This is a dangerous requirement to the end.

There's a lot of risk built up that people are not paying attention to.

That can be ignited at any point.

I don't know if this is the top but I do know what's really risky and

when you're adding leverage to this watch out. But if we were to go into a Mad Max

world I would still rather own hard, critical for humanity types of sectors.

Why don't you start off by giving us your overall macro view and kind of the things that you have been thinking

about over the last two weeks and then let's go over some specific topics.

So the macro view is hasn't changed significantly I think we're just in an accelerated position now

based on what we've been talking about for some years.

And if I was going to broadly define that,

it is a stag inflationary environment.

We are in a war economy whether people understand that or realize it or not is irrelevant.

And in both of those environments, well, in a war environment, you typically have constriction of supply.

So while people have been very, very focused on GDP growth or on sort of macro numbers coming

out, I think that's already priced into the the market a lot of that's priced into the market

what isn't hasn't been priced into the market in my opinion sufficiently well or issues

surrounding supply and not just supply of aggregate supply but also you know the breakdown of supply chains

So we can have for example tons of pick your commodity copper copper, oil, uranium.

It doesn't really matter what their particular commodity is.

But if your ability to get that to market

is hindered or compromised in some shape or form, prices skyrocket.

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