And

what specifically was it doing this year? Was it short treasuris, or what was the strategy?

So i so much to everyone surprise, the biggest gainer this year has actually been shorting the yen against the dollar. And n again, for you know, when you talk about the craziest things in the market, i think if you'd asked f x strategists earlier this year, you know what, where the yen is at a hundred and 15, where could it possibly go? You know, the guy who said a hundred and 25 would have been laughed out of the room. And then, low and behold, it almost hit a hundred and forty. So the dekno, the funds got that position early and and rote it. But they also, they were right and and long in crude oil at the right time. They were short treasuries when rate started to go up. So it's really been, it's been three big principal trade that have delivered most of that performance. That's

fascinating. I was going to ask you if trend following is too sim implicitic of an explanation for a pe it it sounds like not. Butwa, curious, is it, you know, is it something that can be systematic and sort of rules based, or is there a lot of, ah, you know, just watching the taped and making sort of discretionary decisions about about what the trends look like?

So, so, i, i, i irritate a lot of people in the manituter space by basically saying, i don't think it's that complicated. To me, it's the modern diversion of that guy that we all know with a candle chart, who's tell you that something has just broken through its moving average, and it sen to go, you know, keep going up. But you know, what was that guy saying? He was saying that that, you know, people fall in love with stocks, and they drive them higher. They they bail out of things and, you know, sort of dump things at the same time. Sometimes the world changes, and they're verye, very slow to respond. What a manatuter's fun does. It's got a lot of human beings sitting around with a lot of computers, and so it's not as though somebody has created some computer and then lectess autopilot cind ofe set it to work. Rather, it's guys trying to figure out and constantly tweaking and changing the models and tryingt out the right barimeters overtime. So it's a systematic strategy in that these guys are, what they buy and sell every day is driven by computers. But there's a very human side of how people end up building the models, what they like and what they don't like. And so i think there's often this misunderstanding when people say it's ant based. They think it's, it's its hell in two thousand and one with its own identities. It's not. Theyre just expressions of human beings who happen to be quantity in nature. Andyt, is that true? You think o the entire sa c t, a in manage futures universe? Because i do.