It's possible. I did not make any claims to the contrary. That said, in the event of market stress, it seems that more individual portfolios will be more highl

It's possible. I did not make any claims to the contrary. That said, in the event of market stress, it seems that more individual portfolios will be more highly correlated with each other than in the past. Isn't that a significant change? In light of it, are you willing to bet that aggregate investor behavior in a future period of stress will be similar to what we have seen in the past?