They've got to roughly determine, for example, what they think are the techniques of a TransTrend, of an Auspice, of a Dune Capital individually, and then they are combining their own index once they think they have replicated these particular traders.

Yeah.

I don't think it's as deep in general as trying to replicate strategy.

It's simply trying to understand enough about the positioning so they can reconcile the returns that are coming out the other end.

It's really that math.

They're not dissecting the strategy and trying to replicate the strategy.

They're simply trying to replicate the positions that would generate that return stream by looking at the positioning post with some lag and then adjusting it.

But it is quite interesting that trend following doesn't have the acolytes worshiping such as venture capital, where venture capital is just assumed to be the perfect strategy, and no real criticism, frankly, that I know of.

And then they are combining their own index once they think they have replicated these particular traders.

I don't think it's as deep in general as trying to replicate strategy.

It's simply trying to understand enough about the positioning so they can reconcile the returns that are coming out the other end.

It's really that math.

They're not dissecting the strategy and trying to replicate the strategy.

They're simply trying to replicate the positions that would generate that return stream by looking at the positioning post with some lag and then adjusting it in the case of that product.

And again, I don't want to quote verbatim factual because I'm not a hundred percent sure.

So here's what I would

So, you know, is this something that you're looking at from a Canadian energy standpoint and going, this could be competitive? Or again, is it more bluster from the from the White House?

Well, look, I think we can all realize that.

The leader to the south is playing somewhat of a chess game, some sort of game anyway.

And there's always some motive to it beyond the bluster.

There's no doubt about his interest in Venezuela because you're right, the reserves are significant.

However, the part of the equation that gets lost is that Venezuela remains basically a non-factor right now.

It produces only roughly a million barrels.

Not to mention the fact that when was the last time a refinery was built? Like