We ignore the flashing red light on the microphone, just like markets have been ignoring any number of warning signs. We discuss the bond market (or lack thereof), explore the conflicting signals sent by treasury yields, and the explore the inexplicable appetite for the currently misnamed high-yield debt. The bifurcation of equity returns between megacap and the rest is discussed, as are the potential effects of the delta variant on supply chains. We also discover Will and Adam were, unsurprisingly, both in high school Latin clubs. Caveat emptor.