You look at Anthropic's revenue growth and the adoption and the usefulness of its products and the anecdotes that you hear about the next generation, you know, Mythos and what that's going to do, you can make a good argument.

I looked through our whole semis, cap equipment, hyperscaler, portfolio, and I thought my instinct was going to be, okay, we've got to take profits here. I looked at the valuations, I looked at their growth rates.

I mean, you can still buy NVIDIA. Maybe the multiple's slightly higher right now. I mean, there's such a catch-up trade in NVIDIA at 15 times 27, 12 times 28 for the most dominant, fastest, I don't know if it's the fastest growing, but very fast growing company at its size.

in terms of the big markets, yeah, there's a lot going on in Korea, Taiwan, Japan. I'm probably more bullish on them just in terms of a hunting ground to find great companies.

The European markets are just tough right now given the regulatory environment. They just have a different attitude about business and capitalism. And we're invested in a couple businesses there, Rolls-Royce, ASML

all the benefits that they got from the surge in demand that was a tailwind became a headwind, and they still haven't really come out of it.

Israel is an interesting market. It's kind of a, a niche market. And we had one, one of our top investments there that despite the war has been one of the best performing stocks in our portfolio.

I mean, who would've thought 20 years ago, or even 3 years ago, Bahrain, the Emirates, Saudi, Morocco, Azerbaijan would be better allies to the US than NATO. Crazy. And who would have thought that their growth rates would way exceed them, or that their, you know, growth and their embracing of technology— that's the stuff that keeps me going.