And I would like to ask you out of your, uh, rich experience in portfolio management, how would you look at optimizing your portfolio? How would you look at optimizing the weights of your portfolio? How would you, uh, look for, uh, inverse correlation co- co-movements in the portfolio so you would be able to manage your, uh, uh, your positions in real time?

Sure.

Yeah.

That, that's a great question too.

Um, um, so portfolio optimization, uh, you could say, um, really dates from the, the '50s with the, the work of, uh, Markowitz who, uh, formalized, um, the, uh, what, what we know as, uh, uh, you know, as the, the classic Markowitz portfolio, whereby you invert the covariance matrix of the, of the asset, right? And you, you multiply that matrix with the vector of expected return effectively, right? If I, you know, if I wanna say it in a few words.

Um, now this approach is, uh, theoretically optimal in the sort of narrow world in which it, it lives.

Um, but very quickly people realized that, um, it is a limited approach, um, just because we have a lot of uncertainty in the way correlations are estimated, um, and that itself being a reflection of, uh, uh, the non-stationarity of financial markets.

Well, obviously.