He still kinda winged the justification of the mnav premium. Sure, it's easy to argue that it should be above 1x. But he needs to better explain the value prop and opportunity cost of it being above 2x (or more). I can see it growing as much as there's a lot of bond-restricted capital looking to escape the debasement. But long term, it has be much closer to the 1x. What do you think?