So Barbara, next question to you I would say is, um, when we look at the broader economy, [lips smack] uh, where do you think we are in kind of the macroeconomic cycle? And I, I'd say why does understanding these big macroeconomic cycles matter to long-term investing?

Well, um, I just mentioned it before.

We had a momentum run, really.

The, the rally we have seen, especially in IT, information technology, AI, that was just momentum-driven.

Uh, specifically also with the background of a lot of CapEx flowing into these companies engaged with AI.

And now it might be a bit of a slowdown, because what is really the CapEx cycle, it's really kind of, um, build up, intensifying, then overvalue it, coming to a peak, and then really digesting again.

But like I said, whenever a cycle is, is coming to a downturn, a new one will, uh, appear and, and investment will fly somewhere else into it.

Um, maybe we could talk just on these kinda two alternatives just a little bit more to understand what kind of role they should have in an overall portfolio.