Steve Saretsky

Of course.

I think though, what's, what's great about, I mean, we've been talking about this for a while and a lot of other people have been talking about it as well, but, but this,

conversation is not amplified anywhere except, you know, the weird world of politics or newsletters or blue skies and X, you know, those platforms.

Blue sky.

Yeah.

But the point is the industry is dominated in Canada by maybe eight or nine players, that said, and they are not going to share this view with anyone.

So, and again, you know,

This is where the world is headed.

It doesn't mean it's changing tomorrow morning, for example, but it's already started to change.

And it's a bit of a glacial move until it happens very quickly.

So ignore the CPI data points that's coming out with the stock market hitting a new high and stuff.

Watch this bond market because we can potentially see

Long-term rates.

So again, using the 10-year as an example.

Remember, in 2022, we went from 1% to 4%, just like that.

Ooh, we heard it that time.

Hey, thanks.

But we could easily go from 4% to 6% to 10%.

Again, very quickly.

And when that happens in the bond market, you're looking at 15% to 40% losses.