Can you take us into a little more detail in terms of countries or regions where you're seeing relative strength change or shift, or are we seeing kind of an intensification of the trends we talked about last time?

Yeah.

On the emerging market side, and when I talk about that spread there.

So just if you guys don't kinda understand how that works, what we're doing is we're taking a universe of, like, 1,000 stocks, and we rank them on momentum.

Put the top 20% in the leader basket, the bottom 20% in the laggard basket.

So they're individual names.

These are not ADRs.

Um, hard to tell ultimately, but any stories, you know, at a quick high level to pull from, you know, using relative weakness to find shorting opportunities, just...

So maybe we spend some time kind of diving into the market at a high level to start, you know, would love to get your sort of impression in terms of what the market is saying right now from that relative strength lens just getting sort of a high table, high level take.

Yeah, when we look at momentum and relative strength, most of the return and then most of this correction that we've seen over the summer has been really in the very highest end of momentum, right? So like we do something where we break up the universe into different deciles and write that top decile, that's really where all the return came from like through the first half of the year.

And then so far in Q3, momentum is really underperformed by quite a bit.

And that's all coming from that very top end correcting.

So that top end of momentum, most of the stuff in there is kind of the AI related stuff, AI build out, And that's everything from like optical connectors all the way down to like HVAC systems and stuff like that.

So it runs, you know, across a number of different sectors and themes and things like that.

But, you know, it's really kind of all focused on that one area.

You know, what can you tell us about sort of how international versus domestic has played out so far for the year and then would love to later dig into kind of where you're seeing strength within that area?

So I'd- I'm just curious what you think about it from a diversification perspective.

Yeah, Ben, I, I think that's a good way to put it.

It is kinda like a chameleon type of thing, right? I mean, it, it will change.

It will kinda go around the style box and things like that.

And I think es- essentially when we look at momentum, and let's just compare it to value, right? So we're really co- you- coming at the investment problem from two completely different angles.

So momentum investing can be very ve- very good over time.

So can value investing.

So I'm, I'm curious, I want you to talk about the sell side of momentum.