What turns a company from, you know, sort of interesting into, say, a high conviction investment?

Yeah, as you say, I mean, we've got an investable universe of even after screening for liquidity over 400 stocks.

If you think of our portfolio structure, it's typically less than 20 stocks and more than 80% in the top 10 of the portfolio.

So it is highly concentrated and that's great because what it means is that at any snapshot in time, we only really, you know, from a materiality perspective, we're only really looking for 10 companies that for whatever reason are trading at 20, 30, 40 cents and they're worth a dollar per share.

And that's our job in perpetuity.

There's no finish line.

It's this constant search for company that's worth a dollar per share that we can buy for 20, 30, 40 cents per share.

Can you just talk me through that? So how did you discover that? And how has the strategy evolved since then?