Scott breaks down the liquidity backdrop and the signal he's waiting on. "We still have a low margin of safety within liquidity, but the price of liquidity, while it has become more expensive a little bit this year, is still a lot lower than we saw in 2022. Our fair value estimate of the VIX is around 25. We need to see the VIX move into the mid 30s to trigger this framework."(Delphi Digital)