the itb, the home building etf, was down nearly 18% in the last month. names like lennar, pulte, and dr horton down in december after they shot much higher from july to november in anticipation of many more fed rate cuts, which, of course, we know, are not going to be as many as we thought, tyler. >> all right, diana, thank you very much. guy, what do you think of the home builders? >> well, if you believe rates are going higher, which i do, and if you think the unemployment rate is going higher, which i also do, it's hard to make a compelling case here. you see how quickly the stocks can go lower. pull up any one of the foryou want and the move has been staggering. and now all of a sudden, middle of december, you see downgrades. barclays, jpmorgan. you're going to see people downgrade. people want to play pick a bottom here, i you this it's way too early to pick that right now. i think there's more pain on the downside. >> bonawyn? >> i'm with guy in terms of trying to catch a falling knife, but i do think the relative performance versus iyr is starting

emma: you know, i think the biggest mistake was probably when i had my first agency, itb.as killing it in london. and so there was this idea that the company was completely exportable. and i went to the u.s., opened an office in new york, that office went really well. and then i opened in l.a. and i failed miserably. underinvested, did not bring the right people in, just thought whatever i was doing would translate, and it didn't. and i learned that the hard way by starting something, dragging people there, and having to close it. there is nothing like a bit of embarrassment to humble the soul. i was like, you know. [laughter] packed everything up. literally had to pack my own office back up. so that was a fantastic learning. but, again, i never let it break my spirit. i really, truly took those learnings. and when i started my second company in l.a., i was like, ok, this is where i need to do something different. and so i literally packed up my family and went and moved to l.a. and knew that if i was going to do something that was going to be successful, i needed to do it