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So it sounds like under the old system, the quote-unquote pay that athletes were getting was effectively capped because there's only so much you can give somebody to go to school, right? So in our new system, it's uncapped because there is no limit to how much an athlete can make.

Well, maybe I could break that down for you a little bit.

Yeah, Andrew? So basically, you're absolutely right.

I think the current settlement cap, well, it started at 22.5%.

That means roughly $20.5 million per school in year one, but that's now obviously... not including all of the other name, image, and likeness, you know, deals and advertisements and things that, you know, each athlete can do over and above that, right? And, you know, with this new legislation, this new federal proposal, it would...

provide an additional, I think, $22-odd million per school, potentially going as high as $27.5 million.

And that just makes every school kind of, again, it's a bigger number, still capped, But really, at the end of the day, it's about the collectives, the boosters, the NIL dollars that each athlete can earn over and above that.

So, you know, you've got this extremely complicated landscape now sort of toggling between professional and amateurism that it's no wonder that the Senate wants to figure out some way to regulate it all because it is really messy.

But there's other opportunities around the globe which are equally as fascinating.

Well, I mean, let me just expand a little bit on that pro-right pivot across the whole of Latin America you're referring to.

We have a number of elections coming up this year, right? We've already seen Chile.

That's the pro-right pivot.

And by pro-right, we mean more business-friendly, more of a pro-US pivot.

We've got Peru coming up, and we've got, quite frankly...

Colombia coming up, sorry, in May.

But ultimately, what you're going to be doing is exchanging your defaulted debt for new debt, which is then serviced by Venezuelan PDVSA.

Short term, though, what do we really need to focus on in Venezuela?

Well, what can we lean into here? I mean, there's a lot of noise, and there's a lot of smoke, and, you know, at the end of the day, we have a lot of creditors, not just the $60 to $70 billion of dol- dollars of dollar pay debt between PDVSA and Venezuela, and to a lesser extent, El Acar.

What you're also looking at is a lot of bilateral loans between Venezuela and other nations such as China and Russia.

So the question is, and it's a complex one, is where do creditors sit in the capital stack? How subordinated are they? How senior are they? And these need to be worked out in the form of creditor committees over the better part of the next, let's call it year to two years.

You know, and, and, and we're gonna see what, what comes of it.

You know, my thinking is this is gonna be a long, drawn-out, and complicated issue, and, and I'm sure Spencer can weigh in here.

For us to think that, you know, Venezuela's gonna return to pumping 1.4 million barrels a day by the end of 2027 may [laughs] may be a reach, if you follow me.

Also oil warrants, do you think that's a possibility?

Our first conversation on the dollar today with Bloomberg Intelligence's Damian Sassoon.

Look at China as a barometer of what happened here.

When President Xi kind of took over and started putting in, uh, his red lines and basically talking about his war on the shadow banks, of which another trust, a huge billion-dollar trust in China is about to default, AIIB, overnight.

And so you know you've got all this stuff going on, a- and President Xi is not gonna ride to the rescue of the markets.

Domestically, he hasn't ridden to the m- you know, rescue of wealthy Chinese households.

And so if you're seeing a lot of that kind of reverberate here in the US, what does that mean for the US dollar? The same thing it probably means for the China yuan.

It's gonna decline relative to everything else, and that's what we're seeing here.

What does that mean, John?

Okay, so China will set its currency.

It manages its currency, Tom.

As you know, there's a 2% band around the China yuan that it can move each and every day before, you know-

Right.

...

the government basically closes it down.

Circuit breakers go up, and so, you know, what they do is they set that fixing every day.