There are two types of loan losses. There's what they call loan losses provisions on performing loans. So the accounting says, when you make a loan, inevitably some of them are going to go bad. So we have to put up a provision as we make the loan, even though it hasn't gone bad yet. And then there's provisions on impaired, and those are loans that have gone into delinquency. They changed the accounting a little while ago, so you have to try and estimate in those provisions on performing how much money you might lose in the next twelve months is one stage, and then over a longer period of time, in the second stage. So banks have created all these models to try and estimate how much loan losses might arrive in the future, and it's going to have an impact on this cycle. So as you build these, eventually you would build what they call provisions on performing and then you will draw that provision down as the loan actually becomes impaired. Because you're trying to get in front of it. And a lot of bank investors historically would say you really buy the banks when provisions for credit peak. In the past, they used to really spike a lot higher because you didn't have this mechanism. You had general reserves, but it didn't work quite the same way. I think that's going to be a big difference in this cycle. And it's been one of the reasons why the estimates have come down, because people have been trying to get these provisions for performing credit into the numbers. So as the year progresses, when we get to look into estimates, those provisions for performing look like they might actually decline a little bit in the latter part of 2024-2025. So the economy will play a pretty important role in that, and that is a big difference this time. But before we even get to provisions for credit, the first stop is that a bank needs liquidity. And the banks have plenty of liquidity. It's costing them more than it used to because of higher interest rates. They need capital. The regulator spoke at the conference and some people think that OSFI will continue to take the minimum capital ratio up a little bit, maybe towards 12% at the end of this year, which means most banks would run around 12.5%. These are pretty robust capital ratios if you look back, relative to history. So banks have good liquidity, they have good capital, they have a bunch of loans on the books, some of them. There'll be some provisions as the economy finds its way. And that's really part of the process of trying to determine earnings; to try and figure out where provisions for credit might be. But when we look across the banks from a longer-term standpoint, people say, well, why don't you worry about provisions for credit? Well, two things. First is, we know banks are going to have provisions for credit. We're scenario-based investors, so we know that banks are going to go through good and bad times. And the second thing is, one of the old axioms, which is you can't lose money on the same loan twice. So once you've written it off, you've written it off. We look at earnings in a couple of ways. We look at what they call pre-tax, pre-provision earnings. That's a very exciting term; I can tell by the look on your face. So what that says is, all the money that the bank makes that would be available to write off credit if they had to. Because that's everything that's left. You paid all the expenses, you paid the depositors, you have this money left. And the only thing left to pay is taxes and your provisions for credit. Now, if your provisions for credit were 100% of that number, there'd be no tax to pay, because there'd be no earnings. So this pre-tax, pre-provision number is multiples of the provisions for credit. Each year, a bank has this self-generating capacity to deal with past mistakes that might have been made on the credit side, and then the other businesses that don't maybe use the balance sheet the same way, wealth management, advisory businesses, M&A, these types of things, there's a big focus on that growth. And that growth is important because it doesn't use capital, but also, it has really long-term growth prospects. There's the digital component of banks, as everyone gets very focused on the here-and-now. What's going on with the app? What's going on with the digitization of different processes in the background to take costs out and what have you? When you come to these conferences, you're always having discussions around the here-and-now because it's always important, but you're also trying to have discussions about how these businesses will evolve over time and which business lines are set for more secular growth. And you're trying to think through what might the banks make in the near term? And then when some of these credit headwinds pass, what might they make on the other side and how might they trade? Things like this.