How did we get from Japan's corporate governance reforms a decade ago to a market approaching 20 times forward earnings on the Nikkei, and how does that history and that journey shape how you and your team are positioned today?

Sure.

So the illustration that, that you put through earlier in terms of the, the taxiing runway and then of course the takeoff and the cruising altitude is really showing the evolution of Japan, um, from a corporate governance reform standpoint and then more recently to a capital management and now earnings growth standpoint.

What's interesting is that, you know, especially in the last sort of five to six years, we have seen quite a substantial re-rating of the Japanese equity market.

This was, uh, initialized in 2020, 2021, and we saw the market shoot up.

And what's been interesting, though, is that much of that was driven by companies and their capital management improvements, primarily through streamlining of balance sheets.

But as equity investors in this market, I think it was always clear that there needed to be an equity story.

So tell us a little bit more about what's driving that push, and how does it change how you underwrite a company's quality?