SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.
Strategic Council online – Interview: Having stated that Saudi Arabia has not an easy way ahead to unite field forces against Ansarallah, director of Yemen Desk at Mersaad think tank interpreted the resignation of Mansour Hadi and newly formed Presidential Council as Riyadh’s effort to reorganize field forces and to exploit their potentials against Ansarrallah.
Strategic Council Online – Opinion: The Yemeni crisis in recent days has witnessed significant political and field developments that have led the process of equations towards the emergence of horizons for negotiations.
Kamran Karami – Researcher on Saudi affairs
Strategic Council Online—Interview: “Ansarollah’s recent advance towards al-Bayda province after its advance in Marib province is a significant tactical move,” said a researcher on the Arabian Peninsula on the latest developments in Yemen.
Strategic Council Online – A faculty member of the University of Tehran, referring to the reasons for the dispute between Saudi Arabia and the UAE on Yemen, stressed: Given that the two countries are in different situations and have different points of view, their alliance is questionable and it is possible that their past relations in the region will totally fade away.
Strategic Council Online—Editorial: Turkey is one of the main regional players which has been pursuing an aggressive foreign policy during the past several years—a country which once prioritized in its foreign policy the zero-tension approach with its neighbors but has now turned down that policy by entering into various levels of political, security, military and field operational engagements in the West Asia, the Caucasus and North Africa regions. In fact, you can find very few hot spots in the region in which Turkey has not been actively involved.
Hamid Khoshayand-International issues analyst
Strategic Council Online – An expert on West Asia affairs said that Saudi Arabia is trying to somehow save itself from the predicament of the war in Yemen, adding: By taking back the Ma’rib Province, no area in the northern part of Yemen will remain in the hands of Saudi Arabia or Saudi mercenaries and Ansarullah will exercise its sovereignty over all those areas.
Strategic Council Online: A Middle East affairs expert and history researcher says the Riyadh agreement between the Yemeni Transitional Council and Mansour Hadi cannot help restore calm in Yemen. He said the aim of the deal is not peace but to increase pressure on Ansarullah.
SCFR Online – Opinion: London’s decision to provide military support to Saudi Arabia in the Yemen file, beyond a limited aerial mission, could confront Britain with broad legal, security, economic, and strategic consequences.
SCFR Online – Opinion: The acceleration of AI competition has shattered the boundaries of economic, military, intelligence, and cognitive power, turning this technology into a strategic component of national power.
SCFR Online – Opinion: The three-day visit of Chinese President Xi Jinping to Washington and his meeting with Donald Trump on September 24 and 25, 2026, accompanied by a ceremonial welcome at Andrews Air Force Base, was more a diplomatic display for managing the level of tensions than an indication of a breakthrough achievement in relations between the two powers.
SCFR Online – Opinion: Developments in the South Caucasus and Central Asia indicate that transit competition has become an arena for a new staging of influence among Iran, Turkey, Russia, and China.
SCFR Online – Opinion: The upcoming Palestinian elections, after nearly two decades of hiatus, could affect the arrangement of political forces, the legitimacy of institutions, and the future path of Palestinian governance.
SCFR Online – Opinion: The direct war of the United States and the Israeli regime against Iran, disruption of nuclear inspections, and intensification of great power competition have taken the non-proliferation crisis beyond the issue of Iran’s nuclear program.
SCFR Online – Opinion: In the Iran–U.S. equation, China pursues a cautious balance between its energy and transit interests with Tehran and considerations related to sanctions and competition with Washington.
SCFR Online – Opinion: The simultaneity of pressure on the Strait of Hormuz and Bab el-Mandeb has turned the geography of energy and shipping into a new arena for the emergence of new risks, costs, and leverage.