endTime":3366.552,"body":"accessibility,"},{"startTime":3366.552,"endTime":3371.032,"body":"liquidity,"},{"startTime":3371.032,"endTime":3375.512,"body":"transparency"},{"startTime":3375.512,"endTime":3379.992,"body":"and"},{"startTime":3379.992,"endTime":3384.472,"body":"what"},{"startTime":3384.472,"endTime":3388.952,"body":"are"},{"startTime":3388.952,"endTime":3393.432,"body":"the"},{"startTime":3393.432,"endTime":3397.912,"body":"types"},{"startTime":3397.912,"endTime":3402.392,"body":"of"},{"startTime":3402.392,"endTime":3406.872,"body":"strategies"},{"startTime":3406.872,"endTime":3411.352,"body":"that"},{"startTime":3411.352,"endTime":3415.832,"body":"you"},{"startTime":3415.832,"endTime":3420.312,"body":"can"},{"startTime":3420.312,"endTime":3424.792,"body":"implement"},{"startTime":3424.792,"endTime":3429.272,"body":"underneath"},{"startTime":3429.272,"endTime":3433.752,"body":"those?"},{"startTime":3433.752,"endTime":3438.232,"body":"A"},{"startTime":3438.232,"endTime":3442.712,"body":"very"},{"startTime":3442.712,"endTime":3447.192,"body":"simple"},{"startTime":3447.192,"endTime":3451.672,"body":"example,"},{"startTime":3451.672,"endTime":3456.152,"body":"we"},{"startTime":3456.152,"endTime":3460.632,"body":"face"},{"startTime":3460.632,"endTime":3465.112,"body":"this"},{"startTime":3465.112,"endTime":3469.592,"body":"in"},{"startTime":3469.592,"endTime":3474.072,"body":"UCITS,"},{"startTime":3474.072,"endTime":3478.552,"body":"we"},{"startTime":3478.552,"endTime":3483.032,"body":"face"},{"startTime":3483.032,"endTime":3487.512,"body":"it"},{"startTime":3487.512,"endTime":3491.992,"body":"in"},{"startTime":3491.992,"endTime":3496.472,"body":"40"},{"startTime":3496.472,"endTime":3500.952,"body":"ACT,"},{"startTime":3500.952,"endTime":3505.432,"body":"we"},{"startTime":3505.432,"endTime":3509.912,"body":"face"},{"startTime":3509.912,"endTime":3514.392,"body":"it"},{"startTime":3514.392,"endTime":3518.872,"body":"in"},{"startTime":3518.872,"endTime":3523.352,"body":"ETF"},{"startTime":3523.352,"endTime":3527.832,"body":"is"},{"startTime":3527.832,"endTime":3532.312,"body":"there"},{"startTime":3532.312,"endTime":3536.792,"body":"are"},{"startTime":3536.792,"endTime":3541.272,"body":"varying"},{"startTime":3541.272,"endTime":3545.752,"body":"degrees"},{"startTime":3545.752,"endTime":3550.232,"body":"of"},{"startTime":3550.232,"endTime":3554.712,"body":"constraints"},{"startTime":3554.712,"endTime":3559.192,"body":"on"},{"startTime":3559.192,"endTime":3563.672,"body":"leverage."},{"startTime":3330.712,"endTime":3341.548,"body":"\rWhenyou"},{"startTime":3341.548,"endTime":3346.966,"body":"look"},{"startTime":3346.966,"endTime":3352.384,"body":"at"},{"startTime":3352.384,"endTime":3357.802,"body":"a"},{"startTime":3357.802,"endTime":3363.22,"body":"Cayman"},{"startTime":3363.22,"endTime":3368.638,"body":"structure"},{"startTime":3368.638,"endTime":3374.056,"body":"for"},{"startTime":3374.056,"endTime":3379.474,"body":"an"},{"startTime":3379.474,"endTime":3384.892,"body":"institutional"},{"startTime":3384.892,"endTime":3390.31,"body":"client,"},{"startTime":3390.31,"endTime":3395.728,"body":"there's"},{"startTime":3395.728,"endTime":3401.146,"body":"really"},{"startTime":3401.146,"endTime":3406.564,"body":"not"},{"startTime":3406.564,"endTime":3411.982,"body":"a"},{"startTime":3411.982,"endTime":3417.4,"body":"lot"},{"startTime":3417.4,"endTime":3422.818,"body":"of"},{"startTime":3422.818,"endTime":3428.236,"body":"concern"},{"startTime":3428.236,"endTime":3433.654,"body":"around"},{"startTime":3433.654,"endTime":3439.072,"body":"the"},{"startTime":3439.072,"endTime":3444.49,"body":"leverage."},{"startTime":3444.49,"endTime":3449.908,"body":"There's"},{"startTime":3449.908,"endTime":3455.326,"body":"an"},{"startTime":3455.326,"endTime":3460.744,"body":"understanding"},{"startTime":3460.744,"endTime":3466.162,"body":"that"},{"startTime":3466.162,"endTime":3471.58,"body":"leverage"},{"startTime":3471.58,"endTime":3476.998,"body":"in"},{"startTime":3476.998,"endTime":3482.416,"body":"an"},{"startTime":3482.416,"endTime":3487.834,"body":"uncorrelated"},{"startTime":3487.834,"endTime":3493.252,"body":"asset"},{"startTime":3493.252,"endTime":3498.67,"body":"world"},{"startTime":3498.67,"endTime":3504.088,"body":"means"},{"startTime":3504.088,"endTime":3509.506,"body":"something"},{"startTime":3509.506,"endTime":3514.924,"body":"very"},{"startTime":3514.924,"endTime":3520.342,"body":"different"},{"startTime":3520.342,"endTime":3525.76,"body":"than"},{"startTime":3525.76,"endTime":3531.178,"body":"what"},{"startTime":3531.178,"endTime":3536.596,"body":"leverage"},{"startTime":3536.596,"endTime":3542.014,"body":"means"},{"startTime":3542.014,"endTime":3547.432,"body":"in"},{"startTime":3547.432,"endTime":3552.85,"body":"the"},{"startTime":3552.85,"endTime":3558.268,"body":"beta"},{"startTime":3558.268,"endTime":3563.686,"body":"world."},{"startTime":3330.712,"endTime":3345.272,"body":"\rAndunfortunately,"},{"startTime":3345.272,"endTime":3352.552,"body":"there's"},{"startTime":3352.552,"endTime":3359.832,"body":"still"},{"startTime":3359.832,"endTime":3367.112,"body":"a"},{"startTime":3367.112,"endTime":3374.392,"body":"legacy"},{"startTime":3374.392,"endTime":3381.672,"body":"of"},{"startTime":3381.672,"endTime":3388.952,"body":"investor"},{"startTime":3388.952,"endTime":3396.232,"body":"experience"},{"startTime":3396.232,"endTime":3403.512,"body":"with"},{"startTime":3403.512,"endTime":3410.792,"body":"leverage"},{"startTime":3410.792,"endTime":3418.072,"body":"in"},{"startTime":3418.072,"endTime":3425.352,"body":"the"},{"startTime":3425.352,"endTime":3432.632,"body":"beta"},{"startTime":3432.632,"endTime":3439.912,"body":"world,"},{"startTime":3439.912,"endTime":3447.192,"body":"where"},{"startTime":3447.192,"endTime":3454.472,"body":"leverage"},{"startTime":3454.472,"endTime":3461.752,"body":"is"},{"startTime":3461.752,"endTime":3469.032,"body":"used"},{"startTime":3469.032,"endTime":3476.312,"body":"to"},{"startTime":3476.312,"endTime":3483.592,"body":"just"},{"startTime":3483.592,"endTime":3490.872,"body":"amplify"},{"startTime":3490.872,"endTime":3498.152,"body":"market"},{"startTime":3498.152,"endTime":3505.432,"body":"directional"},{"startTime":3505.432,"endTime":3512.712,"body":"returns,"},{"startTime":3512.712,"endTime":3519.992,"body":"and"},{"startTime":3519.992,"endTime":3527.272,"body":"in"},{"startTime":3527.272,"endTime":3534.552,"body":"many"},{"startTime":3534.552,"endTime":3541.832,"body":"cases"},{"startTime":3541.832,"endTime":3549.112,"body":"to"},{"startTime":3549.112,"endTime":3556.392,"body":"bad"},{"startTime":3556.392,"endTime":3563.672,"body":"outcomes."},{"startTime":3330.712,"endTime":3337.464,"body":"\rSo,there's"},{"startTime":3337.464,"endTime":3340.84,"body":"a"},{"startTime":3340.84,"endTime":3344.216,"body":"lot"},{"startTime":3344.216,"endTime":3347.592,"body":"of"},{"startTime":3347.592,"endTime":3350.968,"body":"leverage"},{"startTime":3350.968,"endTime":3354.344,"body":"limitations"},{"startTime":3354.344,"endTime":3357.72,"body":"that"},{"startTime":3357.72,"endTime":3361.096,"body":"are"},{"startTime":3361.096,"endTime":3364.472,"body":"built"},{"startTime":3364.472,"endTime":3367.848,"body":"into"},{"startTime":3367.848,"endTime":3371.224,"body":"the"},{"startTime":3371.224,"endTime":3374.6,"body":"investment"},{"startTime":3374.6,"endTime":3377.976,"body":"ecosystem"},{"startTime":3377.976,"endTime":3381.352,"body":"that"},{"startTime":3381.352,"endTime":3384.728,"body":"when"},{"startTime":3384.728,"endTime":3388.104,"body":"you"},{"startTime":3388.104,"endTime":3391.48,"body":"then"},{"startTime":3391.48,"endTime":3394.856,"body":"introduce"},{"startTime":3394.856,"endTime":3398.232,"body":"into"},{"startTime":3398.232,"endTime":3401.608,"body":"that"},{"startTime":3401.608,"endTime":3404.984,"body":"ecosystem"},{"startTime":3404.984,"endTime":3408.36,"body":"something"},{"startTime":3408.36,"endTime":3411.736,"body":"very"},{"startTime":3411.736,"endTime":3415.112,"body":"unfamiliar,"},{"startTime":3415.112,"endTime":3418.488,"body":"long/short"},{"startTime":3418.488,"endTime":3421.864,"body":"market"},{"startTime":3421.864,"endTime":3425.24,"body":"beta"},{"startTime":3425.24,"endTime":3428.616,"body":"factor"},{"startTime":3428.616,"endTime":3431.992,"body":"neutral"},{"startTime":3431.992,"endTime":3435.368,"body":"investing,"},{"startTime":3435.368,"endTime":3438.744,"body":"that"},{"startTime":3438.744,"endTime":3442.12,"body":"many"},{"startTime":3442.12,"endTime":3445.496,"body":"cases"},{"startTime":3445.496,"endTime":3448.872,"body":"just"},{"startTime":3448.872,"endTime":3452.248,"body":"simple"},{"startTime":3452.248,"endTime":3455.624,"body":"definitions"},{"startTime":3455.624,"endTime":3459,"body":"aren't"},{"startTime":3459,"endTime":3462.376,"body":"even"},{"startTime":3462.376,"endTime":3465.752,"body":"clear"},{"startTime":3465.752,"endTime":3469.128,"body":"what"},{"startTime":3469.128,"endTime":3472.504,"body":"it"},{"startTime":3472.504,"endTime":3475.88,"body":"means,"},{"startTime":3475.88,"endTime":3479.256,"body":"what"},{"startTime":3479.256,"endTime":3482.632,"body":"you're"},{"startTime":3482.632,"endTime":3486.008,"body":"talking"},{"startTime":3486.008,"endTime":3489.384,"body":"about,"},{"startTime":3489.384,"endTime":3492.76,"body":"when"},{"startTime":3492.76,"endTime":3496.136,"body":"you're"},{"startTime":3496.136,"endTime":3499.512,"body":"talking"},{"startTime":3499.512,"endTime":3502.888,"body":"about"},{"startTime":3502.888,"endTime":3506.264,"body":"a"},{"startTime":3506.264,"endTime":3509.64,"body":"leverage"},{"startTime":3509.64,"endTime":3513.016,"body":"calculation"},{"startTime":3513.016,"endTime":3516.392,"body":"or"},{"startTime":3516.392,"endTime":3519.768,"body":"a"},{"startTime":3519.768,"endTime":3523.144,"body":"leverage"},{"startTime":3523.144,"endTime":3526.52,"body":"limitation,"},{"startTime":3526.52,"endTime":3529.896,"body":"because"},{"startTime":3529.896,"endTime":3533.272,"body":"they"},{"startTime":3533.272,"endTime":3536.648,"body":"were"},{"startTime":3536.648,"endTime":3540.024,"body":"written"},{"startTime":3540.024,"endTime":3543.4,"body":"from"},{"startTime":3543.4,"endTime":3546.776,"body":"the"},{"startTime":3546.776,"endTime":3550.152,"body":"construct"},{"startTime":3550.152,"endTime":3553.528,"body":"of"},{"startTime":3553.528,"endTime":3556.904,"body":"a"},{"startTime":3556.904,"endTime":3560.28,"body":"beta"},{"startTime":3560.28,"endTime":3563.656,"body":"exposure."},{"startTime":3330.712,"endTime":3336.258,"body":"\rAndso,"},{"startTime":3336.258,"endTime":3339.031,"body":"a"},{"startTime":3339.031,"endTime":3341.804,"body":"lot"},{"startTime":3341.804,"endTime":3344.577,"body":"of"},{"startTime":3344.577,"endTime":3347.35,"body":"that"},{"startTime":3347.35,"endTime":3350.123,"body":"has"},{"startTime":3350.123,"endTime":3352.896,"body":"been"},{"startTime":3352.896,"endTime":3355.669,"body":"some"},{"startTime":3355.669,"endTime":3358.442,"body":"of"},{"startTime":3358.442,"endTime":3361.215,"body":"our"},{"startTime":3361.215,"endTime":3363.988,"body":"experience"},{"startTime":3363.988,"endTime":3366.761,"body":"and"},{"startTime":3366.761,"endTime":3369.534,"body":"growing"},{"startTime":3369.534,"endTime":3372.307,"body":"the"},{"startTime":3372.307,"endTime":3375.08,"body":"kind"},{"startTime":3375.08,"endTime":3377.853,"body":"of"},{"startTime":3377.853,"endTime":3380.626,"body":"understanding"},{"startTime":3380.626,"endTime":3383.399,"body":"of"},{"startTime":3383.399,"endTime":3386.172,"body":"how"},{"startTime":3386.172,"endTime":3388.945,"body":"you"},{"startTime":3388.945,"endTime":3391.718,"body":"evolve"},{"startTime":3391.718,"endTime":3394.491,"body":"for"},{"startTime":3394.491,"endTime":3397.264,"body":"a"},{"startTime":3397.264,"endTime":3400.037,"body":"product"},{"startTime":3400.037,"endTime":3402.81,"body":"that"},{"startTime":3402.81,"endTime":3405.583,"body":"has"},{"startTime":3405.583,"endTime":3408.356,"body":"more"},{"startTime":3408.356,"endTime":3411.129,"body":"of"},{"startTime":3411.129,"endTime":3413.902,"body":"a"},{"startTime":3413.902,"endTime":3416.675,"body":"long/short"},{"startTime":3416.675,"endTime":3419.448,"body":"market"},{"startTime":3419.448,"endTime":3422.221,"body":"beta"},{"startTime":3422.221,"endTime":3424.994,"body":"neutral"},{"startTime":3424.994,"endTime":3427.767,"body":"construct."},{"startTime":3427.767,"endTime":3430.54,"body":"But"},{"startTime":3430.54,"endTime":3433.313,"body":"the"},{"startTime":3433.313,"endTime":3436.086,"body":"leverage"},{"startTime":3436.086,"endTime":3438.859,"body":"is"},{"startTime":3438.859,"endTime":3441.632,"body":"a"},{"startTime":3441.632,"endTime":3444.405,"body":"good"},{"startTime":3444.405,"endTime":3447.178,"body":"example"},{"startTime":3447.178,"endTime":3449.951,"body":"where"},{"startTime":3449.951,"endTime":3452.724,"body":"the"},{"startTime":3452.724,"endTime":3455.497,"body":"kinds"},{"startTime":3455.497,"endTime":3458.27,"body":"of"},{"startTime":3458.27,"endTime":3461.043,"body":"leverage"},{"startTime":3461.043,"endTime":3463.816,"body":"that"},{"startTime":3463.816,"endTime":3466.589,"body":"you"},{"startTime":3466.589,"endTime":3469.362,"body":"are"},{"startTime":3469.362,"endTime":3472.135,"body":"willing"},{"startTime":3472.135,"endTime":3474.908,"body":"to"},{"startTime":3474.908,"endTime":3477.681,"body":"run"},{"startTime":3477.681,"endTime":3480.454,"body":"in"},{"startTime":3480.454,"endTime":3483.227,"body":"a"},{"startTime":3483.227,"endTime":3486,"body":"UCITS"},{"startTime":3486,"endTime":3488.773,"body":"structure."},{"startTime":3488.773,"endTime":3491.546,"body":"UCITS"},{"startTime":3491.546,"endTime":3494.319,"body":"has"},{"startTime":3494.319,"endTime":3497.092,"body":"explicit"},{"startTime":3497.092,"endTime":3499.865,"body":"limitations."},{"startTime":3499.865,"endTime":3502.638,"body":"Leverage"},{"startTime":3502.638,"endTime":3505.411,"body":"in"},{"startTime":3505.411,"endTime":3508.184,"body":"a"},{"startTime":3508.184,"endTime":3510.957,"body":"40"},{"startTime":3510.957,"endTime":3513.73,"body":"ACT"},{"startTime":3513.73,"endTime":3516.503,"body":"or"},{"startTime":3516.503,"endTime":3519.276,"body":"an"},{"startTime":3519.276,"endTime":3522.049,"body":"ETF"},{"startTime":3522.049,"endTime":3524.822,"body":"is"},{"startTime":3524.822,"endTime":3527.595,"body":"going"},{"startTime":3527.595,"endTime":3530.368,"body":"to"},{"startTime":3530.368,"endTime":3533.141,"body":"be"},{"startTime":3533.141,"endTime":3535.914,"body":"lower"},{"startTime":3535.914,"endTime":3538.687,"body":"than"},{"startTime":3538.687,"endTime":3541.46,"body":"what"},{"startTime":3541.46,"endTime":3544.233,"body":"you're"},{"startTime":3544.233,"endTime":3547.006,"body":"going"},{"startTime":3547.006,"endTime":3549.779,"body":"to"},{"startTime":3549.779,"endTime":3552.552,"body":"run"},{"startTime":3552.552,"endTime":3555.325,"body":"in"},{"startTime":3555.325,"endTime":3558.098,"body":"a"},{"startTime":3558.098,"endTime":3560.871,"body":"Cayman"},{"startTime":3560.871,"endTime":3563.644,"body":"structure."},{"startTime":3330.712,"endTime":3340.626,"body":"\rAndso"},{"startTime":3340.626,"endTime":3345.583,"body":"specifically"},{"startTime":3345.583,"endTime":3350.54,"body":"where"},{"startTime":3350.54,"endTime":3355.497,"body":"that"},{"startTime":3355.497,"endTime":3360.454,"body":"factors"},{"startTime":3360.454,"endTime":3365.411,"body":"in,"},{"startTime":3365.411,"endTime":3370.368,"body":"take"},{"startTime":3370.368,"endTime":3375.325,"body":"our"},{"startTime":3375.325,"endTime":3380.282,"body":"trend"},{"startTime":3380.282,"endTime":3385.239,"body":"strategies,"},{"startTime":3385.239,"endTime":3390.196,"body":"for"},{"startTime":3390.196,"endTime":3395.153,"body":"example."},{"startTime":3395.153,"endTime":3400.11,"body":"You"},{"startTime":3400.11,"endTime":3405.067,"body":"want"},{"startTime":3405.067,"endTime":3410.024,"body":"to"},{"startTime":3410.024,"endTime":3414.981,"body":"be"},{"startTime":3414.981,"endTime":3419.938,"body":"judicious"},{"startTime":3419.938,"endTime":3424.895,"body":"about"},{"startTime":3424.895,"endTime":3429.852,"body":"how"},{"startTime":3429.852,"endTime":3434.809,"body":"much"},{"startTime":3434.809,"endTime":3439.766,"body":"volatility"},{"startTime":3439.766,"endTime":3444.723,"body":"you're"},{"startTime":3444.723,"endTime":3449.68,"body":"trading"},{"startTime":3449.68,"endTime":3454.637,"body":"in"},{"startTime":3454.637,"endTime":3459.594,"body":"the"},{"startTime":3459.594,"endTime":3464.551,"body":"underlying"},{"startTime":3464.551,"endTime":3469.508,"body":"commodity"},{"startTime":3469.508,"endTime":3474.465,"body":"contract."},{"startTime":3474.465,"endTime":3479.422,"body":"So,"},{"startTime":3479.422,"endTime":3484.379,"body":"really"},{"startTime":3484.379,"endTime":3489.336,"body":"low"},{"startTime":3489.336,"endTime":3494.293,"body":"contracts"},{"startTime":3494.293,"endTime":3499.25,"body":"attract"},{"startTime":3499.25,"endTime":3504.207,"body":"a"},{"startTime":3504.207,"endTime":3509.164,"body":"huge"},{"startTime":3509.164,"endTime":3514.121,"body":"amount"},{"startTime":3514.121,"endTime":3519.078,"body":"of"},{"startTime":3519.078,"endTime":3524.035,"body":"notional"},{"startTime":3524.035,"endTime":3528.992,"body":"leverage"},{"startTime":3528.992,"endTime":3533.949,"body":"to"},{"startTime":3533.949,"endTime":3538.906,"body":"deliver"},{"startTime":3538.906,"endTime":3543.863,"body":"a"},{"startTime":3543.863,"endTime":3548.82,"body":"similar"},{"startTime":3548.82,"endTime":3553.777,"body":"level"},{"startTime":3553.777,"endTime":3558.734,"body":"of"},{"startTime":3558.734,"endTime":3563.691,"body":"risk."},{"startTime":3330.712,"endTime":3336.61,"body":"\rAndso,"},{"startTime":3336.61,"endTime":3339.559,"body":"so"},{"startTime":3339.559,"endTime":3342.508,"body":"one"},{"startTime":3342.508,"endTime":3345.457,"body":"of"},{"startTime":3345.457,"endTime":3348.406,"body":"the"},{"startTime":3348.406,"endTime":3351.355,"body":"things"},{"startTime":3351.355,"endTime":3354.304,"body":"we"},{"startTime":3354.304,"endTime":3357.253,"body":"were"},{"startTime":3357.253,"endTime":3360.202,"body":"thoughtful"},{"startTime":3360.202,"endTime":3363.151,"body":"about"},{"startTime":3363.151,"endTime":3366.1,"body":"was"},{"startTime":3366.1,"endTime":3369.049,"body":"kind"},{"startTime":3369.049,"endTime":3371.998,"body":"of"},{"startTime":3371.998,"endTime":3374.947,"body":"going"},{"startTime":3374.947,"endTime":3377.896,"body":"through"},{"startTime":3377.896,"endTime":3380.845,"body":"and"},{"startTime":3380.845,"endTime":3383.794,"body":"not"},{"startTime":3383.794,"endTime":3386.743,"body":"only"},{"startTime":3386.743,"endTime":3389.692,"body":"constraining"},{"startTime":3389.692,"endTime":3392.641,"body":"based"},{"startTime":3392.641,"endTime":3395.59,"body":"on"},{"startTime":3395.59,"endTime":3398.539,"body":"capacity"},{"startTime":3398.539,"endTime":3401.488,"body":"and"},{"startTime":3401.488,"endTime":3404.437,"body":"liquidity,"},{"startTime":3404.437,"endTime":3407.386,"body":"but"},{"startTime":3407.386,"endTime":3410.335,"body":"also"},{"startTime":3410.335,"endTime":3413.284,"body":"in"},{"startTime":3413.284,"endTime":3416.233,"body":"terms"},{"startTime":3416.233,"endTime":3419.182,"body":"of"},{"startTime":3419.182,"endTime":3422.131,"body":"efficiency,"},{"startTime":3422.131,"endTime":3425.08,"body":"how"},{"startTime":3425.08,"endTime":3428.029,"body":"much"},{"startTime":3428.029,"endTime":3430.978,"body":"risk"},{"startTime":3430.978,"endTime":3433.927,"body":"are"},{"startTime":3433.927,"endTime":3436.876,"body":"we"},{"startTime":3436.876,"endTime":3439.825,"body":"really"},{"startTime":3439.825,"endTime":3442.774,"body":"generating"},{"startTime":3442.774,"endTime":3445.723,"body":"from"},{"startTime":3445.723,"endTime":3448.672,"body":"that"},{"startTime":3448.672,"endTime":3451.621,"body":"contract"},{"startTime":3451.621,"endTime":3454.57,"body":"per"},{"startTime":3454.57,"endTime":3457.519,"body":"unit"},{"startTime":3457.519,"endTime":3460.468,"body":"of"},{"startTime":3460.468,"endTime":3463.417,"body":"notional?"},{"startTime":3463.417,"endTime":3466.366,"body":"Because"},{"startTime":3466.366,"endTime":3469.315,"body":"we"},{"startTime":3469.315,"endTime":3472.264,"body":"are"},{"startTime":3472.264,"endTime":3475.213,"body":"going"},{"startTime":3475.213,"endTime":3478.162,"body":"to"},{"startTime":3478.162,"endTime":3481.111,"body":"have"},{"startTime":3481.111,"endTime":3484.06,"body":"some"},{"startTime":3484.06,"endTime":3487.009,"body":"kind"},{"startTime":3487.009,"endTime":3489.958,"body":"of"},{"startTime":3489.958,"endTime":3492.907,"body":"thoughtfulness"},{"startTime":3492.907,"endTime":3495.856,"body":"about"},{"startTime":3495.856,"endTime":3498.805,"body":"how"},{"startTime":3498.805,"endTime":3501.754,"body":"much"},{"startTime":3501.754,"endTime":3504.703,"body":"leverage"},{"startTime":3504.703,"endTime":3507.652,"body":"that"},{"startTime":3507.652,"endTime":3510.601,"body":"we're"},{"startTime":3510.601,"endTime":3513.55,"body":"going"},{"startTime":3513.55,"endTime":3516.499,"body":"to"},{"startTime":3516.499,"endTime":3519.448,"body":"use."},{"startTime":3519.448,"endTime":3522.397,"body":"And"},{"startTime":3522.397,"endTime":3525.346,"body":"that"},{"startTime":3525.346,"endTime":3528.295,"body":"also"},{"startTime":3528.295,"endTime":3531.244,"body":"affected"},{"startTime":3531.244,"endTime":3534.193,"body":"the"},{"startTime":3534.193,"endTime":3537.142,"body":"choice"},{"startTime":3537.142,"endTime":3540.091,"body":"of"},{"startTime":3540.091,"endTime":3543.04,"body":"strategies"},{"startTime":3543.04,"endTime":3545.989,"body":"or"},{"startTime":3545.989,"endTime":3548.938,"body":"choice"},{"startTime":3548.938,"endTime":3551.887,"body":"of"},{"startTime":3551.887,"endTime":3554.836,"body":"contracts"},{"startTime":3554.836,"endTime":3557.785,"body":"in"},{"startTime":3557.785,"endTime":3560.734,"body":"that"},{"startTime":3560.734,"endTime":3563.683,"body":"strategy."},{"startTime":3330.712,"endTime":3349.35,"body":"\rSo,there"},{"startTime":3349.35,"endTime":3358.669,"body":"are"},{"startTime":3358.669,"endTime":3367.988,"body":"definitely"},{"startTime":3367.988,"endTime":3377.307,"body":"differences,"},{"startTime":3377.307,"endTime":3386.626,"body":"there"},{"startTime":3386.626,"endTime":3395.945,"body":"are"},{"startTime":3395.945,"endTime":3405.264,"body":"trade-offs,"},{"startTime":3405.264,"endTime":3414.583,"body":"there"},{"startTime":3414.583,"endTime":3423.902,"body":"are"},{"startTime":3423.902,"endTime":3433.221,"body":"some"},{"startTime":3433.221,"endTime":3442.54,"body":"advantages,"},{"startTime":3442.54,"endTime":3451.859,"body":"there's"},{"startTime":3451.859,"endTime":3461.178,"body":"some"},{"startTime":3461.178,"endTime":3470.497,"body":"disadvantages,"},{"startTime":3470.497,"endTime":3479.816,"body":"and"},{"startTime":3479.816,"endTime":3489.135,"body":"they"},{"startTime":3489.135,"endTime":3498.454,"body":"go"},{"startTime":3498.454,"endTime":3507.773,"body":"into"},{"startTime":3507.773,"endTime":3517.092,"body":"the"},{"startTime":3517.092,"endTime":3526.411,"body":"construction"},{"startTime":3526.411,"endTime":3535.73,"body":"of"},{"startTime":3535.73,"endTime":3545.049,"body":"all"},{"startTime":3545.049,"endTime":3554.368,"body":"these"},{"startTime":3554.368,"endTime":3563.687,"body":"strategies."},{"startTime":3564.582,"endTime":3565.389,"body":"Jeff,"},{"startTime":3565.389,"endTime":3566.196,"body":"I"},{"startTime":3566.196,"endTime":3567.003,"body":"read"},{"startTime":3567.003,"endTime":3567.81,"body":"a"},{"startTime":3567.81,"endTime":3568.617,"body":"report"},{"startTime":3568.617,"endTime":3569.424,"body":"from"},{"startTime":3569.424,"endTime":3570.231,"body":"Capgemini,"},{"startTime":3570.231,"endTime":3571.038,"body":"very"},{"startTime":3571.038,"endTime":3571.845,"body":"recently,"},{"startTime":3571.845,"endTime":3572.652,"body":"where"},{"startTime":3572.652,"endTime":3573.459,"body":"they"},{"startTime":3573.459,"endTime":3574.266,"body":"talked"},{"startTime":3574.266,"endTime":3575.073,"body":"about"},{"startTime":3575.073,"endTime":3575.88,"body":"the"},{"startTime":3575.88,"endTime":3576.687,"body":"growth"},{"startTime":3576.687,"endTime":3577.494,"body":"potential"},{"startTime":3577.494,"endTime":3578.301,"body":"of"},{"startTime":3578.301,"endTime":3579.108,"body":"alternative"},{"startTime":3579.108,"endTime":3579.915,"body":"investments."},{"startTime":3579.915,"endTime":3580.722,"body":"And"},{"startTime":3580.722,"endTime":3581.529,"body":"I"},{"startTime":3581.529,"endTime":3582.336,"body":"don't"},{"startTime":3582.336,"endTime":3583.143,"body":"remember"},{"startTime":3583.143,"endTime":3583.95,"body":"the"},{"startTime":3583.95,"endTime":3584.757,"body":"number"},{"startTime":3584.757,"endTime":3585.564,"body":"specifically,"},{"startTime":3585.564,"endTime":3586.371,"body":"but"},{"startTime":3586.371,"endTime":3587.178,"body":"they"},{"startTime":3587.178,"endTime":3587.985,"body":"saw"},{"startTime":3587.985,"endTime":3588.792,"body":"a"},{"startTime":3588.792,"endTime":3589.599,"body":"massive"},{"startTime":3589.599,"endTime":3590.406,"body":"growth;"},{"startTime":3590.406,"endTime":3591.213,"body":"two,"},{"startTime":3591.213,"endTime":3592.02,"body":"three"},{"startTime":3592.02,"endTime":3592.827,"body":"fold"},{"startTime":3592.827,"endTime":3593.634,"body":"from"},{"startTime":3593.634,"endTime":3594.441,"body":"the"},{"startTime":3594.441,"endTime":3595.248,"body":"US$5"},{"startTime":3595.248,"endTime":3596.055,"body":"trillion"},{"startTime":3596.055,"endTime":3596.862,"body":"we"},{"startTime":3596.862,"endTime":3597.669,"body":"see"},{"startTime":3597.669,"endTime":3598.476,"body":"right"},{"startTime":3598.476,"endTime":3599.283,"body":"now."},{"startTime":3599.283,"endTime":3600.09,"body":"And"},{"startTime":3600.09,"endTime":3600.897,"body":"I"},{"startTime":3600.897,"endTime":3601.704,"body":"think"},{"startTime":3601.704,"endTime":3602.511,"body":"there"},{"startTime":3602.511,"endTime":3603.318,"body":"were"},{"startTime":3603.318,"endTime":3604.125,"body":"even"},{"startTime":3604.125,"endTime":3604.932,"body":"other"},{"startTime":3604.932,"endTime":3605.739,"body":"firms"},{"startTime":3605.739,"endTime":3606.546,"body":"quoted"},{"startTime":3606.546,"endTime":3607.353,"body":"that"},{"startTime":3607.353,"endTime":3608.16,"body":"had"},{"startTime":3608.16,"endTime":3608.967,"body":"even"},{"startTime":3608.967,"endTime":3609.774,"body":"higher"},{"startTime":3609.774,"endTime":3610.581,"body":"expectations"},{"startTime":3610.581,"endTime":3611.388,"body":"in"},{"startTime":3611.388,"endTime":3612.195,"body":"terms"},{"startTime":3612.195,"endTime":3613.002,"body":"of"},{"startTime":3613.002,"endTime":3613.809,"body":"that."},{"startTime":3613.809,"endTime":3614.616,"body":"We"},{"startTime":3614.616,"endTime":3615.423,"body":"saw,"},{"startTime":3615.423,"endTime":3616.23,"body":"last"},{"startTime":3616.23,"endTime":3617.037,"body":"week,"},{"startTime":3617.037,"endTime":3617.844,"body":"that"},{"startTime":3617.844,"endTime":3618.651,"body":"CalPERS"},{"startTime":3618.651,"endTime":3619.458,"body":"decided"},{"startTime":3619.458,"endTime":3620.265,"body":"to"},{"startTime":3620.265,"endTime":3621.072,"body":"move."},{"startTime":3621.072,"endTime":3621.879,"body":"In"},{"startTime":3621.879,"endTime":3622.686,"body":"the"},{"startTime":3622.686,"endTime":3623.493,"body":"middle"},{"startTime":3623.493,"endTime":3624.3,"body":"of"},{"startTime":3624.3,"endTime":3625.107,"body":"next"},{"startTime":3625.107,"endTime":3625.914,"body":"year"},{"startTime":3625.914,"endTime":3626.721,"body":"they're"},{"startTime":3626.721,"endTime":3627.528,"body":"going"},{"startTime":3627.528,"endTime":3628.335,"body":"to"},{"startTime":3628.335,"endTime":3629.142,"body":"move"},{"startTime":3629.142,"endTime":3629.949,"body":"to"},{"startTime":3629.949,"endTime":3630.756,"body":"a"},{"startTime":3630.756,"endTime":3631.563,"body":"total"},{"startTime":3631.563,"endTime":3632.37,"body":"portfolio"},{"startTime":3632.37,"endTime":3633.177,"body":"approach"},{"startTime":3633.177,"endTime":3633.984,"body":"where"},{"startTime":3633.984,"endTime":3634.791,"body":"each"},{"startTime":3634.791,"endTime":3635.598,"body":"investment"},{"startTime":3635.598,"endTime":3636.405,"body":"actually"},{"startTime":3636.405,"endTime":3637.212,"body":"has"},{"startTime":3637.212,"endTime":3638.019,"body":"to"},{"startTime":3638.019,"endTime":3638.826,"body":"be"},{"startTime":3638.826,"endTime":3639.633,"body":"justified"},{"startTime":3639.633,"endTime":3640.44,"body":"in"},{"startTime":3640.44,"endTime":3641.247,"body":"terms"},{"startTime":3641.247,"endTime":3642.054,"body":"of"},{"startTime":3642.054,"endTime":3642.861,"body":"its"},{"startTime":3642.861,"endTime":3643.668,"body":"contribution"},{"startTime":3643.668,"endTime":3644.475,"body":"to"},{"startTime":3644.475,"endTime":3645.282,"body":"the"},{"startTime":3645.282,"endTime":3646.089,"body":"total"},{"startTime":3646.089,"endTime":3646.896,"body":"portfolio,"},{"startTime":3646.896,"endTime":3647.703,"body":"which"},{"startTime":3647.703,"endTime":3648.51,"body":"means,"},{"startTime":3648.51,"endTime":3649.317,"body":"in"},{"startTime":3649.317,"endTime":3650.124,"body":"theory"},{"startTime":3650.124,"endTime":3650.931,"body":"at"},{"startTime":3650.931,"endTime":3651.738,"body":"least,"},{"startTime":3651.738,"endTime":3652.545,"body":"that"},{"startTime":3652.545,"endTime":3653.352,"body":"uncorrelated"},{"startTime":3653.352,"endTime":3654.159,"body":"strategies"},{"startTime":3654.159,"endTime":3654.966,"body":"should"},{"startTime":3654.966,"endTime":3655.773,"body":"get"},{"startTime":3655.773,"endTime":3656.58,"body":"much"},{"startTime":3656.58,"endTime":3657.387,"body":"more"},{"startTime":3657.387,"endTime":3658.194,"body":"of"},{"startTime":3658.194,"endTime":3659.001,"body":"a"},{"startTime":3659.001,"endTime":3659.808,"body":"slice"},{"startTime":3659.808,"endTime":3660.615,"body":"of"},{"startTime":3660.615,"endTime":3661.422,"body":"the"},{"startTime":3661.422,"endTime":3662.229,"body":"pie,"},{"startTime":3662.229,"endTime":3663.036,"body":"so"},{"startTime":3663.036,"endTime":3663.843,"body":"to"},{"startTime":3663.843,"endTime":3664.65,"body":"speak."},{"startTime":3564.582,"endTime":3569.24,"body":"\rHowdo"},{"startTime":3569.24,"endTime":3571.569,"body":"you"},{"startTime":3571.569,"endTime":3573.898,"body":"see"},{"startTime":3573.898,"endTime":3576.227,"body":"the"},{"startTime":3576.227,"endTime":3578.556,"body":"alternative"},{"startTime":3578.556,"endTime":3580.885,"body":"investment"},{"startTime":3580.885,"endTime":3583.214,"body":"area"},{"startTime":3583.214,"endTime":3585.543,"body":"evolve"},{"startTime":3585.543,"endTime":3587.872,"body":"from"},{"startTime":3587.872,"endTime":3590.201,"body":"here?"},{"startTime":3590.201,"endTime":3592.53,"body":"Obviously,"},{"startTime":3592.53,"endTime":3594.859,"body":"it"},{"startTime":3594.859,"endTime":3597.188,"body":"sounds"},{"startTime":3597.188,"endTime":3599.517,"body":"like"},{"startTime":3599.517,"endTime":3601.846,"body":"you"},{"startTime":3601.846,"endTime":3604.175,"body":"are"},{"startTime":3604.175,"endTime":3606.504,"body":"well"},{"startTime":3606.504,"endTime":3608.833,"body":"positioned"},{"startTime":3608.833,"endTime":3611.162,"body":"for"},{"startTime":3611.162,"endTime":3613.491,"body":"growth"},{"startTime":3613.491,"endTime":3615.82,"body":"because"},{"startTime":3615.82,"endTime":3618.149,"body":"you've"},{"startTime":3618.149,"endTime":3620.478,"body":"got"},{"startTime":3620.478,"endTime":3622.807,"body":"lots"},{"startTime":3622.807,"endTime":3625.136,"body":"of"},{"startTime":3625.136,"endTime":3627.465,"body":"products"},{"startTime":3627.465,"endTime":3629.794,"body":"on"},{"startTime":3629.794,"endTime":3632.123,"body":"the"},{"startTime":3632.123,"endTime":3634.452,"body":"shelves."},{"startTime":3634.452,"endTime":3636.781,"body":"But"},{"startTime":3636.781,"endTime":3639.11,"body":"how"},{"startTime":3639.11,"endTime":3641.439,"body":"do"},{"startTime":3641.439,"endTime":3643.768,"body":"you"},{"startTime":3643.768,"endTime":3646.097,"body":"see"},{"startTime":3646.097,"endTime":3648.426,"body":"it?"},{"startTime":3648.426,"endTime":3650.755,"body":"How"},{"startTime":3650.755,"endTime":3653.084,"body":"do"},{"startTime":3653.084,"endTime":3655.413,"body":"you"},{"startTime":3655.413,"endTime":3657.742,"body":"talk"},{"startTime":3657.742,"endTime":3660.071,"body":"about"},{"startTime":3660.071,"endTime":3662.4,"body":"it"},{"startTime":3662.4,"endTime":3664.729,"body":"internally?"},{"startTime":3564.582,"endTime":3568.222,"body":"\rBecauseclearly,"},{"startTime":3568.222,"endTime":3570.042,"body":"whatever"},{"startTime":3570.042,"endTime":3571.862,"body":"goes"},{"startTime":3571.862,"endTime":3573.682,"body":"on"},{"startTime":3573.682,"endTime":3575.502,"body":"in"},{"startTime":3575.502,"endTime":3577.322,"body":"a"},{"startTime":3577.322,"endTime":3579.142,"body":"large"},{"startTime":3579.142,"endTime":3580.962,"body":"company"},{"startTime":3580.962,"endTime":3582.782,"body":"like"},{"startTime":3582.782,"endTime":3584.602,"body":"yours,"},{"startTime":3584.602,"endTime":3586.422,"body":"where"},{"startTime":3586.422,"endTime":3588.242,"body":"it"},{"startTime":3588.242,"endTime":3590.062,"body":"doesn't"},{"startTime":3590.062,"endTime":3591.882,"body":"get"},{"startTime":3591.882,"endTime":3593.702,"body":"much"},{"startTime":3593.702,"endTime":3595.522,"body":"bigger"},{"startTime":3595.522,"endTime":3597.342,"body":"than"},{"startTime":3597.342,"endTime":3599.162,"body":"that,"},{"startTime":3599.162,"endTime":3600.982,"body":"is"},{"startTime":3600.982,"endTime":3602.802,"body":"important"},{"startTime":3602.802,"endTime":3604.622,"body":"for"},{"startTime":3604.622,"endTime":3606.442,"body":"the"},{"startTime":3606.442,"endTime":3608.262,"body":"industry."},{"startTime":3608.262,"endTime":3610.082,"body":"So,"},{"startTime":3610.082,"endTime":3611.902,"body":"how"},{"startTime":3611.902,"endTime":3613.722,"body":"do"},{"startTime":3613.722,"endTime":3615.542,"body":"you"},{"startTime":3615.542,"endTime":3617.362,"body":"think"},{"startTime":3617.362,"endTime":3619.182,"body":"about"},{"startTime":3619.182,"endTime":3621.002,"body":"the"},{"startTime":3621.002,"endTime":3622.822,"body":"prospects"},{"startTime":3622.822,"endTime":3624.642,"body":"of"},{"startTime":3624.642,"endTime":3626.462,"body":"specifically"},{"startTime":3626.462,"endTime":3628.282,"body":"alternative"},{"startTime":3628.282,"endTime":3630.102,"body":"investments"},{"startTime":3630.102,"endTime":3631.922,"body":"and"},{"startTime":3631.922,"endTime":3633.742,"body":"their"},{"startTime":3633.742,"endTime":3635.562,"body":"acceptance"},{"startTime":3635.562,"endTime":3637.382,"body":"by"},{"startTime":3637.382,"endTime":3639.202,"body":"institutional"},{"startTime":3639.202,"endTime":3641.022,"body":"investors"},{"startTime":3641.022,"endTime":3642.842,"body":"into"},{"startTime":3642.842,"endTime":3644.662,"body":"their"},{"startTime":3644.662,"endTime":3646.482,"body":"portfolios"},{"startTime":3646.482,"endTime":3648.302,"body":"to"},{"startTime":3648.302,"endTime":3650.122,"body":"a"},{"startTime":3650.122,"endTime":3651.942,"body":"degree"},{"startTime":3651.942,"endTime":3653.762,"body":"that"},{"startTime":3653.762,"endTime":3655.582,"body":"we"},{"startTime":3655.582,"endTime":3657.402,"body":"have"},{"startTime":3657.402,"endTime":3659.222,"body":"not"},{"startTime":3659.222,"endTime":3661.042,"body":"seen"},{"startTime":3661.042,"endTime":3662.862,"body":"so"},{"startTime":3662.862,"endTime":3664.682,"body":"far?"},{"startTime":3665.692,"endTime":3669.353,"body":"Yeah,"},{"startTime":3669.353,"endTime":3673.014,"body":"really,"},{"startTime":3673.014,"endTime":3676.675,"body":"really"},{"startTime":3676.675,"endTime":3680.336,"body":"great"},{"startTime":3680.336,"endTime":3683.997,"body":"question."},{"startTime":3683.997,"endTime":3687.658,"body":"And,"},{"startTime":3687.658,"endTime":3691.319,"body":"I"},{"startTime":3691.319,"endTime":3694.98,"body":"think"},{"startTime":3694.98,"endTime":3698.641,"body":"there's"},{"startTime":3698.641,"endTime":3702.302,"body":"two"},{"startTime":3702.302,"endTime":3705.963,"body":"or"},{"startTime":3705.963,"endTime":3709.624,"body":"three"},{"startTime":3709.624,"endTime":3713.285,"body":"questions"},{"startTime":3713.285,"endTime":3716.946,"body":"in"},{"startTime":3716.946,"endTime":3720.607,"body":"there."},{"startTime":3720.607,"endTime":3724.268,"body":"There’s"},{"startTime":3724.268,"endTime":3727.929,"body":"one"},{"startTime":3727.929,"endTime":3731.59,"body":"on"},{"startTime":3731.59,"endTime":3735.251,"body":"alternatives"},{"startTime":3735.251,"endTime":3738.912,"body":"and"},{"startTime":3738.912,"endTime":3742.573,"body":"the"},{"startTime":3742.573,"endTime":3746.234,"body":"rise"},{"startTime":3746.234,"endTime":3749.895,"body":"of"},{"startTime":3749.895,"endTime":3753.556,"body":"alternatives."},{"startTime":3753.556,"endTime":3757.217,"body":"Two,"},{"startTime":3757.217,"endTime":3760.878,"body":"on"},{"startTime":3760.878,"endTime":3764.539,"body":"kind"},{"startTime":3764.539,"endTime":3768.2,"body":"of"},{"startTime":3768.2,"endTime":3771.861,"body":"whole"},{"startTime":3771.861,"endTime":3775.522,"body":"portfolio"},{"startTime":3775.522,"endTime":3779.183,"body":"lens."},{"startTime":3779.183,"endTime":3782.844,"body":"And"},{"startTime":3782.844,"endTime":3786.505,"body":"the"},{"startTime":3786.505,"endTime":3790.166,"body":"third,"},{"startTime":3790.166,"endTime":3793.827,"body":"which"},{"startTime":3793.827,"endTime":3797.488,"body":"I"},{"startTime":3797.488,"endTime":3801.149,"body":"hopefully"},{"startTime":3801.149,"endTime":3804.81,"body":"will"},{"startTime":3804.81,"endTime":3808.471,"body":"get"},{"startTime":3808.471,"endTime":3812.132,"body":"back"},{"startTime":3812.132,"endTime":3815.793,"body":"to"},{"startTime":3815.793,"endTime":3819.454,"body":"in"},{"startTime":3819.454,"endTime":3823.115,"body":"the"},{"startTime":3823.115,"endTime":3826.776,"body":"answer,"},{"startTime":3826.776,"endTime":3830.437,"body":"is"},{"startTime":3830.437,"endTime":3834.098,"body":"kind"},{"startTime":3834.098,"endTime":3837.759,"body":"of"},{"startTime":3837.759,"endTime":3841.42,"body":"the"},{"startTime":3841.42,"endTime":3845.081,"body":"institutional"},{"startTime":3845.081,"endTime":3848.742,"body":"versus"},{"startTime":3848.742,"endTime":3852.403,"body":"retailer;"},{"startTime":3852.403,"endTime":3856.064,"body":"different"},{"startTime":3856.064,"endTime":3859.725,"body":"segments"},{"startTime":3859.725,"endTime":3863.386,"body":"and"},{"startTime":3863.386,"endTime":3867.047,"body":"how"},{"startTime":3867.047,"endTime":3870.708,"body":"they're"},{"startTime":3870.708,"endTime":3874.369,"body":"approaching"},{"startTime":3874.369,"endTime":3878.03,"body":"this."},{"startTime":3878.03,"endTime":3881.691,"body":"So"},{"startTime":3881.691,"endTime":3885.352,"body":"let"},{"startTime":3885.352,"endTime":3889.013,"body":"me"},{"startTime":3889.013,"endTime":3892.674,"body":"start"},{"startTime":3892.674,"endTime":3896.335,"body":"with"},{"startTime":3896.335,"endTime":3899.996,"body":"the"},{"startTime":3899.996,"endTime":3903.657,"body":"whole"},{"startTime":3903.657,"endTime":3907.318,"body":"portfolio"},{"startTime":3907.318,"endTime":3910.979,"body":"part"},{"startTime":3910.979,"endTime":3914.64,"body":"of"},{"startTime":3914.64,"endTime":3918.301,"body":"it"},{"startTime":3918.301,"endTime":3921.962,"body":"first,"},{"startTime":3921.962,"endTime":3925.623,"body":"and"},{"startTime":3925.623,"endTime":3929.284,"body":"the"},{"startTime":3929.284,"endTime":3932.945,"body":"reference"},{"startTime":3932.945,"endTime":3936.606,"body":"that"},{"startTime":3936.606,"endTime":3940.267,"body":"you"},{"startTime":3940.267,"endTime":3943.928,"body":"made"},{"startTime":3943.928,"endTime":3947.589,"body":"to"},{"startTime":3947.589,"endTime":3951.25,"body":"CalPERS."},{"startTime":3665.692,"endTime":3672.922,"body":"\rYouknow,"},{"startTime":3672.922,"endTime":3676.537,"body":"we've"},{"startTime":3676.537,"endTime":3680.152,"body":"had"},{"startTime":3680.152,"endTime":3683.767,"body":"a"},{"startTime":3683.767,"endTime":3687.382,"body":"whole"},{"startTime":3687.382,"endTime":3690.997,"body":"portfolio"},{"startTime":3690.997,"endTime":3694.612,"body":"perspective"},{"startTime":3694.612,"endTime":3698.227,"body":"here"},{"startTime":3698.227,"endTime":3701.842,"body":"for"},{"startTime":3701.842,"endTime":3705.457,"body":"a"},{"startTime":3705.457,"endTime":3709.072,"body":"very"},{"startTime":3709.072,"endTime":3712.687,"body":"long"},{"startTime":3712.687,"endTime":3716.302,"body":"time"},{"startTime":3716.302,"endTime":3719.917,"body":"at"},{"startTime":3719.917,"endTime":3723.532,"body":"BlackRock."},{"startTime":3723.532,"endTime":3727.147,"body":"And"},{"startTime":3727.147,"endTime":3730.762,"body":"you"},{"startTime":3730.762,"endTime":3734.377,"body":"see"},{"startTime":3734.377,"endTime":3737.992,"body":"it"},{"startTime":3737.992,"endTime":3741.607,"body":"more"},{"startTime":3741.607,"endTime":3745.222,"body":"on"},{"startTime":3745.222,"endTime":3748.837,"body":"the"},{"startTime":3748.837,"endTime":3752.452,"body":"institutional"},{"startTime":3752.452,"endTime":3756.067,"body":"side."},{"startTime":3756.067,"endTime":3759.682,"body":"And"},{"startTime":3759.682,"endTime":3763.297,"body":"I"},{"startTime":3763.297,"endTime":3766.912,"body":"think"},{"startTime":3766.912,"endTime":3770.527,"body":"that's"},{"startTime":3770.527,"endTime":3774.142,"body":"what"},{"startTime":3774.142,"endTime":3777.757,"body":"CalPERS"},{"startTime":3777.757,"endTime":3781.372,"body":"is"},{"startTime":3781.372,"endTime":3784.987,"body":"kind"},{"startTime":3784.987,"endTime":3788.602,"body":"of"},{"startTime":3788.602,"endTime":3792.217,"body":"describing."},{"startTime":3792.217,"endTime":3795.832,"body":"And"},{"startTime":3795.832,"endTime":3799.447,"body":"I"},{"startTime":3799.447,"endTime":3803.062,"body":"think"},{"startTime":3803.062,"endTime":3806.677,"body":"to"},{"startTime":3806.677,"endTime":3810.292,"body":"the"},{"startTime":3810.292,"endTime":3813.907,"body":"third"},{"startTime":3813.907,"endTime":3817.522,"body":"aspect,"},{"startTime":3817.522,"endTime":3821.137,"body":"I"},{"startTime":3821.137,"endTime":3824.752,"body":"think"},{"startTime":3824.752,"endTime":3828.367,"body":"it's"},{"startTime":3828.367,"endTime":3831.982,"body":"about"},{"startTime":3831.982,"endTime":3835.597,"body":"bringing"},{"startTime":3835.597,"endTime":3839.212,"body":"this"},{"startTime":3839.212,"endTime":3842.827,"body":"whole"},{"startTime":3842.827,"endTime":3846.442,"body":"portfolio"},{"startTime":3846.442,"endTime":3850.057,"body":"perspective"},{"startTime":3850.057,"endTime":3853.672,"body":"to"},{"startTime":3853.672,"endTime":3857.287,"body":"a"},{"startTime":3857.287,"endTime":3860.902,"body":"broader"},{"startTime":3860.902,"endTime":3864.517,"body":"audience,"},{"startTime":3864.517,"endTime":3868.132,"body":"to"},{"startTime":3868.132,"endTime":3871.747,"body":"a"},{"startTime":3871.747,"endTime":3875.362,"body":"retail"},{"startTime":3875.362,"endTime":3878.977,"body":"audience,"},{"startTime":3878.977,"endTime":3882.592,"body":"moving"},{"startTime":3882.592,"endTime":3886.207,"body":"away"},{"startTime":3886.207,"endTime":3889.822,"body":"from"},{"startTime":3889.822,"endTime":3893.437,"body":"kind"},{"startTime":3893.437,"endTime":3897.052,"body":"of"},{"startTime":3897.052,"endTime":3900.667,"body":"a"},{"startTime":3900.667,"endTime":3904.282,"body":"specific"},{"startTime":3904.282,"endTime":3907.897,"body":"product"},{"startTime":3907.897,"endTime":3911.512,"body":"focus,"},{"startTime":3911.512,"endTime":3915.127,"body":"evaluating"},{"startTime":3915.127,"endTime":3918.742,"body":"products"},{"startTime":3918.742,"endTime":3922.357,"body":"in"},{"startTime":3922.357,"endTime":3925.972,"body":"isolation"},{"startTime":3925.972,"endTime":3929.587,"body":"as"},{"startTime":3929.587,"endTime":3933.202,"body":"opposed"},{"startTime":3933.202,"endTime":3936.817,"body":"to"},{"startTime":3936.817,"endTime":3940.432,"body":"evaluating"},{"startTime":3940.432,"endTime":3944.047,"body":"in"},{"startTime":3944.047,"endTime":3947.662,"body":"the"},{"startTime":3947.662,"endTime":3951.277,"body":"context."},{"startTime":3665.692,"endTime":3674.346,"body":"\rAndthis"},{"startTime":3674.346,"endTime":3678.673,"body":"brings"},{"startTime":3678.673,"endTime":3683,"body":"you"},{"startTime":3683,"endTime":3687.327,"body":"to"},{"startTime":3687.327,"endTime":3691.654,"body":"kind"},{"startTime":3691.654,"endTime":3695.981,"body":"of"},{"startTime":3695.981,"endTime":3700.308,"body":"alternatives."},{"startTime":3700.308,"endTime":3704.635,"body":"And"},{"startTime":3704.635,"endTime":3708.962,"body":"here,"},{"startTime":3708.962,"endTime":3713.289,"body":"let"},{"startTime":3713.289,"endTime":3717.616,"body":"me"},{"startTime":3717.616,"endTime":3721.943,"body":"be"},{"startTime":3721.943,"endTime":3726.27,"body":"careful"},{"startTime":3726.27,"endTime":3730.597,"body":"here"},{"startTime":3730.597,"endTime":3734.924,"body":"because"},{"startTime":3734.924,"endTime":3739.251,"body":"the"},{"startTime":3739.251,"endTime":3743.578,"body":"Capgemini"},{"startTime":3743.578,"endTime":3747.905,"body":"report,"},{"startTime":3747.905,"endTime":3752.232,"body":"I"},{"startTime":3752.232,"endTime":3756.559,"body":"didn't"},{"startTime":3756.559,"endTime":3760.886,"body":"actually"},{"startTime":3760.886,"endTime":3765.213,"body":"see"},{"startTime":3765.213,"endTime":3769.54,"body":"that."},{"startTime":3769.54,"endTime":3773.867,"body":"But"},{"startTime":3773.867,"endTime":3778.194,"body":"when"},{"startTime":3778.194,"endTime":3782.521,"body":"we"},{"startTime":3782.521,"endTime":3786.848,"body":"say"},{"startTime":3786.848,"endTime":3791.175,"body":"alternatives,"},{"startTime":3791.175,"endTime":3795.502,"body":"it"},{"startTime":3795.502,"endTime":3799.829,"body":"means"},{"startTime":3799.829,"endTime":3804.156,"body":"a"},{"startTime":3804.156,"endTime":3808.483,"body":"lot"},{"startTime":3808.483,"endTime":3812.81,"body":"of"},{"startTime":3812.81,"endTime":3817.137,"body":"things."},{"startTime":3817.137,"endTime":3821.464,"body":"You"},{"startTime":3821.464,"endTime":3825.791,"body":"know,"},{"startTime":3825.791,"endTime":3830.118,"body":"just"},{"startTime":3830.118,"endTime":3834.445,"body":"like"},{"startTime":3834.445,"endTime":3838.772,"body":"systematic"},{"startTime":3838.772,"endTime":3843.099,"body":"means"},{"startTime":3843.099,"endTime":3847.426,"body":"a"},{"startTime":3847.426,"endTime":3851.753,"body":"lot"},{"startTime":3851.753,"endTime":3856.08,"body":"of"},{"startTime":3856.08,"endTime":3860.407,"body":"things."},{"startTime":3860.407,"endTime":3864.734,"body":"Alternatives,"},{"startTime":3864.734,"endTime":3869.061,"body":"you"},{"startTime":3869.061,"endTime":3873.388,"body":"know,"},{"startTime":3873.388,"endTime":3877.715,"body":"means"},{"startTime":3877.715,"endTime":3882.042,"body":"private"},{"startTime":3882.042,"endTime":3886.369,"body":"equity,"},{"startTime":3886.369,"endTime":3890.696,"body":"it"},{"startTime":3890.696,"endTime":3895.023,"body":"means"},{"startTime":3895.023,"endTime":3899.35,"body":"private"},{"startTime":3899.35,"endTime":3903.677,"body":"credit,"},{"startTime":3903.677,"endTime":3908.004,"body":"it"},{"startTime":3908.004,"endTime":3912.331,"body":"means"},{"startTime":3912.331,"endTime":3916.658,"body":"REITs,"},{"startTime":3916.658,"endTime":3920.985,"body":"it"},{"startTime":3920.985,"endTime":3925.312,"body":"means"},{"startTime":3925.312,"endTime":3929.639,"body":"commodities,"},{"startTime":3929.639,"endTime":3933.966,"body":"it"},{"startTime":3933.966,"endTime":3938.293,"body":"a"},{"startTime":3938.293,"endTime":3942.62,"body":"lot"},{"startTime":3942.62,"endTime":3946.947,"body":"of"},{"startTime":3946.947,"endTime":3951.274,"body":"things."},{"startTime":3665.692,"endTime":3684.116,"body":"\rFormost"},{"startTime":3684.116,"endTime":3693.328,"body":"of"},{"startTime":3693.328,"endTime":3702.54,"body":"our"},{"startTime":3702.54,"endTime":3711.752,"body":"conversation"},{"startTime":3711.752,"endTime":3720.964,"body":"we've"},{"startTime":3720.964,"endTime":3730.176,"body":"been"},{"startTime":3730.176,"endTime":3739.388,"body":"talking"},{"startTime":3739.388,"endTime":3748.6,"body":"about"},{"startTime":3748.6,"endTime":3757.812,"body":"uncorrelated"},{"startTime":3757.812,"endTime":3767.024,"body":"assets,"},{"startTime":3767.024,"endTime":3776.236,"body":"and"},{"startTime":3776.236,"endTime":3785.448,"body":"mostly"},{"startTime":3785.448,"endTime":3794.66,"body":"without"},{"startTime":3794.66,"endTime":3803.872,"body":"being"},{"startTime":3803.872,"endTime":3813.084,"body":"explicit"},{"startTime":3813.084,"endTime":3822.296,"body":"about"},{"startTime":3822.296,"endTime":3831.508,"body":"it,"},{"startTime":3831.508,"endTime":3840.72,"body":"in"},{"startTime":3840.72,"endTime":3849.932,"body":"the"},{"startTime":3849.932,"endTime":3859.144,"body":"liquid"},{"startTime":3859.144,"endTime":3868.356,"body":"markets"},{"startTime":3868.356,"endTime":3877.568,"body":"space."},{"startTime":3877.568,"endTime":3886.78,"body":"So,"},{"startTime":3886.78,"endTime":3895.992,"body":"trend"},{"startTime":3895.992,"endTime":3905.204,"body":"strategies"},{"startTime":3905.204,"endTime":3914.416,"body":"are"},{"startTime":3914.416,"endTime":3923.628,"body":"the"},{"startTime":3923.628,"endTime":3932.84,"body":"most"},{"startTime":3932.84,"endTime":3942.052,"body":"liquid"},{"startTime":3942.052,"endTime":3951.264,"body":"space."},{"startTime":3665.692,"endTime":3673.516,"body":"\rSo,let's"},{"startTime":3673.516,"endTime":3677.428,"body":"put"},{"startTime":3677.428,"endTime":3681.34,"body":"to"},{"startTime":3681.34,"endTime":3685.252,"body":"the"},{"startTime":3685.252,"endTime":3689.164,"body":"side"},{"startTime":3689.164,"endTime":3693.076,"body":"for"},{"startTime":3693.076,"endTime":3696.988,"body":"a"},{"startTime":3696.988,"endTime":3700.9,"body":"second"},{"startTime":3700.9,"endTime":3704.812,"body":"alternatives"},{"startTime":3704.812,"endTime":3708.724,"body":"as"},{"startTime":3708.724,"endTime":3712.636,"body":"defined"},{"startTime":3712.636,"endTime":3716.548,"body":"as"},{"startTime":3716.548,"endTime":3720.46,"body":"the"},{"startTime":3720.46,"endTime":3724.372,"body":"private"},{"startTime":3724.372,"endTime":3728.284,"body":"markets"},{"startTime":3728.284,"endTime":3732.196,"body":"and"},{"startTime":3732.196,"endTime":3736.108,"body":"the"},{"startTime":3736.108,"endTime":3740.02,"body":"growth"},{"startTime":3740.02,"endTime":3743.932,"body":"in"},{"startTime":3743.932,"endTime":3747.844,"body":"private"},{"startTime":3747.844,"endTime":3751.756,"body":"markets."},{"startTime":3751.756,"endTime":3755.668,"body":"Let"},{"startTime":3755.668,"endTime":3759.58,"body":"me"},{"startTime":3759.58,"endTime":3763.492,"body":"not"},{"startTime":3763.492,"endTime":3767.404,"body":"forget"},{"startTime":3767.404,"endTime":3771.316,"body":"infrastructure."},{"startTime":3771.316,"endTime":3775.228,"body":"I"},{"startTime":3775.228,"endTime":3779.14,"body":"mean,"},{"startTime":3779.14,"endTime":3783.052,"body":"obviously"},{"startTime":3783.052,"endTime":3786.964,"body":"you've"},{"startTime":3786.964,"endTime":3790.876,"body":"seen"},{"startTime":3790.876,"endTime":3794.788,"body":"a"},{"startTime":3794.788,"endTime":3798.7,"body":"lot"},{"startTime":3798.7,"endTime":3802.612,"body":"of"},{"startTime":3802.612,"endTime":3806.524,"body":"things"},{"startTime":3806.524,"endTime":3810.436,"body":"at"},{"startTime":3810.436,"endTime":3814.348,"body":"our"},{"startTime":3814.348,"endTime":3818.26,"body":"firm"},{"startTime":3818.26,"endTime":3822.172,"body":"talking"},{"startTime":3822.172,"endTime":3826.084,"body":"about"},{"startTime":3826.084,"endTime":3829.996,"body":"and"},{"startTime":3829.996,"endTime":3833.908,"body":"pivoting"},{"startTime":3833.908,"endTime":3837.82,"body":"towards"},{"startTime":3837.82,"endTime":3841.732,"body":"the"},{"startTime":3841.732,"endTime":3845.644,"body":"growth"},{"startTime":3845.644,"endTime":3849.556,"body":"in"},{"startTime":3849.556,"endTime":3853.468,"body":"that"},{"startTime":3853.468,"endTime":3857.38,"body":"space."},{"startTime":3857.38,"endTime":3861.292,"body":"But"},{"startTime":3861.292,"endTime":3865.204,"body":"we"},{"startTime":3865.204,"endTime":3869.116,"body":"here,"},{"startTime":3869.116,"endTime":3873.028,"body":"we're"},{"startTime":3873.028,"endTime":3876.94,"body":"in"},{"startTime":3876.94,"endTime":3880.852,"body":"the"},{"startTime":3880.852,"endTime":3884.764,"body":"liquid"},{"startTime":3884.764,"endTime":3888.676,"body":"market"},{"startTime":3888.676,"endTime":3892.588,"body":"space."},{"startTime":3892.588,"endTime":3896.5,"body":"We'll"},{"startTime":3896.5,"endTime":3900.412,"body":"talk"},{"startTime":3900.412,"endTime":3904.324,"body":"about"},{"startTime":3904.324,"endTime":3908.236,"body":"liquid"},{"startTime":3908.236,"endTime":3912.148,"body":"market"},{"startTime":3912.148,"endTime":3916.06,"body":"alternatives."},{"startTime":3916.06,"endTime":3919.972,"body":"And"},{"startTime":3919.972,"endTime":3923.884,"body":"that's"},{"startTime":3923.884,"endTime":3927.796,"body":"really"},{"startTime":3927.796,"endTime":3931.708,"body":"about"},{"startTime":3931.708,"endTime":3935.62,"body":"what"},{"startTime":3935.62,"endTime":3939.532,"body":"I"},{"startTime":3939.532,"endTime":3943.444,"body":"call"},{"startTime":3943.444,"endTime":3947.356,"body":"alternative"},{"startTime":3947.356,"endTime":3951.268,"body":"strategies."},{"startTime":3665.692,"endTime":3717.616,"body":"\rTrendis"},{"startTime":3717.616,"endTime":3743.578,"body":"an"},{"startTime":3743.578,"endTime":3769.54,"body":"alternative"},{"startTime":3769.54,"endTime":3795.502,"body":"strategy."},{"startTime":3795.502,"endTime":3821.464,"body":"It"},{"startTime":3821.464,"endTime":3847.426,"body":"invests"},{"startTime":3847.426,"endTime":3873.388,"body":"somewhat"},{"startTime":3873.388,"endTime":3899.35,"body":"in"},{"startTime":3899.35,"endTime":3925.312,"body":"alternative"},{"startTime":3925.312,"endTime":3951.274,"body":"assets."},{"startTime":3665.692,"endTime":3674.904,"body":"\rIfyou"},{"startTime":3674.904,"endTime":3679.51,"body":"think"},{"startTime":3679.51,"endTime":3684.116,"body":"of"},{"startTime":3684.116,"endTime":3688.722,"body":"commodities"},{"startTime":3688.722,"endTime":3693.328,"body":"as"},{"startTime":3693.328,"endTime":3697.934,"body":"being"},{"startTime":3697.934,"endTime":3702.54,"body":"different"},{"startTime":3702.54,"endTime":3707.146,"body":"than"},{"startTime":3707.146,"endTime":3711.752,"body":"kind"},{"startTime":3711.752,"endTime":3716.358,"body":"of"},{"startTime":3716.358,"endTime":3720.964,"body":"stocks"},{"startTime":3720.964,"endTime":3725.57,"body":"and"},{"startTime":3725.57,"endTime":3730.176,"body":"bonds"},{"startTime":3730.176,"endTime":3734.782,"body":"or"},{"startTime":3734.782,"endTime":3739.388,"body":"rates"},{"startTime":3739.388,"endTime":3743.994,"body":"and"},{"startTime":3743.994,"endTime":3748.6,"body":"equities,"},{"startTime":3748.6,"endTime":3753.206,"body":"but"},{"startTime":3753.206,"endTime":3757.812,"body":"really"},{"startTime":3757.812,"endTime":3762.418,"body":"it's"},{"startTime":3762.418,"endTime":3767.024,"body":"strategy"},{"startTime":3767.024,"endTime":3771.63,"body":"that"},{"startTime":3771.63,"endTime":3776.236,"body":"is"},{"startTime":3776.236,"endTime":3780.842,"body":"alternative."},{"startTime":3780.842,"endTime":3785.448,"body":"It's"},{"startTime":3785.448,"endTime":3790.054,"body":"long"},{"startTime":3790.054,"endTime":3794.66,"body":"and"},{"startTime":3794.66,"endTime":3799.266,"body":"short"},{"startTime":3799.266,"endTime":3803.872,"body":"and"},{"startTime":3803.872,"endTime":3808.478,"body":"then"},{"startTime":3808.478,"endTime":3813.084,"body":"it's"},{"startTime":3813.084,"endTime":3817.69,"body":"particular"},{"startTime":3817.69,"endTime":3822.296,"body":"intellectual"},{"startTime":3822.296,"endTime":3826.902,"body":"property"},{"startTime":3826.902,"endTime":3831.508,"body":"of"},{"startTime":3831.508,"endTime":3836.114,"body":"momentum"},{"startTime":3836.114,"endTime":3840.72,"body":"or"},{"startTime":3840.72,"endTime":3845.326,"body":"trend"},{"startTime":3845.326,"endTime":3849.932,"body":"and"},{"startTime":3849.932,"endTime":3854.538,"body":"capturing"},{"startTime":3854.538,"endTime":3859.144,"body":"that"},{"startTime":3859.144,"endTime":3863.75,"body":"as"},{"startTime":3863.75,"endTime":3868.356,"body":"its"},{"startTime":3868.356,"endTime":3872.962,"body":"essence"},{"startTime":3872.962,"endTime":3877.568,"body":"of"},{"startTime":3877.568,"endTime":3882.174,"body":"its"},{"startTime":3882.174,"endTime":3886.78,"body":"skill,"},{"startTime":3886.78,"endTime":3891.386,"body":"that's"},{"startTime":3891.386,"endTime":3895.992,"body":"an"},{"startTime":3895.992,"endTime":3900.598,"body":"alternative"},{"startTime":3900.598,"endTime":3905.204,"body":"strategy."},{"startTime":3905.204,"endTime":3909.81,"body":"And"},{"startTime":3909.81,"endTime":3914.416,"body":"it"},{"startTime":3914.416,"endTime":3919.022,"body":"can"},{"startTime":3919.022,"endTime":3923.628,"body":"deliver"},{"startTime":3923.628,"endTime":3928.234,"body":"an"},{"startTime":3928.234,"endTime":3932.84,"body":"uncorrelated"},{"startTime":3932.84,"endTime":3937.446,"body":"return"},{"startTime":3937.446,"endTime":3942.052,"body":"to"},{"startTime":3942.052,"endTime":3946.658,"body":"a"},{"startTime":3946.658,"endTime":3951.264,"body":"portfolio."},{"startTime":3665.692,"endTime":3672.332,"body":"\rThatis"},{"startTime":3672.332,"endTime":3675.652,"body":"where"},{"startTime":3675.652,"endTime":3678.972,"body":"we"},{"startTime":3678.972,"endTime":3682.292,"body":"see"},{"startTime":3682.292,"endTime":3685.612,"body":"a"},{"startTime":3685.612,"endTime":3688.932,"body":"lot"},{"startTime":3688.932,"endTime":3692.252,"body":"of"},{"startTime":3692.252,"endTime":3695.572,"body":"growth"},{"startTime":3695.572,"endTime":3698.892,"body":"happening,"},{"startTime":3698.892,"endTime":3702.212,"body":"both"},{"startTime":3702.212,"endTime":3705.532,"body":"in"},{"startTime":3705.532,"endTime":3708.852,"body":"the"},{"startTime":3708.852,"endTime":3712.172,"body":"institutional"},{"startTime":3712.172,"endTime":3715.492,"body":"side"},{"startTime":3715.492,"endTime":3718.812,"body":"and"},{"startTime":3718.812,"endTime":3722.132,"body":"in"},{"startTime":3722.132,"endTime":3725.452,"body":"the"},{"startTime":3725.452,"endTime":3728.772,"body":"retail"},{"startTime":3728.772,"endTime":3732.092,"body":"side"},{"startTime":3732.092,"endTime":3735.412,"body":"and"},{"startTime":3735.412,"endTime":3738.732,"body":"as"},{"startTime":3738.732,"endTime":3742.052,"body":"a"},{"startTime":3742.052,"endTime":3745.372,"body":"result"},{"startTime":3745.372,"endTime":3748.692,"body":"of"},{"startTime":3748.692,"endTime":3752.012,"body":"whole"},{"startTime":3752.012,"endTime":3755.332,"body":"portfolio."},{"startTime":3755.332,"endTime":3758.652,"body":"But"},{"startTime":3758.652,"endTime":3761.972,"body":"we"},{"startTime":3761.972,"endTime":3765.292,"body":"got"},{"startTime":3765.292,"endTime":3768.612,"body":"to"},{"startTime":3768.612,"endTime":3771.932,"body":"talk"},{"startTime":3771.932,"endTime":3775.252,"body":"about"},{"startTime":3775.252,"endTime":3778.572,"body":"one"},{"startTime":3778.572,"endTime":3781.892,"body":"other"},{"startTime":3781.892,"endTime":3785.212,"body":"really"},{"startTime":3785.212,"endTime":3788.532,"body":"important"},{"startTime":3788.532,"endTime":3791.852,"body":"driver."},{"startTime":3791.852,"endTime":3795.172,"body":"And"},{"startTime":3795.172,"endTime":3798.492,"body":"I"},{"startTime":3798.492,"endTime":3801.812,"body":"think"},{"startTime":3801.812,"endTime":3805.132,"body":"this"},{"startTime":3805.132,"endTime":3808.452,"body":"is"},{"startTime":3808.452,"endTime":3811.772,"body":"the"},{"startTime":3811.772,"endTime":3815.092,"body":"theme"},{"startTime":3815.092,"endTime":3818.412,"body":"for"},{"startTime":3818.412,"endTime":3821.732,"body":"2026,"},{"startTime":3821.732,"endTime":3825.052,"body":"that"},{"startTime":3825.052,"endTime":3828.372,"body":"it's"},{"startTime":3828.372,"endTime":3831.692,"body":"also"},{"startTime":3831.692,"endTime":3835.012,"body":"about"},{"startTime":3835.012,"endTime":3838.332,"body":"investors"},{"startTime":3838.332,"endTime":3841.652,"body":"reacting"},{"startTime":3841.652,"endTime":3844.972,"body":"to"},{"startTime":3844.972,"endTime":3848.292,"body":"an"},{"startTime":3848.292,"endTime":3851.612,"body":"incredible"},{"startTime":3851.612,"endTime":3854.932,"body":"degree"},{"startTime":3854.932,"endTime":3858.252,"body":"of"},{"startTime":3858.252,"endTime":3861.572,"body":"concentration"},{"startTime":3861.572,"endTime":3864.892,"body":"risk"},{"startTime":3864.892,"endTime":3868.212,"body":"that"},{"startTime":3868.212,"endTime":3871.532,"body":"they're"},{"startTime":3871.532,"endTime":3874.852,"body":"seeing"},{"startTime":3874.852,"endTime":3878.172,"body":"in"},{"startTime":3878.172,"endTime":3881.492,"body":"their"},{"startTime":3881.492,"endTime":3884.812,"body":"public"},{"startTime":3884.812,"endTime":3888.132,"body":"portfolios."},{"startTime":3888.132,"endTime":3891.452,"body":"So,"},{"startTime":3891.452,"endTime":3894.772,"body":"this"},{"startTime":3894.772,"endTime":3898.092,"body":"is"},{"startTime":3898.092,"endTime":3901.412,"body":"the"},{"startTime":3901.412,"endTime":3904.732,"body":"theme."},{"startTime":3904.732,"endTime":3908.052,"body":"It's"},{"startTime":3908.052,"endTime":3911.372,"body":"technology"},{"startTime":3911.372,"endTime":3914.692,"body":"and"},{"startTime":3914.692,"endTime":3918.012,"body":"the"},{"startTime":3918.012,"endTime":3921.332,"body":"growth"},{"startTime":3921.332,"endTime":3924.652,"body":"of"},{"startTime":3924.652,"endTime":3927.972,"body":"AI"},{"startTime":3927.972,"endTime":3931.292,"body":"and"},{"startTime":3931.292,"endTime":3934.612,"body":"the"},{"startTime":3934.612,"endTime":3937.932,"body":"dominance"},{"startTime":3937.932,"endTime":3941.252,"body":"of"},{"startTime":3941.252,"endTime":3944.572,"body":"the"},{"startTime":3944.572,"endTime":3947.892,"body":"dominant"},{"startTime":3947.892,"endTime":3951.212,"body":"firm."},{"startTime":3665.692,"endTime":3672.038,"body":"\rAndso,"},{"startTime":3672.038,"endTime":3675.211,"body":"40%"},{"startTime":3675.211,"endTime":3678.384,"body":"of"},{"startTime":3678.384,"endTime":3681.557,"body":"the"},{"startTime":3681.557,"endTime":3684.73,"body":"S&P"},{"startTime":3684.73,"endTime":3687.903,"body":"500"},{"startTime":3687.903,"endTime":3691.076,"body":"market"},{"startTime":3691.076,"endTime":3694.249,"body":"cap"},{"startTime":3694.249,"endTime":3697.422,"body":"is"},{"startTime":3697.422,"endTime":3700.595,"body":"now"},{"startTime":3700.595,"endTime":3703.768,"body":"in"},{"startTime":3703.768,"endTime":3706.941,"body":"the"},{"startTime":3706.941,"endTime":3710.114,"body":"top"},{"startTime":3710.114,"endTime":3713.287,"body":"10"},{"startTime":3713.287,"endTime":3716.46,"body":"names."},{"startTime":3716.46,"endTime":3719.633,"body":"It's"},{"startTime":3719.633,"endTime":3722.806,"body":"like"},{"startTime":3722.806,"endTime":3725.979,"body":"the"},{"startTime":3725.979,"endTime":3729.152,"body":"largest"},{"startTime":3729.152,"endTime":3732.325,"body":"it's"},{"startTime":3732.325,"endTime":3735.498,"body":"ever"},{"startTime":3735.498,"endTime":3738.671,"body":"been."},{"startTime":3738.671,"endTime":3741.844,"body":"And"},{"startTime":3741.844,"endTime":3745.017,"body":"so,"},{"startTime":3745.017,"endTime":3748.19,"body":"what"},{"startTime":3748.19,"endTime":3751.363,"body":"investors"},{"startTime":3751.363,"endTime":3754.536,"body":"are"},{"startTime":3754.536,"endTime":3757.709,"body":"facing,"},{"startTime":3757.709,"endTime":3760.882,"body":"from"},{"startTime":3760.882,"endTime":3764.055,"body":"a"},{"startTime":3764.055,"endTime":3767.228,"body":"whole"},{"startTime":3767.228,"endTime":3770.401,"body":"portfolio"},{"startTime":3770.401,"endTime":3773.574,"body":"perspective,"},{"startTime":3773.574,"endTime":3776.747,"body":"is"},{"startTime":3776.747,"endTime":3779.92,"body":"this"},{"startTime":3779.92,"endTime":3783.093,"body":"incredible"},{"startTime":3783.093,"endTime":3786.266,"body":"degree"},{"startTime":3786.266,"endTime":3789.439,"body":"of"},{"startTime":3789.439,"endTime":3792.612,"body":"concentration."},{"startTime":3792.612,"endTime":3795.785,"body":"So,"},{"startTime":3795.785,"endTime":3798.958,"body":"liquid"},{"startTime":3798.958,"endTime":3802.131,"body":"alternatives,"},{"startTime":3802.131,"endTime":3805.304,"body":"uncorrelated"},{"startTime":3805.304,"endTime":3808.477,"body":"asset"},{"startTime":3808.477,"endTime":3811.65,"body":"strategies"},{"startTime":3811.65,"endTime":3814.823,"body":"have"},{"startTime":3814.823,"endTime":3817.996,"body":"huge"},{"startTime":3817.996,"endTime":3821.169,"body":"attractiveness."},{"startTime":3821.169,"endTime":3824.342,"body":"I"},{"startTime":3824.342,"endTime":3827.515,"body":"mean,"},{"startTime":3827.515,"endTime":3830.688,"body":"first"},{"startTime":3830.688,"endTime":3833.861,"body":"we"},{"startTime":3833.861,"endTime":3837.034,"body":"sort"},{"startTime":3837.034,"endTime":3840.207,"body":"of"},{"startTime":3840.207,"endTime":3843.38,"body":"talked"},{"startTime":3843.38,"endTime":3846.553,"body":"about"},{"startTime":3846.553,"endTime":3849.726,"body":"kind"},{"startTime":3849.726,"endTime":3852.899,"body":"of"},{"startTime":3852.899,"endTime":3856.072,"body":"the"},{"startTime":3856.072,"endTime":3859.245,"body":"origin"},{"startTime":3859.245,"endTime":3862.418,"body":"story"},{"startTime":3862.418,"endTime":3865.591,"body":"of"},{"startTime":3865.591,"endTime":3868.764,"body":"trend"},{"startTime":3868.764,"endTime":3871.937,"body":"in"},{"startTime":3871.937,"endTime":3875.11,"body":"2008."},{"startTime":3875.11,"endTime":3878.283,"body":"(Well,"},{"startTime":3878.283,"endTime":3881.456,"body":"we"},{"startTime":3881.456,"endTime":3884.629,"body":"actually"},{"startTime":3884.629,"endTime":3887.802,"body":"didn't"},{"startTime":3887.802,"endTime":3890.975,"body":"talk"},{"startTime":3890.975,"endTime":3894.148,"body":"about"},{"startTime":3894.148,"endTime":3897.321,"body":"this.)"},{"startTime":3897.321,"endTime":3900.494,"body":"But"},{"startTime":3900.494,"endTime":3903.667,"body":"you"},{"startTime":3903.667,"endTime":3906.84,"body":"kind"},{"startTime":3906.84,"endTime":3910.013,"body":"of"},{"startTime":3910.013,"endTime":3913.186,"body":"think"},{"startTime":3913.186,"endTime":3916.359,"body":"about"},{"startTime":3916.359,"endTime":3919.532,"body":"like,"},{"startTime":3919.532,"endTime":3922.705,"body":"oh,"},{"startTime":3922.705,"endTime":3925.878,"body":"it's"},{"startTime":3925.878,"endTime":3929.051,"body":"crisis"},{"startTime":3929.051,"endTime":3932.224,"body":"alpha,"},{"startTime":3932.224,"endTime":3935.397,"body":"and"},{"startTime":3935.397,"endTime":3938.57,"body":"crisis"},{"startTime":3938.57,"endTime":3941.743,"body":"alpha"},{"startTime":3941.743,"endTime":3944.916,"body":"is"},{"startTime":3944.916,"endTime":3948.089,"body":"really"},{"startTime":3948.089,"endTime":3951.262,"body":"valuable."},{"startTime":3665.692,"endTime":3674.758,"body":"\rButwe"},{"startTime":3674.758,"endTime":3679.291,"body":"can"},{"startTime":3679.291,"endTime":3683.824,"body":"broaden"},{"startTime":3683.824,"endTime":3688.357,"body":"that"},{"startTime":3688.357,"endTime":3692.89,"body":"conversation"},{"startTime":3692.89,"endTime":3697.423,"body":"to"},{"startTime":3697.423,"endTime":3701.956,"body":"an"},{"startTime":3701.956,"endTime":3706.489,"body":"uncorrelated"},{"startTime":3706.489,"endTime":3711.022,"body":"return"},{"startTime":3711.022,"endTime":3715.555,"body":"stream"},{"startTime":3715.555,"endTime":3720.088,"body":"is"},{"startTime":3720.088,"endTime":3724.621,"body":"very"},{"startTime":3724.621,"endTime":3729.154,"body":"attractive"},{"startTime":3729.154,"endTime":3733.687,"body":"in"},{"startTime":3733.687,"endTime":3738.22,"body":"an"},{"startTime":3738.22,"endTime":3742.753,"body":"environment"},{"startTime":3742.753,"endTime":3747.286,"body":"where"},{"startTime":3747.286,"endTime":3751.819,"body":"you've"},{"startTime":3751.819,"endTime":3756.352,"body":"got"},{"startTime":3756.352,"endTime":3760.885,"body":"a"},{"startTime":3760.885,"endTime":3765.418,"body":"lot"},{"startTime":3765.418,"endTime":3769.951,"body":"of"},{"startTime":3769.951,"endTime":3774.484,"body":"concentration"},{"startTime":3774.484,"endTime":3779.017,"body":"in"},{"startTime":3779.017,"endTime":3783.55,"body":"your"},{"startTime":3783.55,"endTime":3788.083,"body":"market"},{"startTime":3788.083,"endTime":3792.616,"body":"betas"},{"startTime":3792.616,"endTime":3797.149,"body":"and"},{"startTime":3797.149,"endTime":3801.682,"body":"your"},{"startTime":3801.682,"endTime":3806.215,"body":"market"},{"startTime":3806.215,"endTime":3810.748,"body":"beta"},{"startTime":3810.748,"endTime":3815.281,"body":"just"},{"startTime":3815.281,"endTime":3819.814,"body":"isn't"},{"startTime":3819.814,"endTime":3824.347,"body":"as"},{"startTime":3824.347,"endTime":3828.88,"body":"diversified"},{"startTime":3828.88,"endTime":3833.413,"body":"as"},{"startTime":3833.413,"endTime":3837.946,"body":"it"},{"startTime":3837.946,"endTime":3842.479,"body":"once"},{"startTime":3842.479,"endTime":3847.012,"body":"was."},{"startTime":3847.012,"endTime":3851.545,"body":"And"},{"startTime":3851.545,"endTime":3856.078,"body":"just"},{"startTime":3856.078,"endTime":3860.611,"body":"doing"},{"startTime":3860.611,"endTime":3865.144,"body":"small"},{"startTime":3865.144,"endTime":3869.677,"body":"sort"},{"startTime":3869.677,"endTime":3874.21,"body":"of"},{"startTime":3874.21,"endTime":3878.743,"body":"tilts"},{"startTime":3878.743,"endTime":3883.276,"body":"around"},{"startTime":3883.276,"endTime":3887.809,"body":"that"},{"startTime":3887.809,"endTime":3892.342,"body":"market"},{"startTime":3892.342,"endTime":3896.875,"body":"beta"},{"startTime":3896.875,"endTime":3901.408,"body":"isn't"},{"startTime":3901.408,"endTime":3905.941,"body":"going"},{"startTime":3905.941,"endTime":3910.474,"body":"to"},{"startTime":3910.474,"endTime":3915.007,"body":"really"},{"startTime":3915.007,"endTime":3919.54,"body":"get"},{"startTime":3919.54,"endTime":3924.073,"body":"you"},{"startTime":3924.073,"endTime":3928.606,"body":"away"},{"startTime":3928.606,"endTime":3933.139,"body":"from"},{"startTime":3933.139,"endTime":3937.672,"body":"that"},{"startTime":3937.672,"endTime":3942.205,"body":"market"},{"startTime":3942.205,"endTime":3946.738,"body":"beta"},{"startTime":3946.738,"endTime":3951.271,"body":"enough."},{"startTime":3665.692,"endTime":3682.49,"body":"\rAndthis"},{"startTime":3682.49,"endTime":3690.889,"body":"is"},{"startTime":3690.889,"endTime":3699.288,"body":"where"},{"startTime":3699.288,"endTime":3707.687,"body":"allocating"},{"startTime":3707.687,"endTime":3716.086,"body":"a"},{"startTime":3716.086,"endTime":3724.485,"body":"good"},{"startTime":3724.485,"endTime":3732.884,"body":"portion"},{"startTime":3732.884,"endTime":3741.283,"body":"of"},{"startTime":3741.283,"endTime":3749.682,"body":"your"},{"startTime":3749.682,"endTime":3758.081,"body":"portfolio"},{"startTime":3758.081,"endTime":3766.48,"body":"in"},{"startTime":3766.48,"endTime":3774.879,"body":"the"},{"startTime":3774.879,"endTime":3783.278,"body":"retail"},{"startTime":3783.278,"endTime":3791.677,"body":"space,"},{"startTime":3791.677,"endTime":3800.076,"body":"we"},{"startTime":3800.076,"endTime":3808.475,"body":"talk"},{"startTime":3808.475,"endTime":3816.874,"body":"about"},{"startTime":3816.874,"endTime":3825.273,"body":"60/40"},{"startTime":3825.273,"endTime":3833.672,"body":"a"},{"startTime":3833.672,"endTime":3842.071,"body":"lot."},{"startTime":3842.071,"endTime":3850.47,"body":"And"},{"startTime":3850.47,"endTime":3858.869,"body":"50/30/20"},{"startTime":3858.869,"endTime":3867.268,"body":"is"},{"startTime":3867.268,"endTime":3875.667,"body":"the"},{"startTime":3875.667,"endTime":3884.066,"body":"new"},{"startTime":3884.066,"endTime":3892.465,"body":"60/40,"},{"startTime":3892.465,"endTime":3900.864,"body":"like"},{"startTime":3900.864,"endTime":3909.263,"body":"20%"},{"startTime":3909.263,"endTime":3917.662,"body":"of"},{"startTime":3917.662,"endTime":3926.061,"body":"your"},{"startTime":3926.061,"endTime":3934.46,"body":"portfolio"},{"startTime":3934.46,"endTime":3942.859,"body":"in"},{"startTime":3942.859,"endTime":3951.258,"body":"alternatives."},{"startTime":3665.692,"endTime":3673.968,"body":"\rNow,whether"},{"startTime":3673.968,"endTime":3678.106,"body":"that's"},{"startTime":3678.106,"endTime":3682.244,"body":"liquid"},{"startTime":3682.244,"endTime":3686.382,"body":"alternatives"},{"startTime":3686.382,"endTime":3690.52,"body":"or"},{"startTime":3690.52,"endTime":3694.658,"body":"illiquid"},{"startTime":3694.658,"endTime":3698.796,"body":"alternatives,"},{"startTime":3698.796,"endTime":3702.934,"body":"for"},{"startTime":3702.934,"endTime":3707.072,"body":"us"},{"startTime":3707.072,"endTime":3711.21,"body":"amongst"},{"startTime":3711.21,"endTime":3715.348,"body":"friends"},{"startTime":3715.348,"endTime":3719.486,"body":"here"},{"startTime":3719.486,"endTime":3723.624,"body":"in"},{"startTime":3723.624,"endTime":3727.762,"body":"the"},{"startTime":3727.762,"endTime":3731.9,"body":"liquid"},{"startTime":3731.9,"endTime":3736.038,"body":"space,"},{"startTime":3736.038,"endTime":3740.176,"body":"it"},{"startTime":3740.176,"endTime":3744.314,"body":"should"},{"startTime":3744.314,"endTime":3748.452,"body":"all"},{"startTime":3748.452,"endTime":3752.59,"body":"be"},{"startTime":3752.59,"endTime":3756.728,"body":"in"},{"startTime":3756.728,"endTime":3760.866,"body":"liquid"},{"startTime":3760.866,"endTime":3765.004,"body":"alternatives."},{"startTime":3765.004,"endTime":3769.142,"body":"But"},{"startTime":3769.142,"endTime":3773.28,"body":"it"},{"startTime":3773.28,"endTime":3777.418,"body":"may"},{"startTime":3777.418,"endTime":3781.556,"body":"be"},{"startTime":3781.556,"endTime":3785.694,"body":"a"},{"startTime":3785.694,"endTime":3789.832,"body":"mixture"},{"startTime":3789.832,"endTime":3793.97,"body":"between"},{"startTime":3793.97,"endTime":3798.108,"body":"taking"},{"startTime":3798.108,"endTime":3802.246,"body":"some"},{"startTime":3802.246,"endTime":3806.384,"body":"illiquidity"},{"startTime":3806.384,"endTime":3810.522,"body":"premium"},{"startTime":3810.522,"endTime":3814.66,"body":"for"},{"startTime":3814.66,"endTime":3818.798,"body":"diversification"},{"startTime":3818.798,"endTime":3822.936,"body":"in"},{"startTime":3822.936,"endTime":3827.074,"body":"terms"},{"startTime":3827.074,"endTime":3831.212,"body":"of"},{"startTime":3831.212,"endTime":3835.35,"body":"mark"},{"startTime":3835.35,"endTime":3839.488,"body":"to"},{"startTime":3839.488,"endTime":3843.626,"body":"market"},{"startTime":3843.626,"endTime":3847.764,"body":"risk,"},{"startTime":3847.764,"endTime":3851.902,"body":"liquid"},{"startTime":3851.902,"endTime":3856.04,"body":"alternatives"},{"startTime":3856.04,"endTime":3860.178,"body":"for"},{"startTime":3860.178,"endTime":3864.316,"body":"diversification."},{"startTime":3864.316,"endTime":3868.454,"body":"But"},{"startTime":3868.454,"endTime":3872.592,"body":"this"},{"startTime":3872.592,"endTime":3876.73,"body":"idea"},{"startTime":3876.73,"endTime":3880.868,"body":"of"},{"startTime":3880.868,"endTime":3885.006,"body":"market"},{"startTime":3885.006,"endTime":3889.144,"body":"concentration"},{"startTime":3889.144,"endTime":3893.282,"body":"I"},{"startTime":3893.282,"endTime":3897.42,"body":"think"},{"startTime":3897.42,"endTime":3901.558,"body":"is"},{"startTime":3901.558,"endTime":3905.696,"body":"really"},{"startTime":3905.696,"endTime":3909.834,"body":"the"},{"startTime":3909.834,"endTime":3913.972,"body":"one"},{"startTime":3913.972,"endTime":3918.11,"body":"that"},{"startTime":3918.11,"endTime":3922.248,"body":"is"},{"startTime":3922.248,"endTime":3926.386,"body":"another"},{"startTime":3926.386,"endTime":3930.524,"body":"driver"},{"startTime":3930.524,"endTime":3934.662,"body":"of"},{"startTime":3934.662,"endTime":3938.8,"body":"growth"},{"startTime":3938.8,"endTime":3942.938,"body":"in"},{"startTime":3942.938,"endTime":3947.076,"body":"liquid"},{"startTime":3947.076,"endTime":3951.214,"body":"alternatives."},{"startTime":3951.922,"endTime":3952.586,"body":"Before"},{"startTime":3952.586,"endTime":3953.25,"body":"we"},{"startTime":3953.25,"endTime":3953.914,"body":"wrap"},{"startTime":3953.914,"endTime":3954.578,"body":"up,"},{"startTime":3954.578,"endTime":3955.242,"body":"Jeff,"},{"startTime":3955.242,"endTime":3955.906,"body":"this"},{"startTime":3955.906,"endTime":3956.57,"body":"was"},{"startTime":3956.57,"endTime":3957.234,"body":"really"},{"startTime":3957.234,"endTime":3957.898,"body":"great."},{"startTime":3957.898,"endTime":3958.562,"body":"I"},{"startTime":3958.562,"endTime":3959.226,"body":"was"},{"startTime":3959.226,"endTime":3959.89,"body":"going"},{"startTime":3959.89,"endTime":3960.554,"body":"to"},{"startTime":3960.554,"endTime":3961.218,"body":"ask"},{"startTime":3961.218,"endTime":3961.882,"body":"you"},{"startTime":3961.882,"endTime":3962.546,"body":"if"},{"startTime":3962.546,"endTime":3963.21,"body":"there"},{"startTime":3963.21,"endTime":3963.874,"body":"was"},{"startTime":3963.874,"endTime":3964.538,"body":"something"},{"startTime":3964.538,"endTime":3965.202,"body":"you"},{"startTime":3965.202,"endTime":3965.866,"body":"felt"},{"startTime":3965.866,"endTime":3966.53,"body":"Alan"},{"startTime":3966.53,"endTime":3967.194,"body":"and"},{"startTime":3967.194,"endTime":3967.858,"body":"I"},{"startTime":3967.858,"endTime":3968.522,"body":"left"},{"startTime":3968.522,"endTime":3969.186,"body":"out"},{"startTime":3969.186,"endTime":3969.85,"body":"there."},{"startTime":3969.85,"endTime":3970.514,"body":"I"},{"startTime":3970.514,"endTime":3971.178,"body":"mean"},{"startTime":3971.178,"endTime":3971.842,"body":"there"},{"startTime":3971.842,"endTime":3972.506,"body":"are"},{"startTime":3972.506,"endTime":3973.17,"body":"so"},{"startTime":3973.17,"endTime":3973.834,"body":"many"},{"startTime":3973.834,"endTime":3974.498,"body":"directions"},{"startTime":3974.498,"endTime":3975.162,"body":"we"},{"startTime":3975.162,"endTime":3975.826,"body":"could"},{"startTime":3975.826,"endTime":3976.49,"body":"go."},{"startTime":3951.922,"endTime":3976.512,"body":"\r"},{"startTime":3951.922,"endTime":3953.677,"body":"Ilovethe"},{"startTime":3953.677,"endTime":3954.262,"body":"topics"},{"startTime":3954.262,"endTime":3954.847,"body":"that"},{"startTime":3954.847,"endTime":3955.432,"body":"we've"},{"startTime":3955.432,"endTime":3956.017,"body":"touched"},{"startTime":3956.017,"endTime":3956.602,"body":"on,"},{"startTime":3956.602,"endTime":3957.187,"body":"but"},{"startTime":3957.187,"endTime":3957.772,"body":"there"},{"startTime":3957.772,"endTime":3958.357,"body":"may"},{"startTime":3958.357,"endTime":3958.942,"body":"still"},{"startTime":3958.942,"endTime":3959.527,"body":"be"},{"startTime":3959.527,"endTime":3960.112,"body":"some"},{"startTime":3960.112,"endTime":3960.697,"body":"that"},{"startTime":3960.697,"endTime":3961.282,"body":"you"},{"startTime":3961.282,"endTime":3961.867,"body":"feel"},{"startTime":3961.867,"endTime":3962.452,"body":"we"},{"startTime":3962.452,"endTime":3963.037,"body":"should"},{"startTime":3963.037,"endTime":3963.622,"body":"bring"},{"startTime":3963.622,"endTime":3964.207,"body":"up."},{"startTime":3964.207,"endTime":3964.792,"body":"So,"},{"startTime":3964.792,"endTime":3965.377,"body":"I'll"},{"startTime":3965.377,"endTime":3965.962,"body":"give"},{"startTime":3965.962,"endTime":3966.547,"body":"you"},{"startTime":3966.547,"endTime":3967.132,"body":"the"},{"startTime":3967.132,"endTime":3967.717,"body":"opportunity"},{"startTime":3967.717,"endTime":3968.302,"body":"to"},{"startTime":3968.302,"endTime":3968.887,"body":"touch"},{"startTime":3968.887,"endTime":3969.472,"body":"on"},{"startTime":3969.472,"endTime":3970.057,"body":"anything"},{"startTime":3970.057,"endTime":3970.642,"body":"you"},{"startTime":3970.642,"endTime":3971.227,"body":"feel"},{"startTime":3971.227,"endTime":3971.812,"body":"we"},{"startTime":3971.812,"endTime":3972.397,"body":"should"},{"startTime":3972.397,"endTime":3972.982,"body":"do"},{"startTime":3972.982,"endTime":3973.567,"body":"before"},{"startTime":3973.567,"endTime":3974.152,"body":"we"},{"startTime":3974.152,"endTime":3974.737,"body":"wrap"},{"startTime":3974.737,"endTime":3975.322,"body":"up"},{"startTime":3975.322,"endTime":3975.907,"body":"the"},{"startTime":3975.907,"endTime":3976.492,"body":"conversation."},{"startTime":3977.952,"endTime":3978.435,"body":"Ah,"},{"startTime":3978.435,"endTime":3978.918,"body":"that"},{"startTime":3978.918,"endTime":3979.401,"body":"is"},{"startTime":3979.401,"endTime":3979.884,"body":"a"},{"startTime":3979.884,"endTime":3980.367,"body":"great"},{"startTime":3980.367,"endTime":3980.85,"body":"question"},{"startTime":3980.85,"endTime":3981.333,"body":"for"},{"startTime":3981.333,"endTime":3981.816,"body":"me."},{"startTime":3981.816,"endTime":3982.299,"body":"So,"},{"startTime":3982.299,"endTime":3982.782,"body":"I"},{"startTime":3982.782,"endTime":3983.265,"body":"guess"},{"startTime":3983.265,"endTime":3983.748,"body":"one"},{"startTime":3983.748,"endTime":3984.231,"body":"question"},{"startTime":3984.231,"endTime":3984.714,"body":"because"},{"startTime":3984.714,"endTime":3985.197,"body":"you"},{"startTime":3985.197,"endTime":3985.68,"body":"have"},{"startTime":3985.68,"endTime":3986.163,"body":"this"},{"startTime":3986.163,"endTime":3986.646,"body":"forum,"},{"startTime":3986.646,"endTime":3987.129,"body":"this"},{"startTime":3987.129,"endTime":3987.612,"body":"Top"},{"startTime":3987.612,"endTime":3988.095,"body":"Traders"},{"startTime":3988.095,"endTime":3988.578,"body":"Unplugged"},{"startTime":3988.578,"endTime":3989.061,"body":"forum."},{"startTime":3989.061,"endTime":3989.544,"body":"What"},{"startTime":3989.544,"endTime":3990.027,"body":"are"},{"startTime":3990.027,"endTime":3990.51,"body":"you"},{"startTime":3990.51,"endTime":3990.993,"body":"guys"},{"startTime":3990.993,"endTime":3991.476,"body":"seeing"},{"startTime":3991.476,"endTime":3991.959,"body":"in"},{"startTime":3991.959,"endTime":3992.442,"body":"terms"},{"startTime":3992.442,"endTime":3992.925,"body":"of"},{"startTime":3992.925,"endTime":3993.408,"body":"some"},{"startTime":3993.408,"endTime":3993.891,"body":"of"},{"startTime":3993.891,"endTime":3994.374,"body":"your"},{"startTime":3994.374,"endTime":3994.857,"body":"recent"},{"startTime":3994.857,"endTime":3995.34,"body":"participants,"},{"startTime":3995.34,"endTime":3995.823,"body":"guests,"},{"startTime":3995.823,"endTime":3996.306,"body":"around"},{"startTime":3996.306,"endTime":3996.789,"body":"this"},{"startTime":3996.789,"endTime":3997.272,"body":"same"},{"startTime":3997.272,"endTime":3997.755,"body":"topic"},{"startTime":3997.755,"endTime":3998.238,"body":"of"},{"startTime":3998.238,"endTime":3998.721,"body":"the"},{"startTime":3998.721,"endTime":3999.204,"body":"growth"},{"startTime":3999.204,"endTime":3999.687,"body":"of"},{"startTime":3999.687,"endTime":4000.17,"body":"uncorrelated"},{"startTime":4000.17,"endTime":4000.653,"body":"assets?"},{"startTime":4000.653,"endTime":4001.136,"body":"I'd"},{"startTime":4001.136,"endTime":4001.619,"body":"be"},{"startTime":4001.619,"endTime":4002.102,"body":"interested"},{"startTime":4002.102,"endTime":4002.585,"body":"to"},{"startTime":4002.585,"endTime":4003.068,"body":"see"},{"startTime":4003.068,"endTime":4003.551,"body":"sort"},{"startTime":4003.551,"endTime":4004.034,"body":"of"},{"startTime":4004.034,"endTime":4004.517,"body":"the"},{"startTime":4004.517,"endTime":4005,"body":"summary"},{"startTime":4005,"endTime":4005.483,"body":"of"},{"startTime":4005.483,"endTime":4005.966,"body":"your"},{"startTime":4005.966,"endTime":4006.449,"body":"recent"},{"startTime":4006.449,"endTime":4006.932,"body":"guests."},{"startTime":4006.982,"endTime":4007.252,"body":"Allan,"},{"startTime":4007.252,"endTime":4007.522,"body":"do"},{"startTime":4007.522,"endTime":4007.792,"body":"you"},{"startTime":4007.792,"endTime":4008.062,"body":"want"},{"startTime":4008.062,"endTime":4008.332,"body":"to"},{"startTime":4008.332,"endTime":4008.602,"body":"go"},{"startTime":4008.602,"endTime":4008.872,"body":"first?"},{"startTime":4008.872,"endTime":4009.142,"body":"You"},{"startTime":4009.142,"endTime":4009.412,"body":"come"},{"startTime":4009.412,"endTime":4009.682,"body":"from"},{"startTime":4009.682,"endTime":4009.952,"body":"the"},{"startTime":4009.952,"endTime":4010.222,"body":"allocator"},{"startTime":4010.222,"endTime":4010.492,"body":"perspective"},{"startTime":4010.492,"endTime":4010.762,"body":"still,"},{"startTime":4010.762,"endTime":4011.032,"body":"I"},{"startTime":4011.032,"endTime":4011.302,"body":"guess."},{"startTime":4011.302,"endTime":4012.596,"body":"Yeah,"},{"startTime":4012.596,"endTime":4013.89,"body":"I"},{"startTime":4013.89,"endTime":4015.184,"body":"think"},{"startTime":4015.184,"endTime":4016.478,"body":"all"},{"startTime":4016.478,"endTime":4017.772,"body":"we've"},{"startTime":4017.772,"endTime":4019.066,"body":"talked"},{"startTime":4019.066,"endTime":4020.36,"body":"about"},{"startTime":4020.36,"endTime":4021.654,"body":"resonates."},{"startTime":4021.654,"endTime":4022.948,"body":"Correlation"},{"startTime":4022.948,"endTime":4024.242,"body":"shift,"},{"startTime":4024.242,"endTime":4025.536,"body":"bond"},{"startTime":4025.536,"endTime":4026.83,"body":"equity"},{"startTime":4026.83,"endTime":4028.124,"body":"correlation"},{"startTime":4028.124,"endTime":4029.418,"body":"shift"},{"startTime":4029.418,"endTime":4030.712,"body":"is"},{"startTime":4030.712,"endTime":4032.006,"body":"a"},{"startTime":4032.006,"endTime":4033.3,"body":"big"},{"startTime":4033.3,"endTime":4034.594,"body":"driver"},{"startTime":4034.594,"endTime":4035.888,"body":"for"},{"startTime":4035.888,"endTime":4037.182,"body":"allocators."},{"startTime":4037.182,"endTime":4038.476,"body":"So,"},{"startTime":4038.476,"endTime":4039.77,"body":"that's"},{"startTime":4039.77,"endTime":4041.064,"body":"definitely"},{"startTime":4041.064,"endTime":4042.358,"body":"part"},{"startTime":4042.358,"endTime":4043.652,"body":"of"},{"startTime":4043.652,"endTime":4044.946,"body":"the"},{"startTime":4044.946,"endTime":4046.24,"body":"case"},{"startTime":4046.24,"endTime":4047.534,"body":"for"},{"startTime":4047.534,"endTime":4048.828,"body":"alternatives,"},{"startTime":4048.828,"endTime":4050.122,"body":"hedge"},{"startTime":4050.122,"endTime":4051.416,"body":"fund"},{"startTime":4051.416,"endTime":4052.71,"body":"strategies,"},{"startTime":4052.71,"endTime":4054.004,"body":"liquid"},{"startTime":4054.004,"endTime":4055.298,"body":"alternative."},{"startTime":4055.298,"endTime":4056.592,"body":"I"},{"startTime":4056.592,"endTime":4057.886,"body":"think"},{"startTime":4057.886,"endTime":4059.18,"body":"we've"},{"startTime":4059.18,"endTime":4060.474,"body":"been"},{"startTime":4060.474,"endTime":4061.768,"body":"talking"},{"startTime":4061.768,"endTime":4063.062,"body":"a"},{"startTime":4063.062,"endTime":4064.356,"body":"lot"},{"startTime":4064.356,"endTime":4065.65,"body":"about"},{"startTime":4065.65,"endTime":4066.944,"body":"the"},{"startTime":4066.944,"endTime":4068.238,"body":"growth"},{"startTime":4068.238,"endTime":4069.532,"body":"of"},{"startTime":4069.532,"endTime":4070.826,"body":"the"},{"startTime":4070.826,"endTime":4072.12,"body":"ETF"},{"startTime":4072.12,"endTime":4073.414,"body":"market"},{"startTime":4073.414,"endTime":4074.708,"body":"in"},{"startTime":4074.708,"endTime":4076.002,"body":"various"},{"startTime":4076.002,"endTime":4077.296,"body":"domains"},{"startTime":4077.296,"endTime":4078.59,"body":"and"},{"startTime":4078.59,"endTime":4079.884,"body":"how"},{"startTime":4079.884,"endTime":4081.178,"body":"that"},{"startTime":4081.178,"endTime":4082.472,"body":"offers"},{"startTime":4082.472,"endTime":4083.766,"body":"more"},{"startTime":4083.766,"endTime":4085.06,"body":"choice"},{"startTime":4085.06,"endTime":4086.354,"body":"for"},{"startTime":4086.354,"endTime":4087.648,"body":"people."},{"startTime":4011.302,"endTime":4087.702,"body":"\r"},{"startTime":4011.302,"endTime":4014.062,"body":"Ithinkyou've"},{"startTime":4014.062,"endTime":4014.982,"body":"got"},{"startTime":4014.982,"endTime":4015.902,"body":"concerns"},{"startTime":4015.902,"endTime":4016.822,"body":"about"},{"startTime":4016.822,"endTime":4017.742,"body":"correlation,"},{"startTime":4017.742,"endTime":4018.662,"body":"but"},{"startTime":4018.662,"endTime":4019.582,"body":"also"},{"startTime":4019.582,"endTime":4020.502,"body":"there"},{"startTime":4020.502,"endTime":4021.422,"body":"is"},{"startTime":4021.422,"endTime":4022.342,"body":"a"},{"startTime":4022.342,"endTime":4023.262,"body":"kind"},{"startTime":4023.262,"endTime":4024.182,"body":"of"},{"startTime":4024.182,"endTime":4025.102,"body":"whether"},{"startTime":4025.102,"endTime":4026.022,"body":"it's"},{"startTime":4026.022,"endTime":4026.942,"body":"concentration"},{"startTime":4026.942,"endTime":4027.862,"body":"risk"},{"startTime":4027.862,"endTime":4028.782,"body":"or"},{"startTime":4028.782,"endTime":4029.702,"body":"not,"},{"startTime":4029.702,"endTime":4030.622,"body":"but"},{"startTime":4030.622,"endTime":4031.542,"body":"just"},{"startTime":4031.542,"endTime":4032.462,"body":"that"},{"startTime":4032.462,"endTime":4033.382,"body":"sense"},{"startTime":4033.382,"endTime":4034.302,"body":"that"},{"startTime":4034.302,"endTime":4035.222,"body":"the"},{"startTime":4035.222,"endTime":4036.142,"body":"equity"},{"startTime":4036.142,"endTime":4037.062,"body":"market"},{"startTime":4037.062,"endTime":4037.982,"body":"rally"},{"startTime":4037.982,"endTime":4038.902,"body":"has"},{"startTime":4038.902,"endTime":4039.822,"body":"gone"},{"startTime":4039.822,"endTime":4040.742,"body":"on"},{"startTime":4040.742,"endTime":4041.662,"body":"for"},{"startTime":4041.662,"endTime":4042.582,"body":"a"},{"startTime":4042.582,"endTime":4043.502,"body":"long"},{"startTime":4043.502,"endTime":4044.422,"body":"time."},{"startTime":4044.422,"endTime":4045.342,"body":"So,"},{"startTime":4045.342,"endTime":4046.262,"body":"how"},{"startTime":4046.262,"endTime":4047.182,"body":"do"},{"startTime":4047.182,"endTime":4048.102,"body":"you"},{"startTime":4048.102,"endTime":4049.022,"body":"construct"},{"startTime":4049.022,"endTime":4049.942,"body":"portfolios"},{"startTime":4049.942,"endTime":4050.862,"body":"that"},{"startTime":4050.862,"endTime":4051.782,"body":"can"},{"startTime":4051.782,"endTime":4052.702,"body":"continue"},{"startTime":4052.702,"endTime":4053.622,"body":"to"},{"startTime":4053.622,"endTime":4054.542,"body":"participate"},{"startTime":4054.542,"endTime":4055.462,"body":"but"},{"startTime":4055.462,"endTime":4056.382,"body":"have"},{"startTime":4056.382,"endTime":4057.302,"body":"meaningful"},{"startTime":4057.302,"endTime":4058.222,"body":"protection"},{"startTime":4058.222,"endTime":4059.142,"body":"in"},{"startTime":4059.142,"endTime":4060.062,"body":"there?"},{"startTime":4060.062,"endTime":4060.982,"body":"And"},{"startTime":4060.982,"endTime":4061.902,"body":"I"},{"startTime":4061.902,"endTime":4062.822,"body":"think"},{"startTime":4062.822,"endTime":4063.742,"body":"that"},{"startTime":4063.742,"endTime":4064.662,"body":"speaks"},{"startTime":4064.662,"endTime":4065.582,"body":"to"},{"startTime":4065.582,"endTime":4066.502,"body":"all"},{"startTime":4066.502,"endTime":4067.422,"body":"of"},{"startTime":4067.422,"endTime":4068.342,"body":"the"},{"startTime":4068.342,"endTime":4069.262,"body":"strategies"},{"startTime":4069.262,"endTime":4070.182,"body":"that"},{"startTime":4070.182,"endTime":4071.102,"body":"we're"},{"startTime":4071.102,"endTime":4072.022,"body":"speaking"},{"startTime":4072.022,"endTime":4072.942,"body":"about."},{"startTime":4072.942,"endTime":4073.862,"body":"Whether"},{"startTime":4073.862,"endTime":4074.782,"body":"it's"},{"startTime":4074.782,"endTime":4075.702,"body":"multi-strat,"},{"startTime":4075.702,"endTime":4076.622,"body":"or"},{"startTime":4076.622,"endTime":4077.542,"body":"defensive"},{"startTime":4077.542,"endTime":4078.462,"body":"alpha,"},{"startTime":4078.462,"endTime":4079.382,"body":"or"},{"startTime":4079.382,"endTime":4080.302,"body":"trend"},{"startTime":4080.302,"endTime":4081.222,"body":"following,"},{"startTime":4081.222,"endTime":4082.142,"body":"they're"},{"startTime":4082.142,"endTime":4083.062,"body":"certainly"},{"startTime":4083.062,"endTime":4083.982,"body":"all"},{"startTime":4083.982,"endTime":4084.902,"body":"part"},{"startTime":4084.902,"endTime":4085.822,"body":"of"},{"startTime":4085.822,"endTime":4086.742,"body":"the"},{"startTime":4086.742,"endTime":4087.662,"body":"solution."},{"startTime":4011.302,"endTime":4014.42,"body":"\rSo,I"},{"startTime":4014.42,"endTime":4015.979,"body":"think"},{"startTime":4015.979,"endTime":4017.538,"body":"that's"},{"startTime":4017.538,"endTime":4019.097,"body":"the"},{"startTime":4019.097,"endTime":4020.656,"body":"kind"},{"startTime":4020.656,"endTime":4022.215,"body":"of"},{"startTime":4022.215,"endTime":4023.774,"body":"the"},{"startTime":4023.774,"endTime":4025.333,"body":"big"},{"startTime":4025.333,"endTime":4026.892,"body":"topic"},{"startTime":4026.892,"endTime":4028.451,"body":"in"},{"startTime":4028.451,"endTime":4030.01,"body":"conversations"},{"startTime":4030.01,"endTime":4031.569,"body":"I'm"},{"startTime":4031.569,"endTime":4033.128,"body":"having"},{"startTime":4033.128,"endTime":4034.687,"body":"with"},{"startTime":4034.687,"endTime":4036.246,"body":"allocators."},{"startTime":4036.246,"endTime":4037.805,"body":"Are"},{"startTime":4037.805,"endTime":4039.364,"body":"we"},{"startTime":4039.364,"endTime":4040.923,"body":"in"},{"startTime":4040.923,"endTime":4042.482,"body":"‘95"},{"startTime":4042.482,"endTime":4044.041,"body":"or"},{"startTime":4044.041,"endTime":4045.6,"body":"‘99?"},{"startTime":4045.6,"endTime":4047.159,"body":"This"},{"startTime":4047.159,"endTime":4048.718,"body":"rally"},{"startTime":4048.718,"endTime":4050.277,"body":"could"},{"startTime":4050.277,"endTime":4051.836,"body":"go"},{"startTime":4051.836,"endTime":4053.395,"body":"on"},{"startTime":4053.395,"endTime":4054.954,"body":"for"},{"startTime":4054.954,"endTime":4056.513,"body":"quite"},{"startTime":4056.513,"endTime":4058.072,"body":"a"},{"startTime":4058.072,"endTime":4059.631,"body":"while,"},{"startTime":4059.631,"endTime":4061.19,"body":"but"},{"startTime":4061.19,"endTime":4062.749,"body":"it"},{"startTime":4062.749,"endTime":4064.308,"body":"may"},{"startTime":4064.308,"endTime":4065.867,"body":"not."},{"startTime":4065.867,"endTime":4067.426,"body":"So,"},{"startTime":4067.426,"endTime":4068.985,"body":"how"},{"startTime":4068.985,"endTime":4070.544,"body":"do"},{"startTime":4070.544,"endTime":4072.103,"body":"you"},{"startTime":4072.103,"endTime":4073.662,"body":"build"},{"startTime":4073.662,"endTime":4075.221,"body":"a"},{"startTime":4075.221,"endTime":4076.78,"body":"portfolio"},{"startTime":4076.78,"endTime":4078.339,"body":"that"},{"startTime":4078.339,"endTime":4079.898,"body":"can"},{"startTime":4079.898,"endTime":4081.457,"body":"be"},{"startTime":4081.457,"endTime":4083.016,"body":"resilient"},{"startTime":4083.016,"endTime":4084.575,"body":"to"},{"startTime":4084.575,"endTime":4086.134,"body":"different"},{"startTime":4086.134,"endTime":4087.693,"body":"scenarios?"},{"startTime":4088.262,"endTime":4090.736,"body":"I"},{"startTime":4090.736,"endTime":4093.21,"body":"think"},{"startTime":4093.21,"endTime":4095.684,"body":"from"},{"startTime":4095.684,"endTime":4098.158,"body":"my"},{"startTime":4098.158,"endTime":4100.632,"body":"part,"},{"startTime":4100.632,"endTime":4103.106,"body":"Jeff,"},{"startTime":4103.106,"endTime":4105.58,"body":"speaking"},{"startTime":4105.58,"endTime":4108.054,"body":"to"},{"startTime":4108.054,"endTime":4110.528,"body":"clients"},{"startTime":4110.528,"endTime":4113.002,"body":"and"},{"startTime":4113.002,"endTime":4115.476,"body":"potential"},{"startTime":4115.476,"endTime":4117.95,"body":"clients,"},{"startTime":4117.95,"endTime":4120.424,"body":"I"},{"startTime":4120.424,"endTime":4122.898,"body":"think"},{"startTime":4122.898,"endTime":4125.372,"body":"there"},{"startTime":4125.372,"endTime":4127.846,"body":"are"},{"startTime":4127.846,"endTime":4130.32,"body":"a"},{"startTime":4130.32,"endTime":4132.794,"body":"couple"},{"startTime":4132.794,"endTime":4135.268,"body":"of"},{"startTime":4135.268,"endTime":4137.742,"body":"important"},{"startTime":4137.742,"endTime":4140.216,"body":"themes."},{"startTime":4140.216,"endTime":4142.69,"body":"I"},{"startTime":4142.69,"endTime":4145.164,"body":"think,"},{"startTime":4145.164,"endTime":4147.638,"body":"overall,"},{"startTime":4147.638,"endTime":4150.112,"body":"there's"},{"startTime":4150.112,"endTime":4152.586,"body":"probably,"},{"startTime":4152.586,"endTime":4155.06,"body":"as"},{"startTime":4155.06,"endTime":4157.534,"body":"you"},{"startTime":4157.534,"endTime":4160.008,"body":"pointed"},{"startTime":4160.008,"endTime":4162.482,"body":"out,"},{"startTime":4162.482,"endTime":4164.956,"body":"a"},{"startTime":4164.956,"endTime":4167.43,"body":"bigger"},{"startTime":4167.43,"endTime":4169.904,"body":"or"},{"startTime":4169.904,"endTime":4172.378,"body":"a"},{"startTime":4172.378,"endTime":4174.852,"body":"better"},{"startTime":4174.852,"endTime":4177.326,"body":"understanding"},{"startTime":4177.326,"endTime":4179.8,"body":"by"},{"startTime":4179.8,"endTime":4182.274,"body":"institutional"},{"startTime":4182.274,"endTime":4184.748,"body":"investors"},{"startTime":4184.748,"endTime":4187.222,"body":"in"},{"startTime":4187.222,"endTime":4189.696,"body":"terms"},{"startTime":4189.696,"endTime":4192.17,"body":"of"},{"startTime":4192.17,"endTime":4194.644,"body":"the"},{"startTime":4194.644,"endTime":4197.118,"body":"value"},{"startTime":4197.118,"endTime":4199.592,"body":"of"},{"startTime":4199.592,"endTime":4202.066,"body":"having"},{"startTime":4202.066,"endTime":4204.54,"body":"strategies."},{"startTime":4204.54,"endTime":4207.014,"body":"And"},{"startTime":4207.014,"endTime":4209.488,"body":"in"},{"startTime":4209.488,"endTime":4211.962,"body":"my"},{"startTime":4211.962,"endTime":4214.436,"body":"case,"},{"startTime":4214.436,"endTime":4216.91,"body":"of"},{"startTime":4216.91,"endTime":4219.384,"body":"course,"},{"startTime":4219.384,"endTime":4221.858,"body":"like"},{"startTime":4221.858,"endTime":4224.332,"body":"trade"},{"startTime":4224.332,"endTime":4226.806,"body":"trend,"},{"startTime":4226.806,"endTime":4229.28,"body":"I"},{"startTime":4229.28,"endTime":4231.754,"body":"think"},{"startTime":4231.754,"endTime":4234.228,"body":"they"},{"startTime":4234.228,"endTime":4236.702,"body":"understand"},{"startTime":4236.702,"endTime":4239.176,"body":"that"},{"startTime":4239.176,"endTime":4241.65,"body":"better."},{"startTime":4241.65,"endTime":4244.124,"body":"I"},{"startTime":4244.124,"endTime":4246.598,"body":"think"},{"startTime":4246.598,"endTime":4249.072,"body":"they're"},{"startTime":4249.072,"endTime":4251.546,"body":"more"},{"startTime":4251.546,"endTime":4254.02,"body":"open"},{"startTime":4254.02,"endTime":4256.494,"body":"to"},{"startTime":4256.494,"endTime":4258.968,"body":"conversations."},{"startTime":4088.262,"endTime":4093.858,"body":"\rHowever,what"},{"startTime":4093.858,"endTime":4096.656,"body":"has"},{"startTime":4096.656,"endTime":4099.454,"body":"not"},{"startTime":4099.454,"endTime":4102.252,"body":"changed,"},{"startTime":4102.252,"endTime":4105.05,"body":"in"},{"startTime":4105.05,"endTime":4107.848,"body":"the"},{"startTime":4107.848,"endTime":4110.646,"body":"decades"},{"startTime":4110.646,"endTime":4113.444,"body":"I've"},{"startTime":4113.444,"endTime":4116.242,"body":"been"},{"startTime":4116.242,"endTime":4119.04,"body":"involved"},{"startTime":4119.04,"endTime":4121.838,"body":"in"},{"startTime":4121.838,"endTime":4124.636,"body":"this,"},{"startTime":4124.636,"endTime":4127.434,"body":"is"},{"startTime":4127.434,"endTime":4130.232,"body":"that"},{"startTime":4130.232,"endTime":4133.03,"body":"they"},{"startTime":4133.03,"endTime":4135.828,"body":"seem"},{"startTime":4135.828,"endTime":4138.626,"body":"to"},{"startTime":4138.626,"endTime":4141.424,"body":"be"},{"startTime":4141.424,"endTime":4144.222,"body":"equally"},{"startTime":4144.222,"endTime":4147.02,"body":"uncomfortable"},{"startTime":4147.02,"endTime":4149.818,"body":"with"},{"startTime":4149.818,"endTime":4152.616,"body":"the"},{"startTime":4152.616,"endTime":4155.414,"body":"strategy"},{"startTime":4155.414,"endTime":4158.212,"body":"when"},{"startTime":4158.212,"endTime":4161.01,"body":"things"},{"startTime":4161.01,"endTime":4163.808,"body":"are"},{"startTime":4163.808,"endTime":4166.606,"body":"not"},{"startTime":4166.606,"endTime":4169.404,"body":"trending,"},{"startTime":4169.404,"endTime":4172.202,"body":"so"},{"startTime":4172.202,"endTime":4175,"body":"to"},{"startTime":4175,"endTime":4177.798,"body":"speak."},{"startTime":4177.798,"endTime":4180.596,"body":"So"},{"startTime":4180.596,"endTime":4183.394,"body":"I"},{"startTime":4183.394,"endTime":4186.192,"body":"think"},{"startTime":4186.192,"endTime":4188.99,"body":"2025"},{"startTime":4188.99,"endTime":4191.788,"body":"is"},{"startTime":4191.788,"endTime":4194.586,"body":"one"},{"startTime":4194.586,"endTime":4197.384,"body":"of"},{"startTime":4197.384,"endTime":4200.182,"body":"those"},{"startTime":4200.182,"endTime":4202.98,"body":"years,"},{"startTime":4202.98,"endTime":4205.778,"body":"again,"},{"startTime":4205.778,"endTime":4208.576,"body":"where"},{"startTime":4208.576,"endTime":4211.374,"body":"some"},{"startTime":4211.374,"endTime":4214.172,"body":"investors"},{"startTime":4214.172,"endTime":4216.97,"body":"will"},{"startTime":4216.97,"endTime":4219.768,"body":"again,"},{"startTime":4219.768,"endTime":4222.566,"body":"question,"},{"startTime":4222.566,"endTime":4225.364,"body":"so"},{"startTime":4225.364,"endTime":4228.162,"body":"why"},{"startTime":4228.162,"endTime":4230.96,"body":"is"},{"startTime":4230.96,"endTime":4233.758,"body":"it"},{"startTime":4233.758,"endTime":4236.556,"body":"that"},{"startTime":4236.556,"endTime":4239.354,"body":"we"},{"startTime":4239.354,"endTime":4242.152,"body":"have"},{"startTime":4242.152,"endTime":4244.95,"body":"this,"},{"startTime":4244.95,"endTime":4247.748,"body":"this"},{"startTime":4247.748,"endTime":4250.546,"body":"strategy"},{"startTime":4250.546,"endTime":4253.344,"body":"in"},{"startTime":4253.344,"endTime":4256.142,"body":"our"},{"startTime":4256.142,"endTime":4258.94,"body":"portfolio?"},{"startTime":4088.262,"endTime":4093.004,"body":"\rEventhough"},{"startTime":4093.004,"endTime":4095.375,"body":"maybe"},{"startTime":4095.375,"endTime":4097.746,"body":"I"},{"startTime":4097.746,"endTime":4100.117,"body":"should"},{"startTime":4100.117,"endTime":4102.488,"body":"be"},{"startTime":4102.488,"endTime":4104.859,"body":"worried,"},{"startTime":4104.859,"endTime":4107.23,"body":"but"},{"startTime":4107.23,"endTime":4109.601,"body":"I'm"},{"startTime":4109.601,"endTime":4111.972,"body":"excited"},{"startTime":4111.972,"endTime":4114.343,"body":"about"},{"startTime":4114.343,"endTime":4116.714,"body":"the"},{"startTime":4116.714,"endTime":4119.085,"body":"fact"},{"startTime":4119.085,"endTime":4121.456,"body":"that"},{"startTime":4121.456,"endTime":4123.827,"body":"people"},{"startTime":4123.827,"endTime":4126.198,"body":"like"},{"startTime":4126.198,"endTime":4128.569,"body":"yourselves"},{"startTime":4128.569,"endTime":4130.94,"body":"and"},{"startTime":4130.94,"endTime":4133.311,"body":"some"},{"startTime":4133.311,"endTime":4135.682,"body":"of"},{"startTime":4135.682,"endTime":4138.053,"body":"the"},{"startTime":4138.053,"endTime":4140.424,"body":"other"},{"startTime":4140.424,"endTime":4142.795,"body":"very,"},{"startTime":4142.795,"endTime":4145.166,"body":"very"},{"startTime":4145.166,"endTime":4147.537,"body":"large"},{"startTime":4147.537,"endTime":4149.908,"body":"asset"},{"startTime":4149.908,"endTime":4152.279,"body":"managers"},{"startTime":4152.279,"endTime":4154.65,"body":"are"},{"startTime":4154.65,"endTime":4157.021,"body":"getting"},{"startTime":4157.021,"endTime":4159.392,"body":"into"},{"startTime":4159.392,"endTime":4161.763,"body":"the"},{"startTime":4161.763,"endTime":4164.134,"body":"space"},{"startTime":4164.134,"endTime":4166.505,"body":"because"},{"startTime":4166.505,"endTime":4168.876,"body":"we"},{"startTime":4168.876,"endTime":4171.247,"body":"need"},{"startTime":4171.247,"endTime":4173.618,"body":"more"},{"startTime":4173.618,"endTime":4175.989,"body":"people"},{"startTime":4175.989,"endTime":4178.36,"body":"with"},{"startTime":4178.36,"endTime":4180.731,"body":"the"},{"startTime":4180.731,"endTime":4183.102,"body":"reach"},{"startTime":4183.102,"endTime":4185.473,"body":"that"},{"startTime":4185.473,"endTime":4187.844,"body":"you"},{"startTime":4187.844,"endTime":4190.215,"body":"have"},{"startTime":4190.215,"endTime":4192.586,"body":"and"},{"startTime":4192.586,"endTime":4194.957,"body":"with,"},{"startTime":4194.957,"endTime":4197.328,"body":"with"},{"startTime":4197.328,"endTime":4199.699,"body":"the"},{"startTime":4199.699,"endTime":4202.07,"body":"same"},{"startTime":4202.07,"endTime":4204.441,"body":"shared"},{"startTime":4204.441,"endTime":4206.812,"body":"conviction"},{"startTime":4206.812,"endTime":4209.183,"body":"as"},{"startTime":4209.183,"endTime":4211.554,"body":"we"},{"startTime":4211.554,"endTime":4213.925,"body":"have"},{"startTime":4213.925,"endTime":4216.296,"body":"about"},{"startTime":4216.296,"endTime":4218.667,"body":"the"},{"startTime":4218.667,"endTime":4221.038,"body":"importance"},{"startTime":4221.038,"endTime":4223.409,"body":"of"},{"startTime":4223.409,"endTime":4225.78,"body":"having"},{"startTime":4225.78,"endTime":4228.151,"body":"these"},{"startTime":4228.151,"endTime":4230.522,"body":"strategies"},{"startTime":4230.522,"endTime":4232.893,"body":"as"},{"startTime":4232.893,"endTime":4235.264,"body":"core"},{"startTime":4235.264,"endTime":4237.635,"body":"allocations"},{"startTime":4237.635,"endTime":4240.006,"body":"in"},{"startTime":4240.006,"endTime":4242.377,"body":"a"},{"startTime":4242.377,"endTime":4244.748,"body":"portfolio."},{"startTime":4244.748,"endTime":4247.119,"body":"So,"},{"startTime":4247.119,"endTime":4249.49,"body":"I'm"},{"startTime":4249.49,"endTime":4251.861,"body":"excited"},{"startTime":4251.861,"endTime":4254.232,"body":"about"},{"startTime":4254.232,"endTime":4256.603,"body":"that"},{"startTime":4256.603,"endTime":4258.974,"body":"now."},{"startTime":4088.262,"endTime":4092.426,"body":"\rNow,what"},{"startTime":4092.426,"endTime":4094.508,"body":"I"},{"startTime":4094.508,"endTime":4096.59,"body":"wouldn't"},{"startTime":4096.59,"endTime":4098.672,"body":"say"},{"startTime":4098.672,"endTime":4100.754,"body":"I'm"},{"startTime":4100.754,"endTime":4102.836,"body":"worried"},{"startTime":4102.836,"endTime":4104.918,"body":"about,"},{"startTime":4104.918,"endTime":4107,"body":"what"},{"startTime":4107,"endTime":4109.082,"body":"I"},{"startTime":4109.082,"endTime":4111.164,"body":"do"},{"startTime":4111.164,"endTime":4113.246,"body":"think"},{"startTime":4113.246,"endTime":4115.328,"body":"adds"},{"startTime":4115.328,"endTime":4117.41,"body":"a"},{"startTime":4117.41,"endTime":4119.492,"body":"little"},{"startTime":4119.492,"endTime":4121.574,"body":"bit"},{"startTime":4121.574,"endTime":4123.656,"body":"of"},{"startTime":4123.656,"endTime":4125.738,"body":"concern"},{"startTime":4125.738,"endTime":4127.82,"body":"is"},{"startTime":4127.82,"endTime":4129.902,"body":"that"},{"startTime":4129.902,"endTime":4131.984,"body":"because"},{"startTime":4131.984,"endTime":4134.066,"body":"of"},{"startTime":4134.066,"endTime":4136.148,"body":"the"},{"startTime":4136.148,"endTime":4138.23,"body":"success"},{"startTime":4138.23,"endTime":4140.312,"body":"of"},{"startTime":4140.312,"endTime":4142.394,"body":"the"},{"startTime":4142.394,"endTime":4144.476,"body":"ETF"},{"startTime":4144.476,"endTime":4146.558,"body":"world,"},{"startTime":4146.558,"endTime":4148.64,"body":"both"},{"startTime":4148.64,"endTime":4150.722,"body":"on"},{"startTime":4150.722,"endTime":4152.804,"body":"the"},{"startTime":4152.804,"endTime":4154.886,"body":"replicator"},{"startTime":4154.886,"endTime":4156.968,"body":"side"},{"startTime":4156.968,"endTime":4159.05,"body":"and"},{"startTime":4159.05,"endTime":4161.132,"body":"I'm"},{"startTime":4161.132,"endTime":4163.214,"body":"sure"},{"startTime":4163.214,"endTime":4165.296,"body":"on"},{"startTime":4165.296,"endTime":4167.378,"body":"your"},{"startTime":4167.378,"endTime":4169.46,"body":"side"},{"startTime":4169.46,"endTime":4171.542,"body":"as"},{"startTime":4171.542,"endTime":4173.624,"body":"well,"},{"startTime":4173.624,"endTime":4175.706,"body":"I'm"},{"startTime":4175.706,"endTime":4177.788,"body":"concerned"},{"startTime":4177.788,"endTime":4179.87,"body":"that"},{"startTime":4179.87,"endTime":4181.952,"body":"people"},{"startTime":4181.952,"endTime":4184.034,"body":"might"},{"startTime":4184.034,"endTime":4186.116,"body":"think,"},{"startTime":4186.116,"endTime":4188.198,"body":"well,"},{"startTime":4188.198,"endTime":4190.28,"body":"trend"},{"startTime":4190.28,"endTime":4192.362,"body":"is"},{"startTime":4192.362,"endTime":4194.444,"body":"so"},{"startTime":4194.444,"endTime":4196.526,"body":"easy"},{"startTime":4196.526,"endTime":4198.608,"body":"to"},{"startTime":4198.608,"endTime":4200.69,"body":"do"},{"startTime":4200.69,"endTime":4202.772,"body":"because"},{"startTime":4202.772,"endTime":4204.854,"body":"now"},{"startTime":4204.854,"endTime":4206.936,"body":"you"},{"startTime":4206.936,"endTime":4209.018,"body":"can"},{"startTime":4209.018,"endTime":4211.1,"body":"buy"},{"startTime":4211.1,"endTime":4213.182,"body":"it"},{"startTime":4213.182,"endTime":4215.264,"body":"for"},{"startTime":4215.264,"endTime":4217.346,"body":"85"},{"startTime":4217.346,"endTime":4219.428,"body":"bips"},{"startTime":4219.428,"endTime":4221.51,"body":"flat"},{"startTime":4221.51,"endTime":4223.592,"body":"fee"},{"startTime":4223.592,"endTime":4225.674,"body":"and"},{"startTime":4225.674,"endTime":4227.756,"body":"not"},{"startTime":4227.756,"endTime":4229.838,"body":"the"},{"startTime":4229.838,"endTime":4231.92,"body":"1"},{"startTime":4231.92,"endTime":4234.002,"body":"and"},{"startTime":4234.002,"endTime":4236.084,"body":"15"},{"startTime":4236.084,"endTime":4238.166,"body":"or"},{"startTime":4238.166,"endTime":4240.248,"body":"whatever"},{"startTime":4240.248,"endTime":4242.33,"body":"the"},{"startTime":4242.33,"endTime":4244.412,"body":"full"},{"startTime":4244.412,"endTime":4246.494,"body":"scale"},{"startTime":4246.494,"endTime":4248.576,"body":"CTAs"},{"startTime":4248.576,"endTime":4250.658,"body":"are"},{"startTime":4250.658,"endTime":4252.74,"body":"charging"},{"startTime":4252.74,"endTime":4254.822,"body":"at"},{"startTime":4254.822,"endTime":4256.904,"body":"the"},{"startTime":4256.904,"endTime":4258.986,"body":"moment."},{"startTime":4088.262,"endTime":4092.53,"body":"\rThatis"},{"startTime":4092.53,"endTime":4094.664,"body":"a"},{"startTime":4094.664,"endTime":4096.798,"body":"concern"},{"startTime":4096.798,"endTime":4098.932,"body":"because"},{"startTime":4098.932,"endTime":4101.066,"body":"I"},{"startTime":4101.066,"endTime":4103.2,"body":"don't"},{"startTime":4103.2,"endTime":4105.334,"body":"think"},{"startTime":4105.334,"endTime":4107.468,"body":"it's"},{"startTime":4107.468,"endTime":4109.602,"body":"easy."},{"startTime":4109.602,"endTime":4111.736,"body":"And"},{"startTime":4111.736,"endTime":4113.87,"body":"I"},{"startTime":4113.87,"endTime":4116.004,"body":"worry"},{"startTime":4116.004,"endTime":4118.138,"body":"a"},{"startTime":4118.138,"endTime":4120.272,"body":"little"},{"startTime":4120.272,"endTime":4122.406,"body":"bit,"},{"startTime":4122.406,"endTime":4124.54,"body":"to"},{"startTime":4124.54,"endTime":4126.674,"body":"be"},{"startTime":4126.674,"endTime":4128.808,"body":"completely"},{"startTime":4128.808,"endTime":4130.942,"body":"transparent,"},{"startTime":4130.942,"endTime":4133.076,"body":"I"},{"startTime":4133.076,"endTime":4135.21,"body":"worry"},{"startTime":4135.21,"endTime":4137.344,"body":"a"},{"startTime":4137.344,"endTime":4139.478,"body":"little"},{"startTime":4139.478,"endTime":4141.612,"body":"bit"},{"startTime":4141.612,"endTime":4143.746,"body":"that"},{"startTime":4143.746,"endTime":4145.88,"body":"some"},{"startTime":4145.88,"endTime":4148.014,"body":"of"},{"startTime":4148.014,"endTime":4150.148,"body":"the"},{"startTime":4150.148,"endTime":4152.282,"body":"ETFs"},{"startTime":4152.282,"endTime":4154.416,"body":"and"},{"startTime":4154.416,"endTime":4156.55,"body":"I'm"},{"startTime":4156.55,"endTime":4158.684,"body":"not"},{"startTime":4158.684,"endTime":4160.818,"body":"speaking"},{"startTime":4160.818,"endTime":4162.952,"body":"specifically"},{"startTime":4162.952,"endTime":4165.086,"body":"about"},{"startTime":4165.086,"endTime":4167.22,"body":"your"},{"startTime":4167.22,"endTime":4169.354,"body":"ETF,"},{"startTime":4169.354,"endTime":4171.488,"body":"but"},{"startTime":4171.488,"endTime":4173.622,"body":"some"},{"startTime":4173.622,"endTime":4175.756,"body":"of"},{"startTime":4175.756,"endTime":4177.89,"body":"the"},{"startTime":4177.89,"endTime":4180.024,"body":"ETFs"},{"startTime":4180.024,"endTime":4182.158,"body":"where"},{"startTime":4182.158,"endTime":4184.292,"body":"I"},{"startTime":4184.292,"endTime":4186.426,"body":"feel"},{"startTime":4186.426,"endTime":4188.56,"body":"there's"},{"startTime":4188.56,"endTime":4190.694,"body":"a"},{"startTime":4190.694,"endTime":4192.828,"body":"lot"},{"startTime":4192.828,"endTime":4194.962,"body":"of"},{"startTime":4194.962,"endTime":4197.096,"body":"compromise"},{"startTime":4197.096,"endTime":4199.23,"body":"in,"},{"startTime":4199.23,"endTime":4201.364,"body":"for"},{"startTime":4201.364,"endTime":4203.498,"body":"example,"},{"startTime":4203.498,"endTime":4205.632,"body":"breadth"},{"startTime":4205.632,"endTime":4207.766,"body":"of"},{"startTime":4207.766,"endTime":4209.9,"body":"markets"},{"startTime":4209.9,"endTime":4212.034,"body":"in"},{"startTime":4212.034,"endTime":4214.168,"body":"order"},{"startTime":4214.168,"endTime":4216.302,"body":"to"},{"startTime":4216.302,"endTime":4218.436,"body":"get"},{"startTime":4218.436,"endTime":4220.57,"body":"scalability"},{"startTime":4220.57,"endTime":4222.704,"body":"because"},{"startTime":4222.704,"endTime":4224.838,"body":"the"},{"startTime":4224.838,"endTime":4226.972,"body":"fees"},{"startTime":4226.972,"endTime":4229.106,"body":"are"},{"startTime":4229.106,"endTime":4231.24,"body":"so"},{"startTime":4231.24,"endTime":4233.374,"body":"low"},{"startTime":4233.374,"endTime":4235.508,"body":"that"},{"startTime":4235.508,"endTime":4237.642,"body":"you"},{"startTime":4237.642,"endTime":4239.776,"body":"need"},{"startTime":4239.776,"endTime":4241.91,"body":"10"},{"startTime":4241.91,"endTime":4244.044,"body":"billion"},{"startTime":4244.044,"endTime":4246.178,"body":"to"},{"startTime":4246.178,"endTime":4248.312,"body":"make"},{"startTime":4248.312,"endTime":4250.446,"body":"it"},{"startTime":4250.446,"endTime":4252.58,"body":"even"},{"startTime":4252.58,"endTime":4254.714,"body":"a"},{"startTime":4254.714,"endTime":4256.848,"body":"good"},{"startTime":4256.848,"endTime":4258.982,"body":"business."},{"startTime":4088.262,"endTime":4258.992,"body":"\r"},{"startTime":4088.262,"endTime":4097.247,"body":"Iworrythat"},{"startTime":4097.247,"endTime":4100.242,"body":"will"},{"startTime":4100.242,"endTime":4103.237,"body":"come"},{"startTime":4103.237,"endTime":4106.232,"body":"back"},{"startTime":4106.232,"endTime":4109.227,"body":"to"},{"startTime":4109.227,"endTime":4112.222,"body":"haunt"},{"startTime":4112.222,"endTime":4115.217,"body":"the"},{"startTime":4115.217,"endTime":4118.212,"body":"industry"},{"startTime":4118.212,"endTime":4121.207,"body":"because"},{"startTime":4121.207,"endTime":4124.202,"body":"at"},{"startTime":4124.202,"endTime":4127.197,"body":"some"},{"startTime":4127.197,"endTime":4130.192,"body":"point"},{"startTime":4130.192,"endTime":4133.187,"body":"something"},{"startTime":4133.187,"endTime":4136.182,"body":"is"},{"startTime":4136.182,"endTime":4139.177,"body":"going"},{"startTime":4139.177,"endTime":4142.172,"body":"to"},{"startTime":4142.172,"endTime":4145.167,"body":"happen"},{"startTime":4145.167,"endTime":4148.162,"body":"whereby"},{"startTime":4148.162,"endTime":4151.157,"body":"they"},{"startTime":4151.157,"endTime":4154.152,"body":"will"},{"startTime":4154.152,"endTime":4157.147,"body":"be"},{"startTime":4157.147,"endTime":4160.142,"body":"caught"},{"startTime":4160.142,"endTime":4163.137,"body":"in"},{"startTime":4163.137,"endTime":4166.132,"body":"a"},{"startTime":4166.132,"endTime":4169.127,"body":"situation"},{"startTime":4169.127,"endTime":4172.122,"body":"that"},{"startTime":4172.122,"endTime":4175.117,"body":"will"},{"startTime":4175.117,"endTime":4178.112,"body":"not"},{"startTime":4178.112,"endTime":4181.107,"body":"reflect"},{"startTime":4181.107,"endTime":4184.102,"body":"the"},{"startTime":4184.102,"endTime":4187.097,"body":"performance"},{"startTime":4187.097,"endTime":4190.092,"body":"of"},{"startTime":4190.092,"endTime":4193.087,"body":"a"},{"startTime":4193.087,"endTime":4196.082,"body":"traditional"},{"startTime":4196.082,"endTime":4199.077,"body":"trend"},{"startTime":4199.077,"endTime":4202.072,"body":"following"},{"startTime":4202.072,"endTime":4205.067,"body":"or"},{"startTime":4205.067,"endTime":4208.062,"body":"CTA"},{"startTime":4208.062,"endTime":4211.057,"body":"strategy."},{"startTime":4211.057,"endTime":4214.052,"body":"Those"},{"startTime":4214.052,"endTime":4217.047,"body":"are"},{"startTime":4217.047,"endTime":4220.042,"body":"concerns,"},{"startTime":4220.042,"endTime":4223.037,"body":"they"},{"startTime":4223.037,"endTime":4226.032,"body":"may"},{"startTime":4226.032,"endTime":4229.027,"body":"not"},{"startTime":4229.027,"endTime":4232.022,"body":"be"},{"startTime":4232.022,"endTime":4235.017,"body":"proven"},{"startTime":4235.017,"endTime":4238.012,"body":"correct,"},{"startTime":4238.012,"endTime":4241.007,"body":"but"},{"startTime":4241.007,"endTime":4244.002,"body":"those"},{"startTime":4244.002,"endTime":4246.997,"body":"are"},{"startTime":4246.997,"endTime":4249.992,"body":"some"},{"startTime":4249.992,"endTime":4252.987,"body":"of"},{"startTime":4252.987,"endTime":4255.982,"body":"the"},{"startTime":4255.982,"endTime":4258.977,"body":"concerns."},{"startTime":4088.262,"endTime":4112.652,"body":"\rSo,it's"},{"startTime":4112.652,"endTime":4124.847,"body":"a,"},{"startTime":4124.847,"endTime":4137.042,"body":"it's"},{"startTime":4137.042,"endTime":4149.237,"body":"a"},{"startTime":4149.237,"endTime":4161.432,"body":"mixture"},{"startTime":4161.432,"endTime":4173.627,"body":"of"},{"startTime":4173.627,"endTime":4185.822,"body":"excitement"},{"startTime":4185.822,"endTime":4198.017,"body":"and"},{"startTime":4198.017,"endTime":4210.212,"body":"concern"},{"startTime":4210.212,"endTime":4222.407,"body":"at"},{"startTime":4222.407,"endTime":4234.602,"body":"the"},{"startTime":4234.602,"endTime":4246.797,"body":"same"},{"startTime":4246.797,"endTime":4258.992,"body":"time."},{"startTime":4260.192,"endTime":4261.058,"body":"Those"},{"startTime":4261.058,"endTime":4261.924,"body":"are"},{"startTime":4261.924,"endTime":4262.79,"body":"really"},{"startTime":4262.79,"endTime":4263.656,"body":"good"},{"startTime":4263.656,"endTime":4264.522,"body":"points."},{"startTime":4264.522,"endTime":4265.388,"body":"And"},{"startTime":4265.388,"endTime":4266.254,"body":"you"},{"startTime":4266.254,"endTime":4267.12,"body":"know,"},{"startTime":4267.12,"endTime":4267.986,"body":"we"},{"startTime":4267.986,"endTime":4268.852,"body":"have"},{"startTime":4268.852,"endTime":4269.718,"body":"seen"},{"startTime":4269.718,"endTime":4270.584,"body":"that"},{"startTime":4270.584,"endTime":4271.45,"body":"this"},{"startTime":4271.45,"endTime":4272.316,"body":"year."},{"startTime":4272.316,"endTime":4273.182,"body":"We've"},{"startTime":4273.182,"endTime":4274.048,"body":"seen"},{"startTime":4274.048,"endTime":4274.914,"body":"tremendous"},{"startTime":4274.914,"endTime":4275.78,"body":"diversification"},{"startTime":4275.78,"endTime":4276.646,"body":"across"},{"startTime":4276.646,"endTime":4277.512,"body":"the"},{"startTime":4277.512,"endTime":4278.378,"body":"ETF"},{"startTime":4278.378,"endTime":4279.244,"body":"trend"},{"startTime":4279.244,"endTime":4280.11,"body":"landscape."},{"startTime":4280.11,"endTime":4280.976,"body":"And,"},{"startTime":4280.976,"endTime":4281.842,"body":"and"},{"startTime":4281.842,"endTime":4282.708,"body":"so"},{"startTime":4282.708,"endTime":4283.574,"body":"it"},{"startTime":4283.574,"endTime":4284.44,"body":"does"},{"startTime":4284.44,"endTime":4285.306,"body":"matter."},{"startTime":4285.306,"endTime":4286.172,"body":"It's"},{"startTime":4286.172,"endTime":4287.038,"body":"not"},{"startTime":4287.038,"endTime":4287.904,"body":"just"},{"startTime":4287.904,"endTime":4288.77,"body":"all"},{"startTime":4288.77,"endTime":4289.636,"body":"one"},{"startTime":4289.636,"endTime":4290.502,"body":"asset"},{"startTime":4290.502,"endTime":4291.368,"body":"class"},{"startTime":4291.368,"endTime":4292.234,"body":"with"},{"startTime":4292.234,"endTime":4293.1,"body":"an"},{"startTime":4293.1,"endTime":4293.966,"body":"asset"},{"startTime":4293.966,"endTime":4294.832,"body":"class"},{"startTime":4294.832,"endTime":4295.698,"body":"return."},{"startTime":4295.698,"endTime":4296.564,"body":"And"},{"startTime":4296.564,"endTime":4297.43,"body":"this"},{"startTime":4297.43,"endTime":4298.296,"body":"is"},{"startTime":4298.296,"endTime":4299.162,"body":"one"},{"startTime":4299.162,"endTime":4300.028,"body":"of"},{"startTime":4300.028,"endTime":4300.894,"body":"the"},{"startTime":4300.894,"endTime":4301.76,"body":"issues"},{"startTime":4301.76,"endTime":4302.626,"body":"that"},{"startTime":4302.626,"endTime":4303.492,"body":"investors"},{"startTime":4303.492,"endTime":4304.358,"body":"face"},{"startTime":4304.358,"endTime":4305.224,"body":"when"},{"startTime":4305.224,"endTime":4306.09,"body":"selecting"},{"startTime":4306.09,"endTime":4306.956,"body":"within"},{"startTime":4306.956,"endTime":4307.822,"body":"the"},{"startTime":4307.822,"endTime":4308.688,"body":"uncorrelated"},{"startTime":4308.688,"endTime":4309.554,"body":"space."},{"startTime":4309.554,"endTime":4310.42,"body":"The"},{"startTime":4310.42,"endTime":4311.286,"body":"correlated"},{"startTime":4311.286,"endTime":4312.152,"body":"space,"},{"startTime":4312.152,"endTime":4313.018,"body":"it's"},{"startTime":4313.018,"endTime":4313.884,"body":"a"},{"startTime":4313.884,"endTime":4314.75,"body":"lot"},{"startTime":4314.75,"endTime":4315.616,"body":"of"},{"startTime":4315.616,"endTime":4316.482,"body":"beta."},{"startTime":4316.482,"endTime":4317.348,"body":"And"},{"startTime":4317.348,"endTime":4318.214,"body":"so,"},{"startTime":4318.214,"endTime":4319.08,"body":"you"},{"startTime":4319.08,"endTime":4319.946,"body":"kind"},{"startTime":4319.946,"endTime":4320.812,"body":"of"},{"startTime":4320.812,"endTime":4321.678,"body":"know"},{"startTime":4321.678,"endTime":4322.544,"body":"you're"},{"startTime":4322.544,"endTime":4323.41,"body":"going"},{"startTime":4323.41,"endTime":4324.276,"body":"to"},{"startTime":4324.276,"endTime":4325.142,"body":"be"},{"startTime":4325.142,"endTime":4326.008,"body":"pretty"},{"startTime":4326.008,"endTime":4326.874,"body":"close"},{"startTime":4326.874,"endTime":4327.74,"body":"to"},{"startTime":4327.74,"endTime":4328.606,"body":"the"},{"startTime":4328.606,"endTime":4329.472,"body":"market"},{"startTime":4329.472,"endTime":4330.338,"body":"return,"},{"startTime":4330.338,"endTime":4331.204,"body":"plus"},{"startTime":4331.204,"endTime":4332.07,"body":"or"},{"startTime":4332.07,"endTime":4332.936,"body":"minus."},{"startTime":4260.192,"endTime":4261.48,"body":"\rInthe"},{"startTime":4261.48,"endTime":4262.124,"body":"uncorrelated"},{"startTime":4262.124,"endTime":4262.768,"body":"space,"},{"startTime":4262.768,"endTime":4263.412,"body":"there's"},{"startTime":4263.412,"endTime":4264.056,"body":"much,"},{"startTime":4264.056,"endTime":4264.7,"body":"much"},{"startTime":4264.7,"endTime":4265.344,"body":"more"},{"startTime":4265.344,"endTime":4265.988,"body":"diversification."},{"startTime":4265.988,"endTime":4266.632,"body":"You"},{"startTime":4266.632,"endTime":4267.276,"body":"know,"},{"startTime":4267.276,"endTime":4267.92,"body":"that's"},{"startTime":4267.92,"endTime":4268.564,"body":"the"},{"startTime":4268.564,"endTime":4269.208,"body":"challenge"},{"startTime":4269.208,"endTime":4269.852,"body":"within"},{"startTime":4269.852,"endTime":4270.496,"body":"all"},{"startTime":4270.496,"endTime":4271.14,"body":"alternatives,"},{"startTime":4271.14,"endTime":4271.784,"body":"whether"},{"startTime":4271.784,"endTime":4272.428,"body":"they're"},{"startTime":4272.428,"endTime":4273.072,"body":"private,"},{"startTime":4273.072,"endTime":4273.716,"body":"public,"},{"startTime":4273.716,"endTime":4274.36,"body":"trend,"},{"startTime":4274.36,"endTime":4275.004,"body":"systematic,"},{"startTime":4275.004,"endTime":4275.648,"body":"fundamental."},{"startTime":4275.648,"endTime":4276.292,"body":"And"},{"startTime":4276.292,"endTime":4276.936,"body":"so,"},{"startTime":4276.936,"endTime":4277.58,"body":"we've"},{"startTime":4277.58,"endTime":4278.224,"body":"seen"},{"startTime":4278.224,"endTime":4278.868,"body":"that"},{"startTime":4278.868,"endTime":4279.512,"body":"as"},{"startTime":4279.512,"endTime":4280.156,"body":"well"},{"startTime":4280.156,"endTime":4280.8,"body":"in"},{"startTime":4280.8,"endTime":4281.444,"body":"the"},{"startTime":4281.444,"endTime":4282.088,"body":"trend"},{"startTime":4282.088,"endTime":4282.732,"body":"space."},{"startTime":4282.732,"endTime":4283.376,"body":"We've"},{"startTime":4283.376,"endTime":4284.02,"body":"tried"},{"startTime":4284.02,"endTime":4284.664,"body":"to"},{"startTime":4284.664,"endTime":4285.308,"body":"be"},{"startTime":4285.308,"endTime":4285.952,"body":"very"},{"startTime":4285.952,"endTime":4286.596,"body":"careful"},{"startTime":4286.596,"endTime":4287.24,"body":"in"},{"startTime":4287.24,"endTime":4287.884,"body":"how"},{"startTime":4287.884,"endTime":4288.528,"body":"we've"},{"startTime":4288.528,"endTime":4289.172,"body":"implemented"},{"startTime":4289.172,"endTime":4289.816,"body":"ours"},{"startTime":4289.816,"endTime":4290.46,"body":"and"},{"startTime":4290.46,"endTime":4291.104,"body":"I"},{"startTime":4291.104,"endTime":4291.748,"body":"think"},{"startTime":4291.748,"endTime":4292.392,"body":"our"},{"startTime":4292.392,"endTime":4293.036,"body":"performance"},{"startTime":4293.036,"endTime":4293.68,"body":"is"},{"startTime":4293.68,"endTime":4294.324,"body":"sort"},{"startTime":4294.324,"endTime":4294.968,"body":"of"},{"startTime":4294.968,"endTime":4295.612,"body":"a"},{"startTime":4295.612,"endTime":4296.256,"body":"testament"},{"startTime":4296.256,"endTime":4296.9,"body":"to"},{"startTime":4296.9,"endTime":4297.544,"body":"that."},{"startTime":4297.544,"endTime":4298.188,"body":"But"},{"startTime":4298.188,"endTime":4298.832,"body":"the"},{"startTime":4298.832,"endTime":4299.476,"body":"risks"},{"startTime":4299.476,"endTime":4300.12,"body":"that"},{"startTime":4300.12,"endTime":4300.764,"body":"you"},{"startTime":4300.764,"endTime":4301.408,"body":"highlight"},{"startTime":4301.408,"endTime":4302.052,"body":"are"},{"startTime":4302.052,"endTime":4302.696,"body":"important"},{"startTime":4302.696,"endTime":4303.34,"body":"as"},{"startTime":4303.34,"endTime":4303.984,"body":"well."},{"startTime":4303.984,"endTime":4304.628,"body":"And"},{"startTime":4304.628,"endTime":4305.272,"body":"so,"},{"startTime":4305.272,"endTime":4305.916,"body":"you"},{"startTime":4305.916,"endTime":4306.56,"body":"got"},{"startTime":4306.56,"endTime":4307.204,"body":"to"},{"startTime":4307.204,"endTime":4307.848,"body":"kind"},{"startTime":4307.848,"endTime":4308.492,"body":"of"},{"startTime":4308.492,"endTime":4309.136,"body":"look"},{"startTime":4309.136,"endTime":4309.78,"body":"under"},{"startTime":4309.78,"endTime":4310.424,"body":"the"},{"startTime":4310.424,"endTime":4311.068,"body":"hood"},{"startTime":4311.068,"endTime":4311.712,"body":"a"},{"startTime":4311.712,"endTime":4312.356,"body":"bit"},{"startTime":4312.356,"endTime":4313,"body":"at"},{"startTime":4313,"endTime":4313.644,"body":"what"},{"startTime":4313.644,"endTime":4314.288,"body":"you're"},{"startTime":4314.288,"endTime":4314.932,"body":"getting"},{"startTime":4314.932,"endTime":4315.576,"body":"in"},{"startTime":4315.576,"endTime":4316.22,"body":"these"},{"startTime":4316.22,"endTime":4316.864,"body":"various"},{"startTime":4316.864,"endTime":4317.508,"body":"offerings."},{"startTime":4317.508,"endTime":4318.152,"body":"And"},{"startTime":4318.152,"endTime":4318.796,"body":"that's"},{"startTime":4318.796,"endTime":4319.44,"body":"one"},{"startTime":4319.44,"endTime":4320.084,"body":"of"},{"startTime":4320.084,"endTime":4320.728,"body":"the"},{"startTime":4320.728,"endTime":4321.372,"body":"ways"},{"startTime":4321.372,"endTime":4322.016,"body":"to"},{"startTime":4322.016,"endTime":4322.66,"body":"manage"},{"startTime":4322.66,"endTime":4323.304,"body":"the"},{"startTime":4323.304,"endTime":4323.948,"body":"dispersion"},{"startTime":4323.948,"endTime":4324.592,"body":"within"},{"startTime":4324.592,"endTime":4325.236,"body":"the"},{"startTime":4325.236,"endTime":4325.88,"body":"manager"},{"startTime":4325.88,"endTime":4326.524,"body":"selection"},{"startTime":4326.524,"endTime":4327.168,"body":"problem,"},{"startTime":4327.168,"endTime":4327.812,"body":"within"},{"startTime":4327.812,"endTime":4328.456,"body":"liquid"},{"startTime":4328.456,"endTime":4329.1,"body":"alternatives"},{"startTime":4329.1,"endTime":4329.744,"body":"and"},{"startTime":4329.744,"endTime":4330.388,"body":"all"},{"startTime":4330.388,"endTime":4331.032,"body":"alternatives,"},{"startTime":4331.032,"endTime":4331.676,"body":"I"},{"startTime":4331.676,"endTime":4332.32,"body":"should"},{"startTime":4332.32,"endTime":4332.964,"body":"say."},{"startTime":4333.002,"endTime":4333.994,"body":"Yeah,"},{"startTime":4333.994,"endTime":4334.986,"body":"absolutely."},{"startTime":4334.986,"endTime":4335.978,"body":"This"},{"startTime":4335.978,"endTime":4336.97,"body":"was"},{"startTime":4336.97,"endTime":4337.962,"body":"excellent,"},{"startTime":4337.962,"endTime":4338.954,"body":"Jeff."},{"startTime":4338.954,"endTime":4339.946,"body":"We're"},{"startTime":4339.946,"endTime":4340.938,"body":"going"},{"startTime":4340.938,"endTime":4341.93,"body":"to"},{"startTime":4341.93,"endTime":4342.922,"body":"wrap"},{"startTime":4342.922,"endTime":4343.914,"body":"up"},{"startTime":4343.914,"endTime":4344.906,"body":"on"},{"startTime":4344.906,"endTime":4345.898,"body":"that"},{"startTime":4345.898,"endTime":4346.89,"body":"note."},{"startTime":4346.89,"endTime":4347.882,"body":"Thank"},{"startTime":4347.882,"endTime":4348.874,"body":"you"},{"startTime":4348.874,"endTime":4349.866,"body":"ever"},{"startTime":4349.866,"endTime":4350.858,"body":"so"},{"startTime":4350.858,"endTime":4351.85,"body":"much"},{"startTime":4351.85,"endTime":4352.842,"body":"for"},{"startTime":4352.842,"endTime":4353.834,"body":"being"},{"startTime":4353.834,"endTime":4354.826,"body":"on"},{"startTime":4354.826,"endTime":4355.818,"body":"the"},{"startTime":4355.818,"endTime":4356.81,"body":"podcast"},{"startTime":4356.81,"endTime":4357.802,"body":"and"},{"startTime":4357.802,"endTime":4358.794,"body":"for"},{"startTime":4358.794,"endTime":4359.786,"body":"sharing"},{"startTime":4359.786,"endTime":4360.778,"body":"your"},{"startTime":4360.778,"endTime":4361.77,"body":"thoughts"},{"startTime":4361.77,"endTime":4362.762,"body":"and"},{"startTime":4362.762,"endTime":4363.754,"body":"insights"},{"startTime":4363.754,"endTime":4364.746,"body":"with"},{"startTime":4364.746,"endTime":4365.738,"body":"us."},{"startTime":4365.738,"endTime":4366.73,"body":"And"},{"startTime":4366.73,"endTime":4367.722,"body":"we"},{"startTime":4367.722,"endTime":4368.714,"body":"hope"},{"startTime":4368.714,"endTime":4369.706,"body":"we"},{"startTime":4369.706,"endTime":4370.698,"body":"can"},{"startTime":4370.698,"endTime":4371.69,"body":"do"},{"startTime":4371.69,"endTime":4372.682,"body":"this"},{"startTime":4372.682,"endTime":4373.674,"body":"again"},{"startTime":4373.674,"endTime":4374.666,"body":"sometime"},{"startTime":4374.666,"endTime":4375.658,"body":"in"},{"startTime":4375.658,"endTime":4376.65,"body":"the"},{"startTime":4376.65,"endTime":4377.642,"body":"future."},{"startTime":4333.002,"endTime":4335.416,"body":"\rAndto"},{"startTime":4335.416,"endTime":4336.623,"body":"all"},{"startTime":4336.623,"endTime":4337.83,"body":"of"},{"startTime":4337.83,"endTime":4339.037,"body":"you"},{"startTime":4339.037,"endTime":4340.244,"body":"listening"},{"startTime":4340.244,"endTime":4341.451,"body":"today,"},{"startTime":4341.451,"endTime":4342.658,"body":"I"},{"startTime":4342.658,"endTime":4343.865,"body":"hope"},{"startTime":4343.865,"endTime":4345.072,"body":"that"},{"startTime":4345.072,"endTime":4346.279,"body":"you"},{"startTime":4346.279,"endTime":4347.486,"body":"were"},{"startTime":4347.486,"endTime":4348.693,"body":"able"},{"startTime":4348.693,"endTime":4349.9,"body":"to"},{"startTime":4349.9,"endTime":4351.107,"body":"take"},{"startTime":4351.107,"endTime":4352.314,"body":"something"},{"startTime":4352.314,"endTime":4353.521,"body":"from"},{"startTime":4353.521,"endTime":4354.728,"body":"today's"},{"startTime":4354.728,"endTime":4355.935,"body":"conversation"},{"startTime":4355.935,"endTime":4357.142,"body":"onto"},{"startTime":4357.142,"endTime":4358.349,"body":"your"},{"startTime":4358.349,"endTime":4359.556,"body":"own"},{"startTime":4359.556,"endTime":4360.763,"body":"investment"},{"startTime":4360.763,"endTime":4361.97,"body":"journey."},{"startTime":4361.97,"endTime":4363.177,"body":"And"},{"startTime":4363.177,"endTime":4364.384,"body":"if"},{"startTime":4364.384,"endTime":4365.591,"body":"you"},{"startTime":4365.591,"endTime":4366.798,"body":"did,"},{"startTime":4366.798,"endTime":4368.005,"body":"please"},{"startTime":4368.005,"endTime":4369.212,"body":"share"},{"startTime":4369.212,"endTime":4370.419,"body":"these"},{"startTime":4370.419,"endTime":4371.626,"body":"episodes"},{"startTime":4371.626,"endTime":4372.833,"body":"with"},{"startTime":4372.833,"endTime":4374.04,"body":"your"},{"startTime":4374.04,"endTime":4375.247,"body":"friends"},{"startTime":4375.247,"endTime":4376.454,"body":"and"},{"startTime":4376.454,"endTime":4377.661,"body":"colleagues."},{"startTime":4333.002,"endTime":4334.192,"body":"\rFromAlan"},{"startTime":4334.192,"endTime":4334.787,"body":"and"},{"startTime":4334.787,"endTime":4335.382,"body":"me,"},{"startTime":4335.382,"endTime":4335.977,"body":"thank"},{"startTime":4335.977,"endTime":4336.572,"body":"you"},{"startTime":4336.572,"endTime":4337.167,"body":"so"},{"startTime":4337.167,"endTime":4337.762,"body":"much"},{"startTime":4337.762,"endTime":4338.357,"body":"for"},{"startTime":4338.357,"endTime":4338.952,"body":"listening."},{"startTime":4338.952,"endTime":4339.547,"body":"We"},{"startTime":4339.547,"endTime":4340.142,"body":"look"},{"startTime":4340.142,"endTime":4340.737,"body":"forward"},{"startTime":4340.737,"endTime":4341.332,"body":"to"},{"startTime":4341.332,"endTime":4341.927,"body":"being"},{"startTime":4341.927,"endTime":4342.522,"body":"back"},{"startTime":4342.522,"endTime":4343.117,"body":"with"},{"startTime":4343.117,"endTime":4343.712,"body":"you"},{"startTime":4343.712,"endTime":4344.307,"body":"on"},{"startTime":4344.307,"endTime":4344.902,"body":"the"},{"startTime":4344.902,"endTime":4345.497,"body":"next"},{"startTime":4345.497,"endTime":4346.092,"body":"episode"},{"startTime":4346.092,"endTime":4346.687,"body":"of"},{"startTime":4346.687,"endTime":4347.282,"body":"Top"},{"startTime":4347.282,"endTime":4347.877,"body":"Traders"},{"startTime":4347.877,"endTime":4348.472,"body":"Unplugged"},{"startTime":4348.472,"endTime":4349.067,"body":"as"},{"startTime":4349.067,"endTime":4349.662,"body":"we"},{"startTime":4349.662,"endTime":4350.257,"body":"continue"},{"startTime":4350.257,"endTime":4350.852,"body":"our"},{"startTime":4350.852,"endTime":4351.447,"body":"journey"},{"startTime":4351.447,"endTime":4352.042,"body":"into"},{"startTime":4352.042,"endTime":4352.637,"body":"the"},{"startTime":4352.637,"endTime":4353.232,"body":"quant"},{"startTime":4353.232,"endTime":4353.827,"body":"industry."},{"startTime":4353.827,"endTime":4354.422,"body":"And"},{"startTime":4354.422,"endTime":4355.017,"body":"in"},{"startTime":4355.017,"endTime":4355.612,"body":"the"},{"startTime":4355.612,"endTime":4356.207,"body":"meantime,"},{"startTime":4356.207,"endTime":4356.802,"body":"go"},{"startTime":4356.802,"endTime":4357.397,"body":"check"},{"startTime":4357.397,"endTime":4357.992,"body":"out"},{"startTime":4357.992,"endTime":4358.587,"body":"the"},{"startTime":4358.587,"endTime":4359.182,"body":"show"},{"startTime":4359.182,"endTime":4359.777,"body":"notes"},{"startTime":4359.777,"endTime":4360.372,"body":"for"},{"startTime":4360.372,"endTime":4360.967,"body":"these"},{"startTime":4360.967,"endTime":4361.562,"body":"episodes"},{"startTime":4361.562,"endTime":4362.157,"body":"and"},{"startTime":4362.157,"endTime":4362.752,"body":"all"},{"startTime":4362.752,"endTime":4363.347,"body":"the"},{"startTime":4363.347,"endTime":4363.942,"body":"other"},{"startTime":4363.942,"endTime":4364.537,"body":"resources"},{"startTime":4364.537,"endTime":4365.132,"body":"that"},{"startTime":4365.132,"endTime":4365.727,"body":"you"},{"startTime":4365.727,"endTime":4366.322,"body":"can"},{"startTime":4366.322,"endTime":4366.917,"body":"find"},{"startTime":4366.917,"endTime":4367.512,"body":"on"},{"startTime":4367.512,"endTime":4368.107,"body":"the"},{"startTime":4368.107,"endTime":4368.702,"body":"website."},{"startTime":4368.702,"endTime":4369.297,"body":"And"},{"startTime":4369.297,"endTime":4369.892,"body":"of"},{"startTime":4369.892,"endTime":4370.487,"body":"course,"},{"startTime":4370.487,"endTime":4371.082,"body":"not"},{"startTime":4371.082,"endTime":4371.677,"body":"least,"},{"startTime":4371.677,"endTime":4372.272,"body":"take"},{"startTime":4372.272,"endTime":4372.867,"body":"care"},{"startTime":4372.867,"endTime":4373.462,"body":"of"},{"startTime":4373.462,"endTime":4374.057,"body":"yourself"},{"startTime":4374.057,"endTime":4374.652,"body":"and"},{"startTime":4374.652,"endTime":4375.247,"body":"take"},{"startTime":4375.247,"endTime":4375.842,"body":"care"},{"startTime":4375.842,"endTime":4376.437,"body":"of"},{"startTime":4376.437,"endTime":4377.032,"body":"each"},{"startTime":4377.032,"endTime":4377.627,"body":"other."},{"startTime":4378.652,"endTime":4378.914,"body":"Thanks"},{"startTime":4378.914,"endTime":4379.176,"body":"for"},{"startTime":4379.176,"endTime":4379.438,"body":"listening"},{"startTime":4379.438,"endTime":4379.7,"body":"to"},{"startTime":4379.7,"endTime":4379.962,"body":"Top"},{"startTime":4379.962,"endTime":4380.224,"body":"Traders"},{"startTime":4380.224,"endTime":4380.486,"body":"Unplugged."},{"startTime":4380.486,"endTime":4380.748,"body":"If"},{"startTime":4380.748,"endTime":4381.01,"body":"you"},{"startTime":4381.01,"endTime":4381.272,"body":"feel"},{"startTime":4381.272,"endTime":4381.534,"body":"you"},{"startTime":4381.534,"endTime":4381.796,"body":"learned"},{"startTime":4381.796,"endTime":4382.058,"body":"something"},{"startTime":4382.058,"endTime":4382.32,"body":"of"},{"startTime":4382.32,"endTime":4382.582,"body":"value"},{"startTime":4382.582,"endTime":4382.844,"body":"from"},{"startTime":4382.844,"endTime":4383.106,"body":"today's"},{"startTime":4383.106,"endTime":4383.368,"body":"episode,"},{"startTime":4383.368,"endTime":4383.63,"body":"the"},{"startTime":4383.63,"endTime":4383.892,"body":"best"},{"startTime":4383.892,"endTime":4384.154,"body":"way"},{"startTime":4384.154,"endTime":4384.416,"body":"to"},{"startTime":4384.416,"endTime":4384.678,"body":"stay"},{"startTime":4384.678,"endTime":4384.94,"body":"updated"},{"startTime":4384.94,"endTime":4385.202,"body":"is"},{"startTime":4385.202,"endTime":4385.464,"body":"to"},{"startTime":4385.464,"endTime":4385.726,"body":"go"},{"startTime":4385.726,"endTime":4385.988,"body":"on"},{"startTime":4385.988,"endTime":4386.25,"body":"over"},{"startTime":4386.25,"endTime":4386.512,"body":"to"},{"startTime":4386.512,"endTime":4386.774,"body":"iTunes"},{"startTime":4386.774,"endTime":4387.036,"body":"and"},{"startTime":4387.036,"endTime":4387.298,"body":"subscribe"},{"startTime":4387.298,"endTime":4387.56,"body":"to"},{"startTime":4387.56,"endTime":4387.822,"body":"the"},{"startTime":4387.822,"endTime":4388.084,"body":"show"},{"startTime":4388.084,"endTime":4388.346,"body":"so"},{"startTime":4388.346,"endTime":4388.608,"body":"that"},{"startTime":4388.608,"endTime":4388.87,"body":"you'll"},{"startTime":4388.87,"endTime":4389.132,"body":"be"},{"startTime":4389.132,"endTime":4389.394,"body":"sure"},{"startTime":4389.394,"endTime":4389.656,"body":"to"},{"startTime":4389.656,"endTime":4389.918,"body":"get"},{"startTime":4389.918,"endTime":4390.18,"body":"all"},{"startTime":4390.18,"endTime":4390.442,"body":"the"},{"startTime":4390.442,"endTime":4390.704,"body":"new"},{"startTime":4390.704,"endTime":4390.966,"body":"episodes"},{"startTime":4390.966,"endTime":4391.228,"body":"as"},{"startTime":4391.228,"endTime":4391.49,"body":"they're"},{"startTime":4391.49,"endTime":4391.752,"body":"released."},{"startTime":4391.752,"endTime":4392.014,"body":"We"},{"startTime":4392.014,"endTime":4392.276,"body":"have"},{"startTime":4392.276,"endTime":4392.538,"body":"some"},{"startTime":4392.538,"endTime":4392.8,"body":"amazing"},{"startTime":4392.8,"endTime":4393.062,"body":"guests"},{"startTime":4393.062,"endTime":4393.324,"body":"lined"},{"startTime":4393.324,"endTime":4393.586,"body":"up"},{"startTime":4393.586,"endTime":4393.848,"body":"for"},{"startTime":4393.848,"endTime":4394.11,"body":"you"},{"startTime":4394.11,"endTime":4394.372,"body":"and"},{"startTime":4394.372,"endTime":4394.634,"body":"to"},{"startTime":4394.634,"endTime":4394.896,"body":"ensure"},{"startTime":4394.896,"endTime":4395.158,"body":"our"},{"startTime":4395.158,"endTime":4395.42,"body":"show"},{"startTime":4395.42,"endTime":4395.682,"body":"continues"},{"startTime":4395.682,"endTime":4395.944,"body":"to"},{"startTime":4395.944,"endTime":4396.206,"body":"grow,"},{"startTime":4396.206,"endTime":4396.468,"body":"please"},{"startTime":4396.468,"endTime":4396.73,"body":"leave"},{"startTime":4396.73,"endTime":4396.992,"body":"us"},{"startTime":4396.992,"endTime":4397.254,"body":"an"},{"startTime":4397.254,"endTime":4397.516,"body":"honest"},{"startTime":4397.516,"endTime":4397.778,"body":"rating"},{"startTime":4397.778,"endTime":4398.04,"body":"and"},{"startTime":4398.04,"endTime":4398.302,"body":"review"},{"startTime":4398.302,"endTime":4398.564,"body":"in"},{"startTime":4398.564,"endTime":4398.826,"body":"iTunes."},{"startTime":4398.826,"endTime":4399.088,"body":"It"},{"startTime":4399.088,"endTime":4399.35,"body":"only"},{"startTime":4399.35,"endTime":4399.612,"body":"takes"},{"startTime":4399.612,"endTime":4399.874,"body":"a"},{"startTime":4399.874,"endTime":4400.136,"body":"minute"},{"startTime":4400.136,"endTime":4400.398,"body":"and"},{"startTime":4400.398,"endTime":4400.66,"body":"it's"},{"startTime":4400.66,"endTime":4400.922,"body":"the"},{"startTime":4400.922,"endTime":4401.184,"body":"best"},{"startTime":4401.184,"endTime":4401.446,"body":"way"},{"startTime":4401.446,"endTime":4401.708,"body":"to"},{"startTime":4401.708,"endTime":4401.97,"body":"show"},{"startTime":4401.97,"endTime":4402.232,"body":"us"},{"startTime":4402.232,"endTime":4402.494,"body":"you"},{"startTime":4402.494,"endTime":4402.756,"body":"love"},{"startTime":4402.756,"endTime":4403.018,"body":"the"},{"startTime":4403.018,"endTime":4403.28,"body":"podcast."},{"startTime":4403.28,"endTime":4403.542,"body":"We'll"},{"startTime":4403.542,"endTime":4403.804,"body":"see"},{"startTime":4403.804,"endTime":4404.066,"body":"you"},{"startTime":4404.066,"endTime":4404.328,"body":"next"},{"startTime":4404.328,"endTime":4404.59,"body":"time"},{"startTime":4404.59,"endTime":4404.852,"body":"on"},{"startTime":4404.852,"endTime":4405.114,"body":"Top"},{"startTime":4405.114,"endTime":4405.376,"body":"Traders"},{"startTime":4405.376,"endTime":4405.638,"body":"Unplugged."}]}