Yes, indeed.

Um, and it's worse than that.

It's unconstitutional in terms of New York State's own constitution.

They have an absolute cap in the constitution on how much real estate tax the city can impose.

The reason they're masquerading it as a surcharge is that they don't have room under the cap.

Mm

... reason for it.

But anyhow, um, the judge can always grant an injunction.

So maybe speak to that a little bit.

Well, information research has become easier with AI and all the media and all the So the real premium now is not just availability of information, it's more the interpretation of it.

And that really leads to the risk assessment.

We have always tried, when we're investing as principal, to take apparent risk and try to avoid actual risk.

Apparent risk you get paid for.

Some industry goes out of favor, the paper collapses, so the market discounts it.

But usually there's a disconnect in one direction or the other between the actual risk and the perceived risk.

So what do you think? What does it take to be successful in business negotiations?

With this latest action in Venezuela, what has changed? Does that become even more apparent as a tool for this administration?

Well, I think it's clear that a lot can be done and should be done to change the economics of Venezuela.

Let me give you a few data points.

They probably have 300 billion barrels of oil of proven reserves.

At $50 a barrel, that's $15 trillion of reserves.

So in terms of being able to handle the debts that they have, which are substantial, but are only $160 billion, to compare that to oil reserves well into the trillions, it should not be that big a problem.

The bigger problem is that because of poor management, poor maintenance, and running out of parts, the oil production has gone down by more than 2 million barrels a day.

and China?

... would you give him?

Well, he's catching on very fast.

Howard historically had not d- really been really dealing in international trade in goods.

So, he had a, he has a lot to catch up on, but he's studying it very hard.

I think he's got a very quick learning curve.

He's very smart and he's a very good manager.

But it isn't even just Howard.

But, you know, they're- they're positive, but they're sitting here waiting.