Uh, morning, everyone. Just a little bit here and there talking about market conditions, as you,

you may have noticed your portfolio might be taking a little bit of a dive at the moment,

and we are in the deep breath, a last breath territory of rescuing capital. So I wanted to

share with you my thoughts. Usual caveats, of course.

I'm not an expert. This is no, this is not financial advice, do your own research, make your

own decisions. This is just my sort of obvious, foolish, amateur thoughts on the entire situation.

So what I think is going on as a whole is two things, doge and tariffs, and they're kind of related.

So one thing that's important to understand about the economy, of course, is that when there's

a lot of economic changes, there are always losses before there are gains, right? So horse and buggy

manufacturers, there's a lot of investment in that. When cars are invented, horse and buggy

manufacturer stocks go down in general before the automobile stocks go up. So there is loss before there is gain.

Because you've got a lot of capital allocated

to the existing structure of society.

And when that structure changes,

capital has to reallocate.

There's certainty in what was,

there's uncertainty in what will be.

And so you're moving from a place where you know, you get profit, to a place where you don't

know if you're going to get profit. So you think of a well that you go to and then the well

dries up. Well, maybe the well you go to find the new well, it will be better,

but for sure, you're going to be thirsty for a while. So a doge and tariffs, and to a smaller

degree, AI, because that's been coming for a while, but the acceleration in AI is extraordinary.

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