Jamie, what do you think to all that about the attitude, the presence, the character over the coaching?

I've just kind of been listening to all the different skill sets that you've just listed.

And they're all totally correct.

You have to have someone who's highly empathetic, doesn't take any shit, can manage a class, can be a source of credibility.

So I don't think we've even mentioned the benefit of the coach being able to... jump up on the rings and do five beautiful ring muscle-ups, the amount of credibility that gives and the ability for that coach to command the room, we talk about it not being a total necessity.

I actually...

I think it is really important.

on what on like what would you do if

affects on thursday yes weightlifting on friday yes gymnastics midweek no weightlifting midweek no So sometimes is the answer to that question.

And I suppose the benefit is saying that, well, we're playing the long game on this.

So no, there is no further contribution from the member yet.

Johnny has to pay a coaching staff member to come in and do it.

And it's going to add to his coaching revenue, coaching wage bill.

But the long game would be, okay, well, this person's gonna be more engaged, they're gonna get more progress, they're gonna have a higher average lifetime value, they're gonna do all that stuff.

But I think that's quite difficult to quantify.

They're very, very, very good at, like, if you think it needs something, you can just request and then we'll check it

[laughs]

So there's, you know, there's, there've, there's been some oil spilt.

Like, there's been some, you know, bits.

Th- this, this woman came up.

Um, she got the train from Brighton to London, got the train from London to Newcastle, and then a taxi from the middle of Newcastle up to Method in the morning, and then she walked around the site with us for, like, half an hour, and then off she went on her way, and I was like, "Oh, yeah, she's fine.

Yeah, she seems happy." And then she sent back a report that, like, we needed to do so much.

We needed to, like, remove fuel tanks.

Where you can step back

Yeah,

right.

I have to buy at 8, now it's 7 at night and I sell at 7.

Okay, I've lost money.

Exactly.

I can't actually... make money from taking it but if i make my market now i just say i'm seven at nine and someone gives me at seven Now that's a much bigger advantage.

So overlaying a signal in market making, if it's correct, can be very powerful because it gives you the position, your alpha, without having to cross the spread.

It's not

You've had this for a while, but in a lot of other markets, less so, I think, if I'm understanding correctly.

No, absolutely.

Anything exchange traded or things like treasuries, of course, they're very liquid, very electronically traded.

It's normally where things are mostly electronically traded, you see this growth of algorithms being used to execute things.

So why do we want to use an algorithm rather than just trade in one go? Well, I mean, the main reason is to do with our old foe, market impact.

So if you were to trade in the market in large size, you would cause the market to move.

That's just how the markets work.

Yeah, so there is execution risk in the sense that if the market suddenly moves or some unexpected event which moves prices, then you may not get filled on those orders if they're all put in as a sort of limit order.