There's a history

of them.

Human nature doesn't really change over the centuries.

So...

Greed is a powerful driver particularly in financial markets and the other side of that is fear and when fear starts to To come to play then you see these absolute collapses It's partly the fear of missing out seeing other people doing well the excitement the the want to be part of something not wanting to stand out and be different it's psychologically hard to stand apart from the crowd and

And is that one of the few competitive advantages really that are left, would you say, Andrew?

I think it's absolutely crucial.

It's one of the advantages we have in the merchants' trust with the capital that we have, the permanent capital, and the knowledge of the board and the patience of the board and the trust we've built together with them over the years, that sometimes you'll have a year or two here or there where the performance isn't as good as you would like, particularly if a market is going into a bubble.

Right, so a bit of collective responsibility, perhaps, Andrew?

Yes, I mean, there have been occasions where someone has been the champion for an idea, say the tobacco sector, and it's worked poorly for us for a while.

It's super helpful to be able to go to a colleague and say, am I getting emotional about this? Will you come in and do a review for me? I know you're not the expert, but a fresh pair of eyes.

And that's what we did a couple of years ago.

And absolutely the right decision to make, if anything, increased our position.

And that came home in spades over the next two years.

But it's very helpful to increase your conviction if you can have a fresh pair of eyes and say, yes, I completely agree with the initial diagnosis, the initial analysis.

So I guess the point I'm interested in exploring is, amongst all of that, does having the team help you stay more disciplined then, Andrew? Is that your experience?