33 We've been pretty successful, we think, in converting some of those generalists, those introduction meetings, into holders. Q3 does look a little bit unusual on this chart, but I think that was likely because of the additional shares that we issued as a result of the Sandstorm transaction. We've now returned to trend in the fourth quarter. So, it does look like our message is resonating with our target audience. Now another thing that is a unique attribute for Royal Gold for our size is trading liquidity. We've seen an increase in our liquidity over the past several -- past couple of quarters really. I think some of this is structural, and you can see this with our large cap peers shown here as well. There's just more interest generally in precious metals now than there was a year ago. But we've also issued an additional 30%, or so, new shares. And we're now trading consistently over one million shares a day which is twice where we were this time last year. The Amivest liquidity ratio which is shown on this chart here, it provides a good metric. It shows you how much trading volume is required to move a stock price by 1%. So, a higher value is an indicator of higher liquidity because you need to trade that much more to be able to impact the price. We materially increased our liquidity compared to our large cap peers. That's -- I think the largest drivers are the larger market cap and the larger share count. Now compared to our float, which is really equivalent to our market cap because we don't have any strategic holders, we're actually more liquid than our large cap peers. You can see this pickup in liquidity, again, is much more clear on this graph in Q3 and Q4. And there's one other point that I want to mention is tangentially -- look, related to this and liquidity and volatility, we have the lowest share count in the GDX which shows discipline with respect to equity issuance over a long history. We've talked about that during his presentation. However, that means that a small change in financial numbers can really impact our per share metrics. A $1 million change in our financial -- reported financials can be $0.01 change in earnings. So high-frequency traders will seize on this when you announce your earnings, if you beat or miss by a cent, it can actually mean that you've got additional volatility as a result of that. But $1 million, I think we can all agree, is de minimis for a $20 billion company, so I think, that is something that we noticed. With the addition of these additional shares from Sandstorm, that higher share count should now help reduce that volatility somewhat just dividing by a larger denominator. Peers with hundreds of millions of shares outstanding don't have the same issue, but we do. It's something you should keep in mind when you see our financial results on a quarterly basis. The volatility in trading may actually be driven more by our low share count than the results themselves. Now we believe very strongly in our business. Hopefully, been able to illustrate that over the last couple of hours. But despite all the attributes that we put forward today we continue to trade at a discount relative to our peers. If you agree that our portfolio is well diversified, has long life with many growth catalysts, our margins are high and consistent, we have a strong balance sheet, we have cash flow and access to liquidity to be able to continue growing our business, and we have the market scale and the characteristics