 I'll do a bit of a little call for anyone who wants to ask any questions. Good morning, Leah, good morning. Right, so continuing on, I think, from actually matter of fact, what I'll do is I'll not in any particular order, but I want to probably answer this one first. As I know, I think Leah did answer this, or did ask this, I should say. And it's to do with GDP cycles and really kind of finding out if there's a preferred range. And there isn't a range when it comes to GDP growth, right? So generally you see the business is what's known as the, I guess, the business cycle, the economic cycle, right? Where this is growth and this is time. And generally in an economic cycle, I would say you start with, but you have boom, contraction, recession, bust, or slump, recovery, expansion, and boom again, right? And that's basically what's supposed to happen. Although there is a caveat to that, is that just because you're in a certain phase or potentially in a certain phase, doesn't mean that you can't go backwards, right? So you can easily go from a recovery phase back to, I guess, bust or slump, or in fact, a recession, for example, right? And then that could be the loop because ultimately two negative quarters of GDP growth, right? Equals of recession, right? It is basically what's known as a recession. So, M-T-E-C-E, right? It's a recession. So you could be recovering and if the central bank don't manage the economy, let's say for example, currently, they start hiking interest rates a bit too aggressively, for example, that could send the economy back into a recession. Now, I guess the question is understanding where we are in an economic cycle and you won't, I mean, you can know by looking at GDP data, right? And what you'll see generally on a chart of GDP growth is you'll tend to see something like this, for example, right? Where if you're in the growth phase, you can, there are quarters where you might get a bit of a pullback but overall over a period of time, generally you're on the up and up and you'll know whether you're in the recovery, expansion phase or even the boom phase just from looking around you, right? Are there jobs, is there low unemployment or high unemployment? Is there high employment or low employment? You know, are people spending money again? People going on holiday again, you know what I mean? Then you'll know whether the economy is really just coming out of the recovery to the expansion phase and obviously a booming phase would be everyone seems to be making money from various different sources, whether it's your property, landlord or stocks and bonds and all that kind of stuff, right? That's where the economy is generally booming. Think about, I don't know how old everyone is but you should know the difference really when things are good or when things aren't good in an economy or even if they're not good for you personally, just maybe generally when things are okay where you don't necessarily have to worry or people in general aren't worrying about employment, there's jobs, vacancies, et cetera. So that from that perspective, you don't necessarily, you can kind of tie it together. So right now, right now, where are we in terms of where are you, Leah, in the world? Where are you? Where do you live? London. London, for Londoner. Hi, I do. For Londoner, you're all right. So all right, so right now, would you say that we are in the recession phase? No. Okay, would you say that we are somewhere maybe between the recovery and expansion phase? Yes. Yeah, and that's exactly it, right? You know, I mean, it's pretty much that and you can see it when GDP is generally growing, right? So as long as we're not in those two negative quarters, quarter on quarter reading, QOQ, yeah, and GDP is generally growing, then fine. There will be periods where GDP might be flatlining, right? But that doesn't necessarily mean where going into a recession, it might just mean that maybe the recovery is taking a bit longer to potentially go into the expansion phase. Or not, right? We could go again back into the recession phase, but the point is we're probably somewhere between here and here, yeah? And so, and again, also with fundamental analysis, what we're trying to do is not always look at where, we keep one eye obviously on where we are currently, but also one eye on where we're potentially going because the market is trying, always wants to price in what future value potentially is, current and future value, right? But you always have to have one eye on where future value is or potentially going to be. So if, for example, in the UK, we start to grow, right? And things start to look really good, employment starts to grow, unemployment starts to go down, then you'd keep an eye on those metrics, right? And then what you would do is look to potentially buy the pounds, right? At the moment, the pound and the UK economy, I guess is what we should be looking at, is struggling a bit, right? It's struggling and the Bank of England are pretty much saying this point that high inflation, which is the cost of living, I guess, and the energy crisis that we're currently going through and I said high inflation may tip everybody, well, everybody, but the economy back into a recession, right? And the reason why that is is because if you drive and you go to the petrol station, what is it? The last time I looked it was like 167 or something like that near me, 1 pound, 67 per litre, cost of electric has gone up as you know, and the gas and energy and just food in general, right? So people will have less to spend in an economy which then has a knock on effect of, well, if people are spending less because they're more concerned about the cost of living, then if you're a business, and let's say, I don't know, Euro, you're a pub or a clothing shop, you're a retail shop, whatever, so electronics, you're gonna get less people buying, I wouldn't say frivolous goods, but you're gonna get people buying less goods, right? And retail, which then has a knock on effect if you're a business and you've got less customers coming on or less customers spending money online, then if you've got less money coming in, then that puts you in a problem, right? Because then you may have to end up cutting staff. And if you're cutting staff, then that adds to unemployment, then that's that. Employment, then you're heading back into a, you know what I mean? This is a scenario that creates the struggling business and I think I couldn't get my head around what is it that creates the struggling, but you're right, we are working our way towards that as well. Exactly, and it's, and we fundamental analysis is understanding that and just keeping your eye on those metrics and what we look at. So unemployment, employment, inflation, and just really just reading up on, and I'm not saying that you gotta sit there every day and read through like hundreds of articles or anything like that. Generally, I don't, right? I just try to just focus on the main topics again, which is GDP, inflation, interest rates, and then from there, I can see what is coming down the line or what is likely to potentially come down the line. Am I gonna be right 100% of the time? No, because things can change. No economist is gonna be in no, trade is gonna be right 100% of the time, but we always have to go with what is likely, yeah? And it looks likely, I mean, this is the smart money talking, right? This is the Bank of England, let's name Andrew Bailey as well as the other voting members is basically saying that there's gonna be potentially tough times ahead, right? So from that perspective, where do we then position ourselves when it comes to trading? So when it comes to trading now, remember that we are trading one against the other, right? So it's always like you're looking at, you're comparing a straight fight between, for example, the pound and for example, the dollar, right? Pound dollar, when you're looking at GDP growth, you're seeing who's the better out of the two, right? And we can see this on the fundamental analysis spreadsheet, but basically the dollar is ranked one and the UK, I guess, the pound is ranked number three. Now, also as well, this ties into currency cycle, right? So we understand also, not from an economic cycle perspective, but a currency cycle perspective. Now, we understand that just because something is ranked number three doesn't mean that it's an automatic buy in the same way that just because something is ranked number one doesn't mean it's an automatic buy. We need to understand why something is likely to remain strong or appreciate in the future or why a currency that is currently, you know, strong may want to take, you know, maybe devalue or depreciate. And again, that just comes with understanding fundamentals. So for me, I think the pound is on its way down, is probably gonna devalue. Now, I'm not saying that this is gonna be set in stone. This is what it looks like. This is what it looks like, right? From just me reading the data, looking at what the analysts are saying, what the Bank of England are saying, you know, what the banks are saying. And so I think it's currently three now. Yes, you could argue that the Bank of England is still hiking rates, which they are. But after that hike, yeah, so after that hike, what happens? And this is where I guess we could talk about timing comes involved, the timing of when you want to get short. So is it prudent to necessarily get short now? Well, that's a judgment call. And if you are, then I would say probably the best thing to do would be to not risk a full position. But I think after the Bank of England do finish hiking rates, because it doesn't look like they're gonna hike rates again after that, because they have to kind of wait and see how a hiking rates is gonna affect the economy, because if they hike rates too much, because remember, we've got inflation problems, which is the cost of living problem. But then on top of that, if you, for example, have a mortgage or any loans, a variable, then it's gonna hurt you because the cost of repaying those loans or the mortgage is gonna go up, right? So then you're gonna have even less money. You know what I mean exactly? You're gonna have even less money. If you think energy bills and food costs or a skyrocketing when you hike interest rates and depending on your mortgage repayments that can add an extra couple of hundred pounds on top of that. So then you're definitely not gonna go out and spend money, which then the economy suffers if it requires you to spend money and it could end up putting you or the economy in a recession sooner. And this is what central banks understand from a very elementary level, right? It's obviously a bit more, lot more complex complexities to that, but ultimately that's what it comes down to. That's the bare bones of it. So that's why the Bank of England are, yeah, hiking interest rates can hurt struggling businesses and create struggling but it's exactly, it's like a feedback loop, right? So the Bank of England are trying to gauge and all central banks are trying to gauge where the sweet spot is with interest rates and raising interest rates as to what level the economy and people can generally still operate without hurting people, you know? And hurting people's, you know, savings, in fact your savings will go up but when it comes to things like spending, yeah? So it's a balancing act with being a central bank as one of the toughest jobs in the world to run an economy, right? So these are the things that they have to think about, right? On a very, like I said, a very kind of basic level. So that's why hiking rates, I guess many of you have seen that situation where, or you've seen headlines where it's like, are we heading into a recession? So what they're saying is, is because of a hiking interest rates and what they're inferring to, I guess, is basically what I've been saying. If you hike interest rates too much, yeah? Yes, inflation may come down but if inflation comes down, then, you know, that's brilliant because central banks have a mandate to get their, you know, the inflation to the 2% target. But in doing that, you may hurt the economy because, you know, whereas before I was paying, you know, maybe 1,000 pound of my mortgage, now I'm paying because interest rates are higher, you know, are higher up, have been hiked. Maybe I'm paying, you know, 1,200, 300 where all my spare cash that I would have used to save and go on holiday and, you know, maybe buy a new car and do other things, right? Now it's being taken up with mortgage costs. You know what I mean? So it's a balancing act, right? It's a balancing act. That's what this all is with the economy. But generally, but in general, that, you know, answering that question as far as does GDP have a target or preferred range? It doesn't have a preferred range as long as, you know, you're just more looking at the trend and which way it's generally going and also as well, you know, two negative quarters of GDP growth would equal a recession. So does anyone have any questions on that?