coastal real estate for like 10 years or more. This isn't something where many people are going to come out and say, you're a whack job for saying this, or you're crazy for suggesting that the hard landing in China is a possibility. That's true, but it's fairly new. I would date that general apprehension from summer of 2015. So prior to that, you were pretty much a heretic if you didn't believe in the ever-growing value and strength and emergence into the sunlight of the Chinese consumer and the Chinese economy. But what happened in 2015 is, number one, the Chinese stock market crashed. In spite of the Chinese government's insistence that they would hold the stock value at $4,500, it went down below $3,000. The second thing is that the reminB devalued by 3%. That shocked the world and it indicated that the Chinese government, in fact, is not in control of the whole economy, which basically the Western world believed. You mentioned the first part of why it was a shock. Why did the (9/57)
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