 Alright, brilliant. Turn it up. Just waiting for a couple more people to join. I think Donovan's coming in. Alexandros, welcome Alexandros. Welcome everyone. Right, I am going to get started. Welcome Donovan as well. Right, so just mute your mics guys if you can. Remember to mute your mics. 11th of January, 2023, the group call and Euro 180. Euro 180, right? This is something that has been on the cards as a possibility and it might seem like a surprise to many. You know, if you haven't necessarily been in the group a lot. But the Euro for me has become a buy, but it doesn't mean Evergreen says it's not surprising to me. Yeah, I mean, you know, you've been in that at a group, right? I mean, you've been more consistent than maybe some others. But just for everyone who, because people have got busy lives, etc. The Euro in my book has become a buy, not against every single pair, but more against because ultimately, you know, what we're doing is we're trying to trade the dog with the least fees, right? We're trying to trade the best versus the worst. And on the weekend, I did say that the Euro pound, for example, was on my watchlist, was now my watchlist. And then on Monday morning, when I saw the report, you know, that and the video that Goldman Sachs no longer sees recession for the Euro area. And it was talking about, you know, the warm weather and stuff like that. You know, I was thinking to myself, well, you know what, I think I want to be a buyer of the Euro. I want to be a buyer against the weaker currency, which for me, if you're looking at the majors would be, for example, the pound. But what we're going to go through, what we are going to go through. Oh, yeah, just quickly, what we're going to go through is, is, you know, Euro 180. So is it time to buy? And could this have been foreseen, right? Because ultimately, that is what the question would be is, could we have seen this? Some people, you know, say yes, because look at price. Now, I don't look at prices and indication of why I should buy or sell. And, you know, you really shouldn't either. But I am going to get into, you know, I guess the pullback that kind of turns into a reversal, right? So I covered this a few, a few weeks ago, when we were talking about, I don't know if anyone remembers or, you know, was watched the video or was here. But when is a pullback a reversal? And I think, you know, we definitely to be reminded of that. And an understanding that, you know, many people can have this view that, well, you know, price was going higher. So you should have been a buyer. Now, for me, for me, I don't think that it was as obvious as, you know, what people are now viewing in hindsight. And this is for several reasons. Yeah. No, now, first of all, is the unseasonally warm weather. And, you know, nobody really could have predicted that or say, you know, somebody could have somewhere in the world, I guess, if you're a meteorologist. But it wasn't something that was on the cards and on the books, right? There was a talk of, you know, a cold snap and we did have a, you know, really cold snap. And if you live in Europe or if you, you know, you're in the UK, who remembers, you know, a few weeks ago in early December when it was bloody freezing, right? I know trading MK's from the UK, maybe a couple of other people, and it was freezing in Europe and then all of a sudden it just turned, you know, quite warm, right? And it's kind of maintained that unseasonally, yeah, trading MK says, yes, pal. You know, unseasonally warm weather, right? No one could have predicted, you know, the warm weather. And it's like to get cold again, you're right, it's unjust, but it's obviously helped. And warm weather was one of the risks, upside risks when we were looking at the JPMorgan report back in basically in November, right? So it was talking about reasons to stay bearish in the Euro energy and growth impact. And ultimately it was just talking about the fact that the weather would be a factor and there was not just JPMorgan was saying this other, you know, banks were also saying that if there is warm weather, you know, it would have an impact on GDP and energy prices simply and then that would have an effect also on GDP, right? So warm weather, you know, less spending on energy, you know, energy crisis, which would help at least reduce the impact of, you know, the contraction on GDP, right? And so that was something that was being looked at and it came to fruition. Now, you know, when it comes to the Euro as well, I just wanted to kind of go back and kind of go over this. It's back in November, right? I did make this statement and it's definitely something, you know, to read again. So this was back in, you know, November, the 28th, right? And I said, you know, Spenck, who said, oh, wow, you know, a buyer, wow, Euro buyer. What I hear is from you, boss, because most people who have been with me for the past, you know, maybe a year or two have only heard me really say I'm a buyer of the dollar. I only want to be a buyer of the dollar. And now it's like a, almost like a paradigm shift, right? It's like, you know, how are you going to buy the Euro when you buy the dollar for so long? But these are the things that happen. And, you know, one of the things I have to, you know, reread that I wrote back then and I said, I go where the money flows. I'm not married to any currency if the data does not support a narrative. Recognizing a shift is something that can be hard for people to do. And it feels strange, especially when you've been buying or sending currency for a long time. And I have a quote from Bruce Lee, where he says, be formed, be shapeless like water. If you put a water into a cup, it becomes a cup. If you put water into a bowl, it becomes the bowl. If you put it into a teapot, it becomes a teapot. And I've always interpreted that to not be so rigid in my thinking, right? So adapt with the environment. The only constant in life is change. And if you don't recognize when to change, with the environment, you're always going to lose. So as, you know, the euro, you know, was there was cracks obviously starting to show in the dollar with inflation. Yeah. Coming down and the market kind of not believing the Fed, you know, being at odds with the Fed as to whether they were going to hike rates as aggressively or continues to hike rates to a certain note between, you know, 5% and 0.25%. There was that differential between the market and the Fed. But also, what was happening is that the euro was getting slightly, you know, obviously better. And, you know, there were just things that we've, for example, with the weather and, you know, GDP, that kind of, you know, caused, you know, a switch in the bias. And this is a, you know, this is a great article and thanks to Spenk and I'll just kind of re go through this article quickly. And he says, this is from Bloomberg says the collective my hive mind of Wall Street is backing a view that the euro rally is just getting started with energy prices tumbling, right. So again, energy prices and calls for a region wide recession falling to the waste site. And the clear narrative is emerging that the worst of the economic damages over and European assets are cheap and I think it might have been was it Donovan that said something to the effect of asked a question about doesn't that hurt the ECB stated that they're willing to continue to do that. I can go through a shallow recession if it if it does occur so yes, and that was the thinking that I had before right so if you if my my, you know, previously before, you know, Goldman Sachs came out and kind of started saying this and, and you know, banks obviously now changing their tune which you know banks are allowed to write one of the one of the things I was anticipating was was that the euro would be the worst stuff because if you are hiking into a recession. Yeah, it basically makes your session a lot. You know, you can track a lot more right to contract a lot more so central banks have to be very weary about how much they hike if future projections for GDP are coming down and contracting right that is the, the, the issue. Right. I've gone to something following that fed topic for a while now and if they were there forecast secret to 0.1 yeah so at the same time you've had, you know, sticking to the to the euro and my previous thinking was that regardless of whether you know the US were, you know, hiking less. I was waiting more for GDP, right and I was explaining this week and week out I was waiting for GDP on the euro. Yeah, to kind of come out. And if it came out worse than expected, then that would have an effect on the actual hawkishness of the ECB because the ECB won't be as hawkish if GDP contracts more than what was expected, but obviously with warm weather, right and low energy, right. And that has now affected GDP to the point where, you know, Goldman Sachs are now coming out and other banks are coming out and saying well, in fact, the, you know, the economy may not contract as much as we first fought, you know, from back in, you know, November when we were getting all the forecasts in, you know, October November saying that, you know, the euro dollar is possibly going down to, you know, the 0.95, right. That was what was the, the narrative, and that was based on a cold, you know, cold weather, right with obviously cold weather and high energy prices. And that has changed. And so I can't be so rigid in my thinking as to try, you know, to ignore that and be married to the dollar. That's, that's just, you know, a silly thing to do, right. And so, you know, warm weather, right GDP expectations now have changed. China zero COVID policy now looks actually to be quite positive over December, you know, November December. Thank you very much.