Bryce

These are not long-term products.

We know that over the long term, the market grinds ever higher, driven by...

you know, new companies, new innovation, and also just a bit of inflation as well.

And so don't be like Tim Wilson.

Don't hold these long-term because otherwise you will be like Tim Wilson and lose money on them.

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Yeah, I think this was the big theme coming into the year.

If we go back to December and January...

Every commodity seemed to be ripping.

It was nuts.

And unsurprisingly, everyday investors have piled in and the story has played out.

The story's been a number of themes coming together.

So longer term, there's been this sort of like nearshoring or friendshoring as people, as countries think about their supply chains and they think about vulnerabilities in their supply chains and try and build companies

critical infrastructure or critical manufacturing capabilities closer to home.

And so that has been a big one.

Then there's been the massive defense buildup.

The Europeans have been out in front of that, but also just US, Russia, and China just keep spending a lot there.