Nominating @WarrenPies for chart of the year here. Great visual pushback to the “hyperscaler bonds are going to overwhelm the debt market!” narrative. Corporate issuance as a % of equity market cap is near historic lows. There’s a similar mistake made in the US fiscal debate imho. I don’t particularly like treating the reserve issuer like a levered corporation, but if we insist on doing it, Debt/GDP is basically Debt/cash flow. So where is the discussion of loan-to-value? And what is the enterprise value of the USA? Add up our public + private markets, technology/IP, productive assets, human capital and global financial franchise. Relative to the global comp set, you can make a pretty good case that US EV has never been higher and our LTV lower ;)