 Good day, fellow investors. I just wanted to discuss a little bit the market, the news and what's going on and answer also your comments. So we're going to discuss the answer to all of what's going on, buybacks, short-term investments, market velocity and whether we can time the market in relation to your comments and what we discussed in the previous videos. So let's start with the answer to everything and to analyze what's the answer. We can discuss jobs, the economy, four hours. Unfortunately, jobless claims are going up also in Norway and it's normal, especially for the temporary jobs, etc. I hope the impact won't be long-lasting. So that's the hope I have. But then again, we can look at the impact on the economy depending on how long this will last. 7%, 8% GDP decline, if 50% of the economy shuts down just for two months. Okay, that's the impact again. We can discuss it for hours, the reaction of the central banks. Are they printing enough money or not enough money? What's going on with yields? We can discuss the situation in the current health system per country, which country will be hit more, will be hit less. So that's rates and everything. We can discuss the market, how it's now back to previous levels, December 2019 or 2017, depending how you look at it, the volatility. We can discuss that there are bargains of lifetime, like Bill Ackman has called them. We can discuss oil. I might make a special video on oil to see what and where is the case here. Then we can also discuss high yields, risky businesses, and the situation there, which is a real bloodshed. However, so we can talk about all those things. However, the answer will be given by when the situation stabilizes. Will it be three months? Will it be six months? Will it be a year, two years? Nobody knows. And therefore also now really talking about all these economic stuff and I can make beautiful videos that you will enjoy about all of that. But I don't think there is much value there except for, I don't know, YouTube revenues from advertisements or something like that. So I really am also focusing back on the research, looking at businesses and simply sticking to my strategy. So no point talking about things that we really don't know and that really remain to be seen. And there is a lot of info changing every week. So we hope for the best. And that's what we can do and prepare for anything. That's the only option, I think. However, there are some really, really interesting comments that discuss something very important, something also that will give us lectures for long-term investing over our life cycle. SYI 23600 discusses about Boeing. And all these companies asking for bailouts, Boeing Airlines, Cruise Lines have spent millions combined, trillions in buybacks. So now they are asking for bailouts from the taxpayer. And I usually also am against buybacks, especially when made and when those are destroying book value. Warren Buffett simply says that he will buy back stocks when there is a return to the shareholder. And that is when the price of the stock is close to the intrinsic value. However, with Boeing, for example, it was all about financial engineering. The book value was brought from positive to negative over the last years, where they spent, what, 18, 25, 47, 40 billion dollars on buybacks pushing the stock price up, up, up and up to the sky, not thinking and not being ready about negative situations, always expecting the positive. And that somewhere where really buybacks destroy a lot of value, destroy a lot of pension fund value, people that simply invest in those businesses. And therefore, I'm really against stupid buybacks, always have been. And in this case, again, 50, what, 40 billions thrown out or really received well by the managers for their options, packages, et cetera, as they get rewarded as stock prices going up. So really in the future, we have to really be careful. Why are the buybacks done? Are they for managers for option compensations or they are really there for rewarding shareholders long term? So something very interesting and excellent comment and something like this really comes out in a crisis like this. Then also a comment from the Houston observer about, okay, Sven, if you need the money in the next few years, you say don't invest. Now, in the US with zero interest rates and we now see the three month treasury at 0%, where is a good place to invest the soon to be needed cash? Well, if the three month treasury yield is negative, then there is no good place for the cash. The key is, okay, if you need cash, if you need safety, then that's it. You have it and don't expect anything else. Don't risk everything like we have seen with the high yield issues, et cetera, where people risk so much for what? A few percentage points yield per year. So really focus on what you need and not on what you don't need. And if you focus on what you don't need, a few yields here and there, you might lose everything. So it's really not smart to lose what you need for something you don't need. Also something very important, a very interesting comment from Chris Isak Erickson. So what's important to take from globalization and advancements in technology is that crashes from the early 90s and 20s are less comparable. So we already saw the power of easy access to news and information as well that is access to trade stocks. While it took two months for the SAP 500 to fall 31% in 2008, I think it has now fallen 43% in two weeks. So my assumption is that both the bear market and reaching a bottom will be much faster than we have seen before, as well as the recovery thereafter. But as you say, nobody knows. So markets are moving extremely fast. Bigger markets really relying on all the news, trying to price in the news, which is impossible as we have seen above earlier. Nobody knows what will happen. So that's something interesting and we'll see whether the reaction will be fast, whether the bottom will be hit fast. Depends again on something that is out of our control and out of our comprehension. So we have to wait and see. Also on timing the market, Patrick says to nibble all the way down and okay, this is not the first and last economic crash. Then Pavel, it's clear that most, if not all the recession lasted a year with an average about one and a half, two years. I don't see a reason why this time it will be different and why not wait at least a year before start buying. And here I really don't know about timing the market. Will it be now the bottom? Will it be in six months? So 2018 December also was everybody was thinking about recession, 2015. If I had sold in 2018 or in 2015, I would have been worse off. Also Richard, best investing advice I can give in this situation, make yourself a coffee and just stop for a minute. Calm down and think. When the media, public and politicians are stressing, it can be infectious. Try to remain detached and slow down. Don't rush. Lots of people will be making money out of this situation. Just don't let it be your money they are making. Excellent message from Richard. Then Sergi adds a bear market brings back stocks to their legitimate owners. Also a very, very good message. And then easy, your strategy is to buy at the bottom from the last video, really genius move. I wonder why nobody thought of that before. So I said that the best purchase will be made at the bottom, but my strategy is to buy a little bit here, a little bit there, reinvesting the dividends when I get them. And that way it's likely I buy something at the bottom, but to buy at the bottom I have to keep buying. So just a quick discussion there. We can talk about a lot of things, but as said, focus on your strategy, focus on where you are in life, focus on your long-term 10, 20, 40 year goals. Be ready to structure yourself, to prepare yourself for anything. And that will give you the answers what to do, when to do it. And think about again, long-term compounding and really taking advantage of the situation for your long-term well-being. So don't panic, stay safe, subscribe, click that notification bell if you like this kind of mindset because now it's more about you, it's more about strategy, it's more about mindset than about anything else as we don't know what will happen, but let's hope for the best. Thank you and I'll see you in the next video.