So, forexample, governmentbondpriceshavegoneupbecause a lotofpeopleareputtingmoneyintothosebondsbecausetheythink, "Hey, governmentbondsaresafe."
"Thingsarelookingrisky."
"Let's pileintothat."
Ontheotherhand, youhaveoiltaking a hitonitspricebecausepeoplethink, "Well, travelisbeingrestricted."
"A lotofairlinesandcountriesarerestrictingtraveltoChina, andsothat's goingtobringdowndemandforfuel, whichisgoingtobringdownoilprices, andthathashadaneffectonenergybonds, whichhavetaken a hit.
Youhaveothermarketsthathavetakenhits, likecurrenciesincountriesthatdo a lotofbusinesswithChina, um, copperprices.
Nowpeoplearesayingperhapssteelpriceswillbeaffected, becauseyoucouldsee a slowdowninconstructioninChina.
Andtheotheraspectofthatisthat, yes, Chineseconsumersbuy a lotfromexternalcountries, butalso a lotofcountrieshaveatleastpartoftheirsupplychainmanufacturedinChina.
Butinreality, pricescanshifton a whimjustbasedoninvestors' ownemotions, andsothat's importanttokeepinmind.
Now, thepotentialforsomething, like a virus, ifitweretoturninto a pandemic, wouldconstitutesomethingcalled a blackswaneventpotentially, whichisbasicallyjustanotherwayofsaying a bigeventthatyoudon't expectthathas a negativeconsequenceonthepricesofassets.
Andthatis a theorythatsomepeoplehaveastowhyit's reallyhardtounderstandriskinmarkets.