Okay.

So you have a continuum.

The question that I was keen and I'm still fascinated by is where on that continuum would an investment team or an individual investor sit? And how would I find out? And that was something I wrestled with for a long time.

And I was getting nowhere until I asked help from my former physics professors.

And they said, look, whilst we don't understand investing, we'll give it some thought.

And they came back sometime later with a very interesting statement, which said, if you can deliberately lose at any given activity, it is by definition majority skill.

And, of course, could Rafael Nadal have deliberately lost a French Open final? Of course.

nice so you say you need to know who you are and you need to know your rules consciously does this tend to be universally accepted

It's just how you understand your own attitude for risk and how you show up to be the best with your own risk persona.

Spot on.

When discussing risk, perhaps, let's set the scene as to what we mean.

Um, in investing, I believe there are two types of risk.

There are, there is objective risk, which is, you know, we get on a plane and we know the objective risk of that plane getting into trouble.

And fortunately, it's a very low probability.

Uh, and the markets understand objective risk by the term volatility, which is fine.

Tell us about your routine, Lawrence, to become better on a daily basis.