The flip side of that, does that mean I need 20, 30, 40% fewer people, which is deeply deflationary.

Yeah.

And look, I mean, the honest answer is I don't know and nobody knows.

I suspect one of the reasons the market is so strong overall, and in particular in these stocks, is that investors with a 20-year view are discounting- Cash flows that would've gone to workers and employees that will accrue to equity holders, um, suggesting fewer workers.

Um, that's probably a, a, a logical, certainly not...

It's certainly a logical hypothesis.

On the other side, you take the Nvidia CEO's view and say, "Hang on a minute.

Where should we sit on this active/passive debate? Should we be going, "This is an exceptionally bad period for active, and passive has done a great job, but actually it fulfills only this much of the market"? Or should we, should we be sitting there going, "You know what? The best way to take an exposure to equities, which is a long-term asset, is through the index itself," even though that index is probably the most skewed it's ever been?

So I guess my first sort of question to you in that is, what would be the challenge for you to not just buy the index? Where's the starting point for that?

Thanks, Ollie.

That's really interesting.

I mean, I'm guessing my portfolio comes up reasonably well because your own internal expectation numbers sort of mirror mine in terms of Asia and Japan and so on.

So your expected return framework probably mirrors my portfolio and I have big overweights in those areas.

But yes, I mean, I started this portfolio as a little bit over 400,000.

And when I first put my million dollar target out there for readers, it was a fun game to play.

So it would be good just to talk about potentially why you're

So te- tell us a little bit about what they are and then what the budget changes were.

Yeah, so to be fair to Labour, I think the one part of it for me that was actually positive to their growth agenda was loosening the rules around enterprise investment schemes and, um, venture capital trusts, which are a way for mums and dads, or sophisticated investors, you have to pass a test, to fund early-stage startups effectively.

The gag is that you get all these tax advantages, for example, in upfront tax relief, tax relief on dividends, and you don't have to pay any tax when you exit.

And the quid pro quo was always that these are very risky startup ventures.

So you get some tax relief because it's risky, and your capital's at risk.

To my mind, what's very, very exciting is that they've broadened the scope to where this investment can happen, so from what they call startup to scaleup, i.e., we will be able to use these vehicles to fund or give capital to bigger companies, less risky companies.

So even though they've cut the upfront tax relief a little bit, it seems very advantageous to me that I will get the same tax relief on an EIS investment, for example, but I will be able to invest in a lot, lot less risky company.

Um, Stuart, are there any sectors of the UK, um, economy and future that you might be tempted to buy back in? (laughs) Are th- are there any areas that you think we're doing well, um, in the UK? I mean, like, life sciences is one area that people continually come back to.