Like if it's just us, like what hope is there? Cause I, I've been kind of surprised we haven't seen more activism and more aggressive, you know, Dan Loeb style, medium-sized hedge fund buying 15% of a company and starting to put some heads on a block.

Well, there's a lot to reply and a lot to add, but I'll start with a point where I slightly disagree with you.

The boards, obviously, ultimately, they're sitting at the levers, and they can implement changes.

But ultimately, the boards are controlled by the shareholders.

If it's the wrong board, it's down to the shareholder to say, you guys are not doing your job.

You either call it incompetent, negligent, whatever it is, and they can change them.

And I think, I mean, I don't want to make this a negative finger-pointing exercise, but if there was one villain in this story, to make it interesting, I'd say it's probably the large corporate fund managers in the UK, because they are the ones who are holding stakes of oftentimes 5%, 8%, 10% in individual companies.

So I thought it was just an interesting one to discuss real quick.

So can you give us like a few more pointers what we should be looking for when we're looking for a company that might be the focus of activism?

So one of the great things about the UK is that it has a very open capital market.

Investors and bidders and companies that want to acquire other companies can simply come in, make an offer and take over companies, which in other countries in Europe is not quite that easily done.

There's a lot more protectionism in countries like, for example, France or Germany.

And As a result of that, I think we're going to see a lot more activism in the UK because on the one hand, you have all these acquirers.

Then you've got all these undervalued companies.

You've got quite often public company boards that hold very outdated views or they are just simply not incentivized enough because they're just basically, I mean, let's be a bit provocative again, let's call them hired grifters, people who have not a single share in the company, who are just basically being paid a fee and who want to have as comfortable a life in between going to their country clubs.

So is that how you see it? Do you see the smaller end of the market being more like fertile hunting ground for these sort of opportunities where activists might actually get involved?