I was just thinking about the transmission path between interest rates and positioning. The more I think about it, the more it feels like the light on a stained-glass window—you think it’s direct, but it’s actually refracted through several layers before it lands in your hands. Recently, news came out about a certain area raising taxes. My first reaction wasn’t to calculate the tax rate points; it was to wonder whether people’s expectations for deposits and withdrawals might quietly get tighter. Put simply, this macro stuff is like a filter layer—you’re not running on pure, unprocessed risk appetite; your risk preference has been tinted by it. (For me personally, sometimes I can’t even tell whether I’m adjusting my positions or adjusting my emotions.) At a time like this, having a lighter position actually lets you see more pieces of the glass and figure out how to piece them together.