 north of Toronto, all hell is breaking loose right now. People are trying to sell these subdivision style homes that were selling for two and three million dollars, but two years ago having gone up 55% in two years. So it is an absolute disaster for the household and for businesses who took out a bunch of debt at all time lows, 5,000 year lows. So this is what's going on in the world and it's relative. It's not about one country having this big strategic playbook and you know doing it so much better than the rest. Yeah I want to stay with Rates and come to you Adam in one minute, but just a thread I want to pull on on the Canadian housing market because this is a Canadian conference that you mentioned, 55% of income is now going to funding shelter. Recently in your letter I also believe you all debt. Mortgage interest is up 30% here over your Canadians and inside of the next two years 45% of mortgages in Canada are up for renewal. Obviously it's significantly higher rates than when they were wrote down. This is correct? This is correct and the average house price here is still a redonkulous $800,000 or so, $750,000. In the big centres where most of the population lives like Toronto and Vancouver, the average home price is more like a million dollars. Get out of mortgage calculator please. I do this all the time. Put in the numbers. I couldn't qualify to buy my own house at current rates if I was looking to purchase it right now. The amount of people that can pay the dollars being asked for these assets is just so tiny relative to the bulk of the supply. So this is why I say liquidation event. We talked about it on the stage last year. It's been in the works. It's slow. Real estate cycles take four to six years or so to bottom. Everybody loses interest and goes oh the high rates were fine. No we're not fine. It's a lag and it's coming and it's evident everywhere you look right now. So I think that's going to continue to be a major theme driving disparity between people and the incomes of the economy. We were chatting about this lag before we got on stage. So maybe elaborate on what you're focused on and what the public might be misunderstanding in terms of economic response to each trade changes and the lack that occurs. Yeah I'm so glad that they know about this out because yeah this is exactly my big concern for this year which is if you read the headlines, if you listen to monetary authorities, the administrations, everybody says look everything's great. Soft landing, no landing. People are really beginning to buy that hook, line, and sinker. We saw stock market take off at the end of last year. People are entering 2024 with a lot of enthusiasm and they're really acting as if the lag effect is not going to happen this time. Maybe you've got to remember that we hiked interest rates more aggressively over the past two years than we've ever done in terms of rates and such. So many rates have been hiked since such a short period of time. We've also got QT in the middle of that. And you know I think a big mystery has been well then why didn't the recession that everybody expected at the beginning of 2023 materialized right then? It's got thoughts on that. We'll get there. But I think a huge part of that was positive net liquidity that was flowing into the system from a lot of different sources and it just pushed the timeline out. But it's happened for so long that I think a lot of people began to say has it shown up yet it's not going to show up yet. So I think that's the big question you get to ask yourself as an investor and even just as a consumer going into this year, which is the lag effect not going to matter, is it truly different this time or is it going to arrive and when it does, how best is it going to be? And actually tell Americans to look at the Canadian market because as you're talking about with housing, you guys are like a preview of coming attractions for us.