Michael Batnick

Very, very well done.

Whenever people speak about or call some warning shots, which is very fair game, nothing that you're saying is like hyperbolic or inaccurate.

There is going to be a lot of supply hitting the market.

not to, I'm going to put you on the spot and not to make you look like a jackass, because I'm genuinely curious, the level of concern, zero, you have no conviction, a hundred, you have all the conviction in the world that this is going to go south for the broader market.

Like, where are you in your conviction on that?

Yeah, that was a lot.

Yeah, but this is great.

This is great stuff.

What are we looking at?

Rupert, I have a question for you.

Obviously, I hope you're wrong.

And not because you don't seem like a very lovely guy, but nobody wants you to be right, right?

Okay.

That's why I was asking how much conviction you have.

I feel a lot better now.

If you were saying like, no, I've been in this business a long time.

I've done these deals 90%.

I would have said, all right, Josh.

So I feel better about that.

But let me ask you this.