That's some great analysis. I'm a little surprised you're not a...

That's some great analysis. I'm a little surprised you're not a holder. I also agree with your weightings on the political risks which I've always seen as the greatest issue here. I've reflected on them a fair bit but can't quite decide if they are a positive or a negative. You could argue that increasing east/west tensions may in fact de-risk the project because we're providing the product locally and shrinking supply lines and decreasing Chinese reliance on energy from geographically distant locations. There's certainly a lot of moving parts that have to come together but EXR have a team that's done it before.

Thanks again for the impressive pieces of work.