Last weekend we discussed Molotov Cocktails, Volatility, Stability, & Faux Liquidity. In a nutshell, it was about: The transition from one steady state to another steady state can be volatile. A rules-based world, dependent on trade, to a ProSec™-based world where each country operates more independently. The transition from a pre-AI world to an AI world. Faux liquidity – or our assessment that market structure is set up to produce bigger moves than the headlines or news warrant. We got to discuss many of these things on Bloomberg TV on Friday, where Academy was part of the first half hour. ... A Bridge Too Far? The AI TRANSITioN?