Now, if you are thinking about sort of looking at the kinds of companies that are exposed to this sort of transition, how would we go about looking at that. Well, firstly, I think we need to look at the full battery value chain to identify the kinds of the opportunities that could potentially present itself. Now, what we've done with the help of Wood Mackenzie once again is looked at the battery value chain. And the battery value chain starts off with these, the commodity markets. So looking at the sort of the mining of the raw materials, taking these things out the ground whether you talk about nickel or cobalt or lithium, converting them into the chemicals. And obviously lithium is a chemical formation rather than pure commodity. Then those things need to be processed into the various materials and put into seldom packs to be created into a battery. And then we've got the various applications, we've talked at length about, Electric vehicles and energy storage systems there. Today's identified growing sources of applications. But there are also newer applications that haven't really sort of come to the market yet. And some of those new applications could be things like airplanes and ships. They could also benefit from battery technology, but we kind of sort of bucket them into sort of what we think of emerging technologies. And with emerging technologies, we also consider the fact that today's battery technology is predominantly the lithium ion battery when we as we stated earlier on, we think that's going to be dominant at least till 2030. But there are other forms of energy storage and batteries that are already in they sort of ramping up in the R and D phases right now. And will become commercialized in future years, sorts of things we're thinking about there are solid state batteries or lithium air batteries. Or even as I touched on right at the beginning of the presentation, hydrogen fuel cells, which are a form of electrochemical storage. And sort of completing off this kind of value chain, that is kind of, what I say, the most linear part of the value chain so far, but none of this would be able to exist without what I call enablers. Now, we've used the term enabler already in the sense that batteries are an enabler for the renewables story to come alive. But for the battery story to come to life, we were thinking of other things like we talked about the charging infrastructure. Without an ability for vehicles to charge up, the story won't come to fruition, but we need other things, things like inverters, things like change an AC current to a DC current. Because different battery charging technologies exist and we need to harmonize that. Recycling, we mentioned that a while, early on in the presentation, but or emphasize that point, once again, that if the whole idea behind this energy transition is to get better environmental outcomes, we need some sort of circular economy for the materials used in the battery value chain. So recycling for batteries is a very small industry almost non existent today, but that's going to be growing by tremendous amounts over the next few years, as batteries come to the end of their lives. Grid Edge, that's basically things like the technology, the software that allows the various hardware components. Whether we're talking the grid infrastructure or we're talking about the software that goes into electric vehicles, all those sort of things. It's a software part of that, needs to be developed as well. Now, thinking about this battery value chain, We believe that the best kind of investment opportunities sit kind of up screen. While we believe electric vehicles and energy storage systems are the things that are driving all these trends, that we're driving the demand for the raw materials, the batteries, the seldom packs, etc. In terms of the investment opportunity, we think that that's probably the slightly weaker end of things. Now, let me put that in context, think about the typical company that will be producing electric vehicles. It will likely to be an existing vehicle manufacturer, a company that has a large legacy internal combustion engine vehicle business. Now, while one part of the business will be seeing growth in EVs, the other part of the business will be flagging. That sort of almost that perfect hedging of their business may mean that we're possibly seeing the best revenue opportunities. And very often these kind of disruptive technologies don't really serve them necessarily well. And therefore we think the application is part of the value chain, possibly or the weaker end of the value chain to invest in with the exception of these new applications. So when they're brand new applications, we think there's some sort of exciting opportunities there, but somewhat weaker on the existing applications. So, Wisdomtree as an organization, we sort of stick in that sort of, as a business, we have a very large commodity offering. And we also have a large thematic equity offering. And so we see kind of across these kinds of different themes that we've discussed today. And what we can say, I haven't really seen the amount of chatter on this kind of super cycle in the commodity markets for a number of years. So, I've worked in the quantity markets coming onto sort of nine years. And I have to almost dial the clock back nine years ago to when I was hearing people talk about the commodity super cycle. And at that time, the supercycle that was driven by China's integration into the global economy that sort of started in the early 2000s. And that was sort of fizzling out in 2012, 2013 and it's big sort of urbanization program, but today people are talking about super cycles right now. Now, why, why is that right now? And I think a lot of what people are thinking about is this energy transition that's driving a lot of demand for metals and the raw materials that go into the battery value chain. I don't think it personally as a broad based supercycle, I think we are in an awkward phase of the business cycle, which were good for all commodities. But what we may see as a long lasting effect is the impact on the things that go in the battery value chain. And the sort of the energy transition more broadly in terms of the materials that were used in the renewables production market. So, I thought I'd just leave on that note in terms of my prepared comments. With that, I'm happy to take some questions. [MUSIC]
