assets. You had to price them at zero. So that's the geopolitical risk. Obviously, the biggest geopolitical risk today is China-Taiwan. And, you know, the impact that would have, obviously, on the semiconductor sector is massive given the strength of Taiwan semi-manufacturing. So it goes back to that upside-down side. I mean, when you get to the point where companies get close to net cash, and in the course of a year or two or three, you feel you can get that investment back in terms of cash returned from a company. You know, your job as a portfolio manager is to decide, well, is that geopolitical risk reflected in that? And, okay, I'm not certain about what China will do with Taiwan. So how much do I want to have in China? Do I want to take that risk? And will it be 5% of my portfolio, 15% of my portfolio? So I'm willing to take some risk with Chinese investments, but it's not 10% of my portfolio. But, you know, what most people don't realize is, you know, we mentioned BMW earlier, (51/57)
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