Was the run-up in return because people thought an extraction was gonna happen, almost the way like animals can tell tsunamis coming before humans? Or would you have a restructuring even if there wasn't an extraction? Or was this whole thing a bet on something happening with this guy?

It's really the claim value of what you're getting when you buy defaulted debt.

So if you think about Venezuela, they've been in default since 2017.

So your claim value was par, 100 cents on the dollar, plus past due interest, which is about another 50 cents or so.

So let's say 150. to 200 points in claim value.

And the dollar price was somewhere around 20.

So you're buying something at 20.

As we look ahead to what's next for Venezuela with that optimism hat on, what would that restructuring look like and how would it impact how you view investing there?