Mm-hmm.

Uh, not, you know, every brand in the bike industry would've had its own unique experience of the, the financial crisis.

But for the products that BMC was selling at the time, performance road bikes, effectively, our customers were pretty resilient.

They were there.

They were still spending.

Fast-forward to COVID, it's not that the same thing repeated, but certainly I think the same customer who would've been resilient during the GFC would have been, uh, probably comparably resilient during COVID, but they just bought more.

So rather than just get a new bike every year, they might have bought two or three.

Yeah

What were some of those macroeconomic headlines that you remember, uh, just putting forth as a potential risk that the kinda world was going through at the time that might affect the bike industry?

So actually, there's one chart that I recall.

It was actually an infographic, and it illustrated the path of a recession, essentially.

And I think some commentators felt very strongly that we were entering a recession, where, you know, interest rates were-go meaningfully higher than what they were during COVID, which is like a zero interest rate era for a lot of developed countries.

And, you know, first people would start cutting down on their discretionary spending, and then some people would probably lose their jobs because companies, uh, as discretionary spending goes down, then companies sell less things, and then as they sell less things, they have less money coming in.

With less money coming in, they have to cut some costs, and some of those costs might be people, and those people stop spending money because there's no income.

And then house prices start to fall because some people will be levered up with mortgages and no longer have a job, so they have to sell their house.

There were a lot of people saying that, "Okay, well, this year we're gonna recover, and next year's gonna be good." How many times have you personally had to revise your expectations about when this, when this ends for the bike industry or your, your company that you were working for at the time in particular?