it's spec lartulatorspeculators. speculators should be put out of business. speculator is the same people that value your house when you try to sell it. what do they have to do with the price of oil? >> speculators undershoot and speculators overshoot. speculators, look, they're sort of -- i hate to use the word liquidity, but -- >> if you have a 401(k) or ira, you're a speculator. >> right, but a lot of them are those who see a trend moving and they pile the money on computers, pile the money on a commodity and that can actually make it worse. remember, interest rates are low, so when you have people who have money and they're trying to get returns, more chunks of those portfolios are going into commodities. when it turns, it will turn hard and it will turn ugly, but then, as peter points out, you do have those fundamentals, those big, huge, growing markets around the world that are hungry for