The thing that we haven't talked about

is with all of the

tariffs, with all of the

financing questions, with all of the

recession questions, short-term rates,

long-term rates, the one thing that we

haven't sufficiently talked about. It's

not really in the press, but it needs to

be talked about is there is a tremendous

amount of corporate debt that supports

these businesses today. And you would

say, well, if long-term rates go

down, there's no real risk. But the

tariff picture actually impacts

revenues, right? And the problem with

that is that there's a lot of companies

that have debt covenants tied to revenue

and ibida. And so this is what I spoke

about at the beginning of January, which

is the one risk that is

uncontrollable is what happens to

corporate debt and could we see a wave

of defaults and a wave of action. Nick,

you may want to just play the clip and

we can talk about what we can do about

this. This was my pick for the best

investment idea.

Go ahead. All right, here we go from

What do you got? So, let me preface this

by saying that this is a pick that 92

times out of 100 goes to absolute zero

and six out of the remaining eight times

you make 10x extra money and then the

final two times you make anywhere

between 100 to a,000 extra money. This

is a loser trade, but I would be long

CDS. So, what am I buying? I am buying

insurance. I'm buying insurance using

credit default swaps. I'm buying what's

called protection that there is no

default event in 2025. I would like a

little bit of an insurance policy in

2025 so that the men and the women that

we have voted in have the chance to do

their work in peace. I think that there

is a small chance of some volatility

next year. I hope it doesn't happen. I

hope that this trade loses money, but if

it hits, it will be the best performing

asset of 2025. And I just want to be

clear, this is not something I think

will happen. It's not something I want

to happen, but I do think that if you

look back in terms of just the tonnage

of dollars you can make and the massive

risk asymmetry that it presents to you.

When you look at the concentration of

the S&P, when you look at just the total

gross amount of debt that we have, when

you look at rate spiking, all of these

things say having a little insurance may

not be a bad thing. It has

hit. Nick, you can show the CDS

graph. So, this thing for every billion

dollars of risk you would have put on,

every billion dollars that you put on

would have cost you about a million

dollars. And that million dollars would

have made you about $7 million in about

3 months. Did you put it on? I'm not

going to comment on my my trades, Jason.

Oh, okay. But we tal we talked about it

off air already. But if you did put it

on, does that mean you're taking us all

to Italy this summer? No. What's

happening here? Are you getting a boat

for us to record from the all-in yacht?

No, but there may be some boats for sale

if this trade keeps going this way. Oh,

why is this important? The CDS actually

represents the structural risk in the

United States private economy, in the

corporate economy. And so, Nick, if you

just put it back on. So, when you see

these spreads blowing out, this is

actually a very important warning sign.

And this is actually a thing that I

think Scott understands well, Howard

understands well. I think they'll

translate this to the president. If I

have an opportunity to explain it, I

will. But this is a really important

market to pay attention to. This is what

was the canary in the coal mine for the

great financial crisis. This was the

stuff that showed us that there was a

big default event happening in the

mortgage side of the market. But then

that spilled over to the broader

economy. And so the tariff picture and

the recession picture will get played

out in this chart. And I think it's

something that folks can and should

probably pay tremendous attention to

because I think now that this trade is

in the money, the question is I don't

think we want this to happen. That one

sigma two sigma event where all of a

sudden this trade returns a,000x is

really