Where Form 8865 Asset 2024

Music, thank you for Nash and thank you, everyone, for joining today. I was given the task of trying to give an overview of the investment principles for real asset investing that we follow within Brookfield. I would just say that over the years, we didn't have any secret sauce and we had no strategy, really when we started. I would say it was based on a value thesis, and over the years, we've tried to learn and develop a strategy that worked for us. Maybe the number one thing that I would say to anyone that is investing is that there's never a right strategy, it's whatever strategy fits yourself and what you want to do. So I'd start off with that. For us, though, we generally have always operated in a methodology where we're trying to walk away from the cliff, and we keep this slide in the office, and many of the offices in the world to really indicate and remind all of our people that one should always look for opportunity away from where the crowd is going and not go with the crowd. And in real asset investing, that's a very important lesson to learn. 15 or 20 years ago, we wrote down the investment guidelines that we had for the company. Ever so slightly over the years, those have changed but largely they are the same. The first one is to identify places where we have a competitive advantage and invest in those areas. Second, always try to invest on a value basis, so go away from where the people are going and invest where other capital is not. And we found that very important to investing in real assets. Third, what we're looking to do is to buy assets or find assets that have...