Sam Fazeli

Because I think for about three years, or maybe slightly longer, we watched a world where great data would come out, back in this kind of idea that we're talking about, things that make a difference to patients, whether it's death or not, at least quality of life.

And chair prices would hardly move or make any difference.

And sometimes they went down, because people used the opportunity to use the volume to get out.

Now, I think you look back in the next, since April, but really since August.

We've seen fantastic moves in share prices, which are reflecting the new enthusiasm or a renewed enthusiasm for the sector.

Understanding that you can't, you know, Mag7 are great, tech is great, AI is great, but this little worry, this niggling in the back of people's minds, am I too heavy on AI?

Where is the area I need to think about?

It's always health care.

Health care always helps us because humans need to do exactly that.

Avoid death and have a good life while they're still avoiding death.

So I'm positive.

I'm excited for this.

Let's talk about the differences or how you see U.S.,

Of course, there are changes happening there too.

I don't know if we know the magnitude of the change, but the attitude to science a little bit has changed over there.

I'm not sure that's particularly different in Europe, but it's more palpable in the US.

in terms of negativity towards science as a whole expertise as a whole funding NIH stuff although I hear different things from different people that the pressure on NIH funding is focused on some certain areas not everywhere but how do you see this now the the way that how's Europe

dealing with this today?

How have we done?

If you look at your portfolio, how many companies are European versus US?