Baires, I think he was saying it already basically had the 20% selloff, but that may be followed by an emotional selloff. At any rate, that made me a little nervous. I also thought he saw the PM sector as being in a "cyclical" bull market. The word "cyclical" caught my attention as that runs counter to almost everyone I follow who sees what started last January as the resumption of the secular bull market. Did you notice that?