Mm.

Um, but you're providing a, a service i- in a way.

So, and that has got worse and it has a w- you know, there are examples of weird capital allocation policies.

Um, but companies definitely listen.

I mean, go back before COVID, buybacks was a naughty word in management teams.

I think genuinely, probably even now, half management teams don't understand a buyback.

I was talking to someone the other day, I'm not gonna name them, but I'm tempted to.

Yeah.

Talk us through that.

Burberry went from an embarrassing stock last year to hold to having a change of management.

And that's interesting.

So then you look at the luxury market and say, well, actually, that's growing and globalization is going to get bigger.

It doesn't feel like it, but there's more people and wealth is going up and there's more millionaires every day than there was the day before.

Status and security, they don't sell clothes.

They're selling status and it only goes up with globalization.

And that doesn't look like it's going to turn around anytime soon, which may limit the universe in which you can invest.