One million hard copies printed people lined up in the rain to get a bit of history. Bloomberg Stephen Engel has reported now that they're down to a skeleton crew because employees had quite a fear of more arrests and fearing for their Freedom Day two of the trial of several men charged under this China security law as well. U K Prime Minister Boris Johnson today marking the five year anniversary of the vote to Brexit, saying that U K is indeed established its independence from outside influence. US. FBI Director Christopher Wray in front of the Senate Appropriations committed today, says the agency strategy to stop Iran somewhere is working. Europe is getting a fresh warning about safety and getting people vaccinated. The Delta variant spreads UK reports most cases since the start of February in San Francisco. I'm Ed Baxter. This is Bloomberg. Alright, Paul back to you. All right, thanks very much. Said we're joined this half hour by Thomas Hayes, his chairman of Great Hill Capital, and Thomas. We did have to catch you off on your thought. A little earlier, you were talking about Alibaba, saying it's down for three key reasons. I wondered if you Care to expand on those? Yes, Chinese stocks at the whole, the whole basket really got hit several months back for a few reasons. First and foremost, was the arcade Goes Family office to Bill Wang Blow up there was an unwind of about 100 billion notional of Chinese stocks. And the ones in his portfolio. Baidu VIP shops Gsx Tencent Music entertainment were hit but also the ones that weren't in his portfolio. Like Baba JD X. Paying the entire group was hit with this unwind, which took many months with the prime brokers unwinding their hedges and their positions. The second thing is obviously the Chinese government regulation and crackdown. We saw $2.8 billion fine. Anti monopoly. Find to Alibaba. We saw a crackdown on the live streamers on the education providers. We saw a delay of the ant financial Ip I P o, uh And then, finally, of course, was inflation fears. So you saw the same with attack and yield sensitive groups in the United States with the 10 year yield went up from 100 basis points to 175 basis points within a period of six weeks earlier in the year. Attack and Chinese tech all sold off because long duration earnings became less valuable with with the fear of a higher discount rate. Now, Alibaba is a unique situation certainly best in class. If you look back since its IPO, it's traded at an average PE of 28 times. If you look forward to next year's earnings, it's trading.