 Good day, film investors. A few days ago I released a video discussing one of the most bullish thesis that I have over the next five years, a decade. I like those kind of investments where the upside is pretty sure there is low risk but high uncertainty. And a lot of the comments on the video and on the article that I made were about how, yes, copper is good, Sven, but not now, we might be a recession ahead, blah, blah, blah, et cetera. And now, in financial times, article came out discussing Dr. Copper, its perspective on the economy on a potential recession. And I find it as a great example to discuss copper as an environment, but also my main investing points where I want to show you how you or how I at least take advantage of what's going on in the market. I'm looking for low risk, high uncertainty. I don't know when will copper boom? Will it be next year or in five years? Nobody knows, but I know that I have low risk, high uncertainty. I don't know when it will happen, but I know that when it happens, I'll make a lot of money. So low risk, high reward, high uncertainty. I wait, I accumulate, I trade a bit or something gets bought out like Neveson was bought out last year. So I make money also in the process. But let me show you my theory. My theory is pretty simple. Where do I get my investing advantage? I like buying when nobody wants to buy, like it is the case now. In five years, they'll be crazy about it. And investments, copper miner prices will be five times higher. The second point is to look at the long term fundamentals. Not that the short term fundamentals, we'll discuss both. Then look at low risk, high uncertainty, high reward investments. And of course, the key is to pick up value when it is there. No matter when it is there. And what does that mean? That means that when I see value over the long term, long term fundamentals that gives me good return over the next five, 10 years, I have to buy it sooner or later. I make a lot of money. So let's see what the financial times has to say. Dr. Copper, two year low at $5,600 per ton, deteriorating global macro sentiment and commodity investors. Correction here, there aren't commodity investors. There are just commodity speculators and those work in very, very short term time frames. So they are very negative and appear to assume the worst. The recent data supports this view, the worst being a recession, lower demand for copper over the next six months a year. And when the environment is in such a situation, everybody is selling because you don't want to be the full holding and seeing others outperform you. So that's something that creates an opportunity for me. Further on the short term, city group estimates copper demand will grow, still grow just 2% in 2019. The price of copper has dropped, but look at the fundamentals a little bit longer term. This year's 2% fall in global mine supply. So copper is a limited asset. You cannot mine it easily. It gets more expensive to mine and there has been a 2% fall in global mine supply. That's a fundamental. But still sluggish, slow demand, lower prices, nobody likes it. But let's look at longer term fundamentals. Many analysts and investors meet to are bullish on copper. If we shift to a low carbon economy, then for example a wind turbine needs 3 tons of copper just to be built, not to mention electric vehicles, motors, inverters, renewables, whatever. So further it's becoming more difficult for miners to find large, high-grade copper projects and there aren't many projects. And we have seen Turquoise Hill, you also have a video I think, how it's difficult to create such a mine without high, high costs. So the conclusion for our from birth time is that to meet government 2040 emission targets, copper needs to be priced at 8000 per ton. So 40% uplift from the current prices. Keep in mind, 240 is just in 10 years and when that happens, perhaps in 2024, copper miners will really, really explode. If we need to be in a Greta scenario, then copper needs to be at 20,000 per ton to produce the required copper for a low CO2 or renewable world. And then on the risk side, what if decarbonization fails, renewables, we have more CO2, then it will be hotter. Europeans and many other countries will need air conditioners, will need more power, thus more copper. And everybody's focusing on the short term, five-day change last week on copper, very negative, 4.64% down copper miners, ETF just to take an example. Over the long term, we see those ups and downs depending on the bullishness of the sector and you can never predict those. You can buy when you have cheap value in relation to long term fundamentals. I don't know whether copper will go down another 10-20% in the next six months a year. I know that the next decline 2040-40% will be nothing in relation to the upside. And I remember it always something that comes up in my mind. 2002 when I was buying stocks, everybody was saying, Sven, don't buy stocks, it are all scams, you will lose money, it's betting, it's gambling, don't do it, don't do it. I made so much money because I was buying in 2002. 2009, I was buying good businesses, dividends, earnings, no matter the crash, 2009-2011, the biggest fear investors had at that point in time was what if it goes lower? What if it goes lower? What if my stock with a dividend yield of 7% goes 25% lower? I'll buy more, I'll reinvest the dividends and I'll make even more money on the upside. So that's my answer to what if it goes lower? It can always go lower, everything can become cheaper. I know that if I time it, if I had tried to time it in 2002, 2011, 2016, 2018, I would have missed on huge gains and opportunities. And really I wanted to take this opportunity to show you what I'm doing, how I'm doing, it's different, it doesn't take care of volatility, everybody's so scared about short-term volatility. Find a good business with low risk, high uncertainty, high reward, buy it, buy more if it goes down, average down and just simply sit on your ass and wait for the teasers to develop. One, two, five, ten years. If my minor, if copper explodes in 2029, my minor becomes a four-beggar, I make a lot of money, I have a great return over ten years, mostly sitting on my ass or not sitting on my ass, the research has already been done. If you want to check what I do, my research, my teasers, my minors, please check my stock market research platform. Looking forward to your comments, really I think here we touch on the key psychological behavioral aspects of investing. So I think I'm sure there will be a lot of comments. Thank you and I'll see you in the next video.