This is something that

is often overlooked.

maybe for US investors or others.

So we are based in Canada and there's a big plan from the government to spend like, I think it's $500 billion over next six years on defense spending to kind of separate from being a, to rely on US defense.

So they are spending on space, on defense, drones, planes, everything.

And this is really good for like small cap to mid cap and maybe even big companies in Canada.

And it's the same thing that we saw in Europe, that has already played out and is still playing out, but in candidates earlier.

Tell me about your thesis on Latin America and then what you think the stocks are that win from this.

fertilizer and oil have been really strong this year obviously with the disruption of the straight of form moves you came out and said you're bearish on both of those commodities is this because you see an end to the conflict or are there other factors at play that have you thinking uh it's time to get out of fertilizer and oil

maybe more on oil i think fertilizer it's We're not overly bearish.

I think we're just bearish because we don't think there is enough data, not data, but enough confirmation to say, okay, I can be extremely bullish and like 80% confident that I will be right.

So when it's like this and we look at it this way, we're like, okay, so maybe we don't need to be, maybe we're neutral.

And then we look at other data and you're like, Okay, so maybe what happens if hormones reopen fast? Okay, so fertilizer would come down.

What happens if oil goes back? Because in commodities, it's really tricky because if you have a view on a certain commodity, it will probably affect the other one.

Not always, but if you're like bearish oil like we are, you can... go out in public and say, oh yes, I'm really overly bullish fertilizer because Fertilizers are kind of complex, so it's not each of them that rely on oil price, but there's a link to it.

Why don't we just sum up the view on all five before I let you go?

fertilizer and oil have been really strong this year obviously with the disruption of the straight of form moves you came out and said you're bearish on both of those commodities is this because you see an end to the conflict or are there other factors at play that have you thinking uh it's time to get out of fertilizer and oil

maybe more on oil i think fertilizer it's We're not overly bearish.

I think we're just bearish because we don't think there is enough data, not data, but enough confirmation to say, okay, I can be extremely bullish and like 80% confident that I will be right.

So when it's like this and we look at it this way, we're like, okay, so maybe we don't need to be, maybe we're neutral.

And then we look at other data and you're like, Okay, so maybe what happens if hormones reopen fast? Okay, so fertilizer would come down.

What happens if oil goes back? Because in commodities, it's really tricky because if you have a view on a certain commodity, it will probably affect the other one.

Not always, but if you're like bearish oil like we are, you can... go out in public and say, oh yes, I'm really overly bullish fertilizer because Fertilizers are kind of complex, so it's not each of them that rely on oil price, but there's a link to it.

Why don't we just sum up the view on all five before I let you go?

Yeah, for sure.

Yeah, it would be in oil tankers shipping.

So the companies that move the oil with like, you know, big vessels, boat that transport the crude oil.

And it happened in April 2025.

So it started, I got in before founded Aurelian, but like we still hold positions from this.

Like we bought when we launched, but I also add some, but it's the company, maybe the one we still hold.

So I own it personally and Aurelian in the index holds it.

And so, you know, it really rang true when you said that earlier about, you know, how you're not really the models guy, you know, you're really, you know, so I'd love to, to close this out, you know, from your perspective with, with, you know, kind of confirming that in a lot of respects, you know, why, why, What gave you the confidence to go away from what maybe some other analysts are doing, where the focus is really on modeling out the company, really honing in on, on that skill and trusting your other, um, I guess you say skill set for evaluated companies.