And before we kind of get into it, can you kind of just talk about the tool, why you developed it, and what kind of decisions you were thinking for a farmer while you were developing it?

Yeah.

So the cattle industry is characterized by a 10 to 12 year production cycle.

We call it the cattle cycle, which is just ebb and flow in cattle inventories.

Kind of, as you said at the open, cattle numbers are at their lowest since the 1950s.

And so as we reach The low point in the cattle inventory producers start thinking about when they see higher cattle prices and hopefully those higher prices mean higher profitability.

They start thinking about increasing the size of their operations.

Can you get into a little bit more in depth of what the tool actually calculates? What are some of those user inputs? What is the difference between that breakeven price and the net present value as somebody would be using this?

Okay, if you turn your Bibles with me to Psalm chapter ninety-two.

Gonna do a hat trick of Psalms this morning.

Psalm ninety-two.

So as you can see, Psalm ninety-two does not specifically state an author, although there are people who suggest it could possibly be David, and even there are rabbis about who think it was composed by Adam himself.

I don't think so, but never mind.

Whoever wrote it, this psalm is unique in the sense that it is the only recorded psalm that is titled A Song for the Sabbath Day, indicating this was a specific psalm to be sung on the day of rest.

Getting back to governance and core beliefs, can you maybe talk us through some of those as they've evolved, particularly as you look at strategic partnerships and consolidation of the industry, the plight of smaller players, anything that you've now come away with as the way you approach your portfolio career?

Sure.

So I think even from way back in the early 2000s, there has been a trend towards fewer, larger institutions to run money in the UK and globally as well, to a certain extent, in the pensions and savings business.

As you evolve to a larger cost base, you feel that you have a higher capability to drive economies of scale in the fees that you pay outsourced entities.

But also at some point, the pound value of the numbers that you're writing checks for become very large and that i think asks and forces organizations to ask the question are we getting the best value here or could we bring some of this in-house and do it ourselves and it's a good question to ask it really is but it does require a lot of caution in making decisions and thinking about how you'll structure that because in-house it's not always the right solution.

I think you can generally say that there are some real truths, and then I'll come on to a couple of them.

But I think, first of all, the cost savings that you initially expect from taking that step of no longer paying a third party and of doing things internally... are always much higher than those you'll achieve.

And this is truly in this day and age, as you said, there should be a way to minimize some of that burden.