I guess it ties in quite nicely with the last C, meaning conviction, and, you know, the need,

you know, to do these different things in order to succeed and just the belief, I guess, to follow the rules every day.

But how would you frame sort of conviction in a more sophisticated

way? So conviction, you know, there's two things you need to be successful as an investor. You

need to have a unique opinion and that opinion needs to be right, you know, the small detail.

You need to have, you know, you need to express a unique opinion that needs to be right, you know, the small detail. You need to have, you know, you need to

express a unique opinion that needs to be the correct opinion. So there has never been a better

time in the history of the world to be an investor. Like if you just are the average, you know,

the average saver with a modest income and you just want to diversify and set it and forget it.

There are a host of wonderful low cost index and other options that are available to you

and you can be very successful that way.

But I write my books for active investors, right?

I write my books for people who are trying to beat the market. And so this is just saying, look, if you want to do this, if you want to play this game,

you need to have conviction. You need to find the sweet spot between diversification and conviction

and express a unique opinion.

75% in the US, I don't know what it's like internationally.

In the US, when you look at mutual funds that are labeled active,

75% of them don't differ meaningfully from their benchmark.

And so what you've got is a lot of people charging high fees for very little courage,

right? Very little conviction, very little in the way of a unique opinion. So yeah, my advice

here is like, look, if you want to be, you know, there's more important things in the world than

investing. There's more important things in the world than making money. So if you just want to index your money and go, you know, watch your

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