Robert Blabey

We're really focused, you know, as you noted on the mid duration, but on things that are more, you know, in, in an alternative cat capacity, one to five years of exposure and where we can sort of seek out a theme and, and,

or business opportunity that we see coming in from, again, from our network and helping to sort of, you know, articulate that into a successful investment.

I have done some venture in my career, but in my mind, venture is a very specialized... I view it as a specialized category.

I think the people that are good at it are very good and people should go with sort of the best there.

I think that for us to feel like we could be the best in the venture category would be much more challenging.

And so not only is it a duration issue, but it's a...

It's something that with a rifle approach, because we're doing two to four deals a year, it's a much more challenging sort of underwrite and investment prospect for us.

The AI boom and theme of growth in AI consumption, energy consumption, is, I believe, real.

It's obviously well played out in the media and in financial media.

The uranium category is an interesting category to me.

I've had some background in mining, not in uranium, but in other commodities.

Been underground many times, seen mines up close, sort of had an opportunity to understand that industry a bit.

And as I dug into the uranium story, it's the fuel stock for nuclear power.

Nuclear power is the most sort of consistent baseline energy source out there that's available.

It's also recently been categorized or labeled as green energy in parts of Europe and parts of Asia.

So it actually is having a little bit of a what I'll call a turnaround renaissance.

There are some other elements, though, that speak really to the specifics of uranium that

Fukushima, the nuclear disaster occurred in Japan in, I believe, 2011.

At that time or following that disaster, many, if not all, I can't recall now, but the nuclear power plants in Japan and many in Europe were shuttered.

And this was done in a sort of press by these governments to shut.