Jordi Visser

rate cuts going on around the globe.

And on a two-year lag, we started to cut rates.

You're going to start seeing the impact of lower rates that's going to filter in because monetary policy runs with a lag.

This is the first half of next year.

You've got commodity prices that are ticking higher.

Why?

The CapEx.

The CapEx is still going to happen.

It's just going to be slower than what people thought.

So these companies will have to push their earnings out.

And that's why when you get into this, this is about less about, oh, we're having to push our earnings out and

oh my gosh, those numbers are huge, we have to go buy these.

It's a very different market when you get into that side of where people are valuing something there.

So your comparison between humanoids, between pharmaceuticals, all of this stuff to me is gonna line up next year.

All right.

So this is where, so when I wrote the paper about the IPO price within the paper, I said, it still may go lower in the interim.

And the reason is because of what you said at the beginning of the question, which is

there needs to still be more distribution from the original people that bootstrapped this asset.

It needs to happen.

Part of it needs to be opportunity cost.