 Okay, investment, investment expectations is the magic, you know, phrase of the day investment expectations for 2022 we're deep into it already here in community matters with Richard Wertheim and he is he is not a financial planner he is something else. So Richard, can you distinguish. What I originally called you and what you really are. Yeah, I, a lot of people. I understand we don't really see the difference so we're we're fund managers we actually manage a portfolio we build it we do our research on individual positions and then we. Yeah, so we're not. We don't help people plan their, their, their retirements or you know where the guys are actually the cold face, creating the products, and then a financial planner may may or may not use our products we don't offer them. We may in the future. But it's, it's the distinction is we're not the middleman where the, where the guys are actually making an investing in about, we're all about the returns less about sort of a broker, if you will. And that's my whole life so it's a, it's a distinction I think particularly here in Hawaii that's lost a lot of people, because there aren't, there's no fund management, there's no institutional business here in Hawaii. Yeah, so that is something you're, you're like a mutual fund like that, aren't, aren't you. It's I mean so we're, we're, you know, they're just semantics, we are like a mutual fund, but we're more probably similar to we call ourselves multi strategy, or a type of a hedge fund, even though we're not really. That is the wrong connotations for what our investment objectives are but these are just names, but yes, in a sense, we're fun. That's what we are. We literally are fun we're actually transitioning right now into a fun so no more individual accounts. So it's all it's run it is a fun it's called the Fort Street asset management fund. Okay, no more individual accounts Wow. I hope you continue to talk to me. Well, it depends if you buy me lunch. Would you take a virtual lunch never mind. You get your pizza. I get my pizza. I can work with that. I can work with that. Yeah, now we still have some individual accounts will still have that capacity but really the focus is to have the fund allows us to operate. More efficiently, and it also allows us to enhance or broaden our investment scope, which is really important given the world that we're in today, and we talk about that so our focus is really equities. We've run a proprietary portfolio net focuses because that's where my expertise is, but the world today is becoming more complicated and I think you're going to have to have more tools in your toolbox. So that's what we're preparing. So in the toolbox in the magic box of tools. Is there what is known affectionately as an algorithm. There could be. There are all sorts of strategies out there. You know, it's there are a lot of different ways to skin a cat. It really depends on sort of first and foremost what your objective is and then second, what you understand and what you get access to. So yeah, I mean some, some strategies use algorithms and it's not, it's not an area of expertise for me but I'm familiar with guys who run those strategies having been, you know, around the fund management business for 30 plus years. And, you know, some of them are run very successfully. You know, some of them are black boxes you have no idea how they do it. But it is, it's fascinating. And if I would have talked to my younger self today I would definitely, you know, have told myself to do more work on the quantitative side and less on the qualitative. But if you have that capacity. So yes, so there's, yeah, it could be it's not it's not a big area for me. If we're looking to do less of a focus but I'm open to anything you know there's, there's, it's, it's particularly in this world. Having, like I like to say these days, having as many or more arrows in your quiver is better and not riding on a one trick pony. Sometimes that works, you know and there we've been in a phenomenally phenomenal period of incredible growth. And it's just it was just this is a Goldilocks period that we're going to look back on over the last 20 plus years and go, Oh my God, that was, that was fun. And you were going to have to the playbooks have to be adjusted. Yeah, I mean I really like the idea of talking to your younger self but Richard what about talking to your older self. What about talking to the Richard Wertheimer of say two years from now wouldn't that be helpful. Sure. Yeah, I think maybe two years from now. Yeah, I think, you know, it's, I think when you making predictions about the markets is difficult and mostly a waste of time. And you shouldn't be thinking about where the world is going so if you think about two years from now. I think that we have now crossed the Rubicon and we aren't a different place and inflation plays a big part in that and that's, you know, if if we've heard a lot about it last year expect we're going to hear a lot more about it in the next few years and that really changes the investment strategy for a lot of people it's going to make bonds in particular very unattractive. And I think people, like, you know, just just the second ago we're just talking before we got on here. They're, they have a lot of bonds because in the old days just holding bonds and getting you know generating yield. It was easy, and they provided a hedge against equities. And, you know, yes that's worked over the last 20 plus years. But if you look back over 100 plus year period. It wasn't always the case it's more of an anomaly, and inflation is kryptonite the bonds and so there's going to be a lot of people. struggling to find a home for their money and there are alternatives. I mean equities is the obvious one. Even though we're in for a bumpy ride right now as the fed titans. Again, keeping it simple, owning equities and not trying to worry about the market so much. And if you can, this is what we try to do is have a sensible portfolio have great companies, hopefully you buy them at the right price, or a decent price. Being a position to be able to sustain any of the bad times because they always come. You don't know how long, and don't touch it. I mean the best thing to do is, you know, we are our strategy for the equity portfolio is quite simple. We're going to find great companies, buy them at reasonable prices, and be patient, don't do anything. And that sounds easy, but it's really hard because what's a good price, and what's a great company. Yeah, and what, and what changes would drive you to sell that company that looks so good before. Don't sell so that our strategy and again there's a lot of different ways to skin a cat you talked about algorithms and quant funds all different types of funds out there and having I you know my in my younger days I was a trader I was a proprietary trader and literally we would trade every day would be in and you know markets, you know trying to like, but that's a, you can make money doing that but over the long run, it's really hard. And I think the, I looked at my own, my own track record over the years, and that's how we created this, this fun is to protect our assets, and to figure out a sensible way to compound them. And so selling if you got a great company why sell it. Just hold it. If it goes down more and you're either hold it, or you buy more price you get excited if you have that ability to do that. So, you know the mistake that most of us make is we, we are too active we feel like an investing, like we have to, if we don't do something then we're not being productive and it's the exact opposite. You know, I was in anticipation of this discussion I took a look at the website for CNBC, which, you know, at a time years ago and I was more interested in the day to day ebb and flow in the market. I was interesting to me I haven't watched it in a while but there was a, there was a little piece there that was that was really interesting it was a fellow named Steven Heller. Heller used to be the Fed, I guess. Yes. And he's criticizing the current Fed. He's saying that the current Fed should have raised rates a long time ago, and they just didn't have the cojones to do that he said he did not use the word cojones by the way I'll be clear about that. He said they said they should have and now they have to sort of catch up with the inflation. You agree. I think that's probably true. Like it's easy, you know, to sit sit back and be the armchair quarterback with this stuff, you know, the Fed did a phenomenal job in terms of the pandemic. I don't think anybody would fault them for what they did. They put they haven't done is even now, on one hand they're talking about tightening which is great they're behind the curve that they're, they're, they're starting too late. But they're still also loosening at the same time so it's really hard though I mean the, you know, I don't. I do think they have to accelerate the pace of rate hikes and also start shrinking the balance sheet which is these are all tightening measures basically to basically soak up some of the excess liquidity. And so Steven, I was absolutely right. I mean a lot of people are saying this is not. And now the market is is adjusting to that reality. That's what you're seeing. You know, that that plus we've had, you know, you mean that you mean that volatile day a couple of days ago and it was all over the board that was an adjustment to the rate hike issue. And the, you know, markets discounting negatives trying to figure out what what this new information means and what it means for for fund, ultimately is about fundamentals of the economy. And, and really what drives share prices is two things in particular, it's the earnings capability of the of the of companies general, and then also their yield that they generate. So that that's what if you're the and these things are all related obviously because when things are loose the one miss misconception I think by a lot of people is they, they have this sense because of the pandemic that the sky is falling and that things are really bad out there and there are problems out there I'm not trying to belittle that this very real issues. But from an economic point of view, the economy is red hot I mean that that's why you have inflation. So, when you have that kind of strength, it means that that a lot of companies earnings are quite good and that is ultimately what's driven the stock market stock prices over the last two years. That's what's happened it's like what the Fed did was I hate the word unprecedented but it was historically we've never seen anything with so much money and it's still out there so it's I wouldn't get too negative I just think we're adjusting to this period where now the Fed realizes that they've built this the mother of all bonfires through on a bunch of rocket fuel this is in March of 2020 started and lit it and when they did that we've said this is going to this is definitely going to set off some very significant consequences and we're seeing it now with inflation and inflation is very tricky, you know, in terms of what it means for the economy and politically and obviously runaway inflation have severe, you know, historically from historical context. And I'm not suggesting that's going to happen I think we're going to get waves of inflation so inflation will rise and then it'll kind of come back off and it rise again but it's really hard to make, make very big predictions and proclamations. But I do think we are heading into a different world. So on one hand in terms of how you manage a portfolio today. I think you have to be. I think that the market's going to be tough for the next six months. I had to guess between the midterm elections and the fact that the Fed has to play catch up. But I don't think that this necessarily means that it's the end by any stretch of anything it's an opportunity. I think you should look at it like that that that the prices come off. You know the economy is still growing. The world is still spinning will be okay. I don't think it's but I do think that as we go further out. I think we're going to the what's worked before is not going to work in the future. So two years from now I think you're going to have to find alternatives and there are alternatives. I mean you mentioned that before. What are the alternatives. I think you know running a sensible equity portfolio and not trying to guess this is a lot of people say oh the market looks so high I'm nervous or stop trying to guess yes I mean you can. So there are times when the market gets excessive and then at times when it gets oversold so and you have a choice to I wouldn't I think for investors stop trying to worry about whether where we are in that because it's really hard to know the problem is you get the other side right but you get the other side wrong so in general is just write it be in a position to allow yourself to write and that's what we try to do we build portfolios we go for our portfolio is is it can weather those storms and we can sell through and that's you know that's the first one of the main parts of it specifically when we're talking about alternatives to bonds conventional bonds. You know they're now you're yielding negative 1% plus on the 10 year. Why would you want to hold that it doesn't make any sense to me that you're losing money right off the bat so this conception that we have where bonds. They throw off a 56% yield to do anything of the worry about and then they protect us when the markets fall when the equities fall it's no longer the case and I don't think it's going to be the case in the future. So the alternatives are equities, you can hold some cash. I think having some some strategy that allows you to have treasury inflation protected securities, but it's not that simple you have to be able to put together a strategy there's a certain level of expertise that's involved in that beyond even what I do I mean it's so you know for me it's finding guys and I know people who do that we incorporate in that strategy. Finding I think real assets in an inflationary world will do better, meaning real assets have a lot of real estate or real or real estate investment trusts that are listed in the market you can get access that way. Infrastructure, six funds, they're sort of, they could be resource related commodities timber energy related things that inflation environment tend to be better than a lot of the alternatives out there. And the list goes on so you. So anything that that is is uncorrelated to conventional bonds and and ideally uncorrelated to equities. That's that's the sort of direction that I think people should be should be looking. And it's definitely the way we're going. We're even for ourselves, we, you know, we have a certain expertise, we manage our equity portfolio. We're pretty competent that I'm doing for a long time. But we are also looking to expand beyond that because we see that that the future again I don't know nobody knows exactly how it's going to pan out but I think that that it's a, we are in a regime change. And I think a lot of people don't really are not ready for it yet and they're unfortunately it's going to be a rude awakening. Well, yeah, let me talk just break down a little bit of that. So you talked about first, first, what about precious metals, what about gold is gold something that falls within that category of alternative. Absolutely. I mean, there's, there's a lot of my point is just there's a lot of alternatives out there. We own gold, we've own gold forever. But, you know, we had a lot of it in 2020, when the markets collapsed. You know, that was that really helped our portfolio. It's that for me, it's, it's that hedge that safety mechanism that gold plays. It's, you know, there's no, there's no very little. You see the gold miners have some cash flow attached to it, but basically it doesn't generate any cash. It's just a, you know, it's a store value and historically, you know, it's useful. So I would say, and then there's debate on this, but depending on what kind of inflationary world, it should probably do better than a lot of the alternatives out there. So the answer is yes, precious metals, gold in particular. Absolutely. I think having an allocation makes sense. You mentioned utilities or energy rapid energy and I wanted to ask you about that. We had a show a couple of days ago with an energy guy out of Florida. And, you know, he's talking about, you know, the consolidation of the industry. He's talking about, you know, the increase in demand for energy because, you know, we have a lot of appliances and computers and stuff that requires energy. We have new technologies coming online. And although, you know, renewables are not, you know, at a point now, just yet, we're going to say they're driving the whole thing. They're, they're definitely in the future. And so utilities are not an old lady stock anymore. Utilities can be very exciting and you mentioned utilities. And so I would say, I see if you agree that utilities to look at utilities really requires a certain amount of expertise, because of all the moving parts and utilities these days. So what are those level, what are those areas of expertise and what considerations enter into what part of the energy world you buy into. And that, there's a number of related pieces to that utility. I have to be careful utilities because they are quasi fixed income so if rates are going up, then that's not, that's not usually not great for utilities. So I don't, I'm not, I'll probably bearish on utilities per se. However, there are some utilities out there that are making the switch to renewable, and that's pretty exciting, but the multiples that they trade on right now is too high. So, which brings to another point and it relates to energy. When I think we're at our belief is we are a point where both for bonds and for equities. This is a time to increase exposure to what we call short duration assets, as opposed to long duration because long duration is more sensitive to changes in interest rates, particularly when they're going up. So an example of a long duration asset be the 10 or 20 year bond, or high tech stocks that don't have that traded, there can be great stocks or they can be stocks that have no profit, and they trade out high multiples. So those would be long duration short duration would be stocks that have perhaps lower quality companies. And this is the way to define that is a lot of energy companies are those type of lower. quality companies that are cheap, and they traded lower valuations. And so that's kind of how we reposition the portfolio a bit, you know, we, we don't like to switch strategies midstream, and we don't, we prefer not to rent stocks we prefer to own them forever, as we don't sell them. But if you want a short duration asset you're probably going to have to sell it at some point so we don't personally have too many, but the way the world is going to your point about talking with energy. As we transition, and we've had this view for a while but as you transition from dirty or dirty energy to clean energy. It's not that simple. And it actually what's happened it's created more demand for legacy energy. And that's why you're seeing prices go up and that's why you're seeing even in Germany today with Ukraine. I mean they're shutting down all their nuclear energy plants, and we've been long new uranium for for many years now, a number of years. And that belief that that transition is going to be very important for that we will rely even more on the older energy company so those are short duration assets that are that are cheap that they're they're throwing off a ton of free cash flow right now. And the returns are, you know, over the short term going to be very impressive. So, I mean I think we, I would love to own some of those renewable energy stocks, but I'm going to wait for them to create reasonable prices as as with a lot of the high quality tech stocks. We do a lot of the, we do a lot of work trying to analyze where we think fair value is, and it's that's it's really hard to do but there's there are a number of ways you can calculate that our focus is on price to free cash flow in particular. And that's why when we look at the markets like this we actually get excited, because this means we're going to be able to buy great companies. And we're going to be able to get a reasonable price. And the, the math on that is lost on a lot of people, but it's that that power of of incrementally getting a better price and what it does for your ultimate returns is so significant. If what you're looking to do is really have your get boost your returns and let them compound is really the key, the key to that is just don't touch it, you know, let it let it compound because those companies, they, you know, if they're good. They'll take that free cash flow and they'll reinvest it in the right way and get a better return better than we can ever do that's why we give them the money. So you're an international guy. You spent plenty of time in Asia and and you lived in Taiwan even though even though you don't speak Thai. I don't speak Thai, I speak three dialects of Chinese. I'm remembering it and talk you gave me help me understand that nobody in Taiwan speaks Thai. Yeah, I think I was in China and they kicked me out or they told me I had to leave. And this is this is 35 plus years ago. And yeah, no, I, they said it. I said I want to learn Chinese and they said well you can go to Taiwan so I don't want to learn Thai. Yeah, no, I, yeah, I spent, I spent 30 some odd years in China, Taiwan and Hong Kong. So I want to ask you about, you know, the international basket, if you will, now. There's plenty of stress in the world, plenty of, you know, strange doings, if you will and risky threatening doings without, you know, going into detail on Ukraine or Taiwan for that matter. I wonder how you feel about international issues right now. Yeah, you know, it's funny. I is reading a book by you're the Israeli historian philosopher. Yuri, I can't remember his name. Yeah, yeah, another guy is fabulous guy. One of his paraphrasing but the, the, the, you know, we're all afraid of change, most of us, and we fear it and, but historically speaking, the one constant that we have is change. And so we are going through a period of change. Okay, you know, this is what's going on, whether it's China or Russia, United States, domestically, all these things, even with the pandemics, and it's, you know, often around pandemics we have these sort of shifts. So, it doesn't mean change is bad and change is good, it's just change. And there will be challenges. There'll be some great things that come out of it and some horrible things. So, I think, you know, as it, so I think we are seeing that now and China is obviously and Russia, but China in particular is, they are expanding and from a historical point of view they, they are are in the process of reverting to their mean of where they were for the for for thousands of years, you know, I'm not exaggerating they, they were the ultimate power and so it's, that is somewhat not a surprise and I don't think anybody should be shocked by that. But what it means for the world order is you know, who knows I mean is there will be there'll be competition and there'll be challenges it's, it's, it's, you know, I still have my money on the United States. I think we have a phenomenal system is messed up as it is. And, and changes needed here as well. China is is a is a formidable competitor and they will be and we're just going to have to figure out how to deal with that. Having said that, I think they are a very fragile place and I think I've talked through a couple of conversations we've had through think tech on China, it is, you know, it is, I admire them, and yet I worry about, I mean, what they've done with themselves into a corner, and that's affected their economy, and it's going to be interesting how they extricate themselves, will they will they get out of it. More than likely they'll figure it out. But there could be some challenges along the way and we invest, you know, globally. So that's, you know, we pay attention to these things. And one of the things that from an investment point of view is probably not a bad time to be looking at or thinking about allocating a bit more money to some of the internet, you know, outside of the United States necessarily. And you guys have a great run and it's still going to be the most still the most innovative place on the planet. So I'm not, I'm not. I think a lot of people come on talking heads. Smart, famous people. One, one, one, one gentleman who I know was on recently on on the Bloomberg and it, they make these massive proclamations and I think it's not helpful. They may be right. But you know, they, you know, eventually it's that thing, you know, a clock is right, you know, twice a day or whatever it is, you know, a broken clock. But there's an element of that. I, and, but I do think internationally I think that there are some opportunities I think China over. I think once they get themselves out of this sort of COVID issue. I think, you know, there's going to be opportunities there. What about impact investments and other there are people around who would like to direct their investments to high, high moral high principal companies. I think it's relevant. More from a moral philosophical sense I I'm, I'm actually, you know, we get we get really excited about these trends and this is a massive trend. I mean it economically or commercially, I probably shouldn't say this but I'm skeptical about the actual results. And I, and there was an article not too long ago, I think this week in the Wall Street Journal or in Bloomberg I can't remember talking about this that that that the evidence is not there yet that it that it's actually a sensible from from a returns point of view, way to invest but but ethically obviously it makes a lot of sense but I think a lot of people are jumping on it and running around say yes we are and so we want to do you know that it makes them feel good whether it makes a difference, you know, or not I don't know. I grew I and so we, you know, just from talking around book, we don't pay as much attention to it we probably should have we wanted to raise more assets. We're sensitive to it, we're open to it but I'm a bit skeptical that person. The most important area I want to cover with you is optics. You know we have a good part of the press in this country is is is calling us in a crisis in a crisis of a democracy and a crisis over government in general a crisis over the social safety net the success or failure of the administration. You know there's a lot of threatening and climate change don't think of climate change as well these things happen and they're all pretty threatening and a lot of the press. On both sides of the coin you know are saying we are we're failing. And a lot of people believe that, although today I read an article I forget where it was to say now you stop that just stop that because it's not that bad and we'll be okay. On both sides of the coin but bottom line is a lot of people in this country from various persuasions feel that we are in an emergency situation. They feel that the sky yes the sky is falling. I mean, not necessarily in terms of the market, but in terms of the economy inflation coven you name it. And because they feel that way, right or wrong, you know, some of them are right some of them are wrong. You know they are going to change their investment strategies, they're going to change their consumer strategies, they're going to change their way of feeling about inflation and dealing with inflation and all that. So, you know, when I was a young child in college, they taught me in economics 101 that it was all a matter of public confidence. And if you look at public confidence today, it ain't. So my question is how come the stock market and all these investment vehicles keep on going up. I mean, you're reflecting a level of confidence but you can't find it. You can find a confidence. Is my imagining something what is happening what is going on here. So there's an impact that we could spend another half an hour just on some of those issues alone. You know in terms of where the country is and some of the, the issues which look, I'm, you know, when I was comparing the system and still extremely bullish on the United States, because I spent so many years of my life outside of it. But we have some absolutely major, major issues in this country that need to be fixed for sure. And, and they're, they're fundamental. But, you know, I have to have faith and you have to have hope and, you know, the old statement that, you know, the. What was it democracies the, you know, is, is a democracies the worst system but it's the best or something like that is the best, you know, there's the best one out there. Yeah, we know what you mean yeah you know what I mean it's still it's still the best of all the alternatives it's the worst but it's still the best of all the alternatives. So, in terms of the markets though and in terms of just confidence levels. I think you have to be really careful we get, we get so influenced by the media, and God knows what else and we think that confidence, if you're talking about confidence and the markets, I think right we need to separate that out because it's not what drives the market which drives the markets, ultimately I guess that earlier, it's it's fundamentals it's is, you know, now fun now confidence will play into the economy. But you've had just to put it in perspective. Yes, I mean consumer confidence me demand is is is very strong right now. But I don't think you can. Let me step back the way that people often have to I hear that a lot for people that oh you know confidence is slow and public confidence, whether it's in the economy or inflation or the government, but that's not what drives the market. It's, it's, it is, you know, how could you invest that why I want to take all my money out of the market I'm not that's too that's, it sounds too risky like that's that's absolutely not the way it is a factor that's in there but it's not it's not the main thing I would say please don't look at that, because that I've been doing this for so many years I can tell you that is not what drives that that determines the level of the stock market. If you have, if you have no faith in the economy and you think that things are really going to stop growing. Yeah, we have bigger issues if you if we think that's the case that we've hit as a country, or as a world but as a country specifically, then I suggest that you should be buying canned food and building your bunker and getting your guns because otherwise it is, it is kind of people doing that. And I'm not like I'm not saying I'm always, you know, come from the old country. It's, I'm ready. I'm, it's my mentality is, I never discount anything's possible. You know, I just want to be prepared, but at the same time, you can't, you know, you have to. And if you if you if you operate with that mentality you never do anything then you don't actually take those risks, and you, I think that this, this country is still going to grow, and growth will equate to higher values in certain assets and so you need to be exposed sensibly and be able to ride the ups and downs, inevitably, because they absolutely always happen. It doesn't go straight up and doesn't go straight down it goes all over the place. But over time, as long as that growth as long as the world is growing or the country's growing and we are, you'll do okay, you'll do okay that with a tricky part is inflation inflation really makes it throws a curveball into the equation, the math, very simple, it's, it affects us, you know, it affects prices and everything. And it's a Milton Friedman said it's inflation is a is a everywhere and all the time a monetary phenomenon it's actually more of a behavioral and psychological thing and that's why it's not going away that it's out of the bottle. We got to that's going to be the challenge you asked me what I'm worried about is how do we deal with inflation, how do we deal with the type of debt that we have as a country, how does that play out and and it's going to be really interesting how that you know there they're going to be the tough choices that are going to be in front of us, not necessarily for you and me Jay but for you know the kids that are coming up next. Yeah, they're going to have to pay our bills is what's going to happen. You know, you're not worried about the need to take a wheelbarrow of Deutsche Marks or Zlotties down to the grocery store for a loaf of bread. No, but that is that you have to as a student of history you have to recognize that's what I'm that is the ultimate fear because that's that's how you get the Nazis. That's how you get all sorts of throughout history. I mean this is hyperinflation and I'm not suggesting that that's going to happen I think we're going to inflation, but I think it's going to be waves of inflation we're up and then down up and down and I don't think it's going to I think we were we understand it enough we have the tools at this point and I think we have the the willingness, you know the the ability, the sensibility to use those tools to basically moderate the effects of that but I think once it's out there like I guess that's the thing about this monetary and it's it's it's there it's going to be very tough to put back into the bottle. But that doesn't mean you go out and you just, you know, hold only cash, but it doesn't because cash is also going to suffer. This is this is where the from an investment point of view. And so we don't I don't have all the answers we continually evolved our strategy and how we approach this, but we use the same basic building blocks and we just add on to that. And I think that the ultimate message you know beyond the stock market but just as to your point about the world and the United States and this divisiveness these changes. You know you got to have faith and you got to have hope. You got to recognize how bad it is but just you can't lose that because that's the stuff that ultimately gets us through it. And you got to observe you got to be alive and and sentient and follow the action, whatever you wind up doing at least you have to be in contact and a good consumer of better news. Well, Richard, I am, I'm sorry we can't have a meal in person. But we as I said before the show we could share a virtual pizza. And if you or I go out and buy a lot of canned food, then we could do a canned food virtual lunch if you will. I prefer I prefer pizza. If you get it from New York, that would be better. There you go. What is your website so people will know what it looks like. It is street am asset management.com. All right, Richard worth I was so nice to know you so nice to talk to you. Thank you so much for having this conversation with me. It's a pleasure. Thank you.