 In my computer, Tom takes all the pictures, including that picture. So where do you suppose he took the picture? Pardon? I can't hear. Backwater of where? Canada. Canada? No, actually not Canada. Not India, almost certainly not. That's close. Somebody said Australia. So up until 300 years ago, in European languages, the word black swan meant an impossible event. Because there might have been black sheep, but there weren't any black swans. They didn't exist. Until a Dutch sailor exploring the furthest regions of the world sailed up a bay in Australia, and here was just a whole horde of black swans. This actually happens to be in New Zealand, where there are also some black swans. But he didn't quite believe it, so he captured a few and brought them back to Europe to prove there was such a thing as a black swan. And so now the word black swan got changed to mean something, an event, or something, that was completely surprising, and you certainly didn't expect it. But if you thought about it, you should have probably known that it might be possible. However, it wasn't really apparent until it happened. So let me tell you about a guy who understood this concept of black swans. His name is Jan Wallender, and he in 1970 became CEO of a bank called Handelsbanken in Sweden. And he was rescuing the bank from some sort of disaster, which I don't know. They're trying to grow, and they tried to grow too fast, and ran out of money, and the board was fired or resigned or whatever. And he had been running a bank in northern Sweden, and he said, okay, I'll come run your bank, but you have to let me do it my way. Now Wallender was an economist, and for all the bad things that I'm able to say about economists, there's also a few good things. In this case, he said, as an economist, there is one thing that I know absolutely about economics. And that is, every approximately 20 years or so, there will be a...