Is that assessment something that, I guess, resonates with you as being true, or is there maybe, uh, nuances to that that could be added to it?

I think it's v- I think it's true.

I think that, um, going back to the overoptimism bias piece of it, um, I don't think that the industry is ever totally honest with itself around, like, what is the average replacement cycle, you know, for a bike? And we're talking average, like, not the N+1 character.

We know they buy a bike every year.

But there's like 10 of those people.

Like, average across the spectrum, maybe you're in it for, like, five years.

I mean, I'd love to see research on it.

Mm-hmm.

Yeah

... three to five, probably.

Margins are tough.

Very, very competitive space.

Super long lead times.

High percentage of revenue sitting in cost of goods.

Fashion-oriented demand.

Do you see it such that the fact that they have leaves many other, like, founder-led businesses and ones that haven't taken on investment needing to react in the same way because they're now their competitors?

Has anything actually changed in your view, or is the industry just kind of repeating the pattern you described?

What I mean, I guess in more detail when I say that capacity never leaves like it should, typically in an industry like you, you would have shareholders, the, the owners of the capital, like they would have a required rate of return, right? That should be commiserate with the risk that they're taking, you know, to, to partake in that business.

And there's, generally speaking, the returns, the return on invested capital calculations don't math out [laughs] relative to the risk that they, that they end up taking.

And so I think in the cycling industry, um, there's other industries as well that are, that are like it, but you certainly see it in the cycling space.

You get very, very passionate, you know, capital owners, people that wanna partake in the industry and live in the industry.

But in doing so, you wind up with a situation where it's actually pretty high barriers to exit.

People never actually exit like they should.

Mm.