This one is actually pretty important. To put it simply, FCN is kind of like selling puts to take delivery. According to what I’ve heard, the FCN yields for $MU and $SNDK have dropped from an annualized 60% at the end of June to 15%. My interpretation is that the downside risk for $MU and $SNDK has significantly improved compared to the end of June. #MAmericaNDK BG is indeed moving super fast in terms of innovation in U.S. stocks. They probably hired someone specifically to lead their brokerage business. —————— Another major factor threatening storage is the excessively high oil prices. Once oil and the Strait of Hormuz are fully under control, I believe the bull market for storage will return. This is the first time since June that I think storage can make a bullish comeback.