Can you talk me through how a value investor in the US ends up with an emerging market portfolio with roughly 50% exposure to Africa?

So when I joined Equinox, I was number 10 out of 10 in seniority.

And so I got to research the stuff no one else wanted to look at.

So everyone was competing to take the Brazil trip or India or Southeast Asia.

And so I ended up with Canada, UK and eventually Africa.

And so I spent two or three years researching African businesses before we made our first investment there.

And that one went very badly.

As you look ahead to the next three to five to 10 years, what's one reason for optimism as you think about your work and your markets and one reason for caution?