Right.

So one of the things that's really important for Canada, I think, is to try to find ways to diversify their trade.

Now, it's very difficult to entirely, you know, disconnect from the US economy.

The geographic proximity, the very close linkages that exist between the two countries is really important and needs to be respected.

But if you're looking for growth to improve on the margin, trying to get a sense of looking at other countries and trying to pivot your business to export more towards them, that can only be, be a positive thing.

And this is going to, again, take some time, but again, if growth is happening on the margin, we need to view that positively, and that's very much part of the Bank of Canada's narrative, that things do, uh, are expected to brighten from this point forward.

Right.

And we've seen, you know, other investors and, uh, Canada's place in the world start to improve as well.

Let's just go into that a little bit.

Yeah, absolutely.

I mean, to your point, if you roll back the history, we had been very concerned about Canada.

Ritu, in the earlier segment, also gave a pretty good sense of the reason why in terms of a lack of productivity growth, a very elevated household debt cycle that needed to be worked through.

And each of these issues, I think, on the margin have started to improve.

And part of that is certainly things that have happened within the domestic economy.

But also, again, is that recognition of what David Bridges talked about in terms of the global order really changing, where I think there is this restructuring into a multipolar type world where a lot of countries or regions will look to try to secure energy, secure other commodities, really in the sense of some strategic security.

of one or the other.

How should we be thinking about the Iran shock? How are you thinking about it?

I think when we look at this shock and we lump it into the wider basket of geopolitical uncertainty, the first thing I want to try to articulate really is just chasing the headlines and trying to time the market with this type of taco tweet-driven universe is virtually impossible.

We spend a lot of time listening to experts within Fidelity, the world around, There's an emergent class of retired US Army generals and admirals who offer their services to try to provide the understanding.

And the conclusion really is there is no clear answer as to how these events will proceed from here.

So what we want to do is we want to take a bit of a step back and just try to understand the deeper fundamentals.

And I think that's always good advice to investors everywhere.

And when we think a little bit about what's going on in Iran, look at what's happened in Venezuela and look at the trade war.

So I understand the beta and the sensitivity to the commodity sector, but How should we be thinking about the economy? It doesn't