Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Right. I want to agree. But there is a difference between a lower cost of capital where the markets have lowered it versus your point, Ned, which is a low cost of capital because the issue is low versus what. I think you’re absolutely right that rates of return depend on a number of factors and not just asset prices. So I strongly endorse your point.

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