Yeah

... and very uncertain.

So there's a lot of unknowns that I think are important to, to consider.

Um, and, and, and secondly, the fact that these earnings, whilst they might look incredible today, uh, because an awful lot of infrastructure and investment is being made to, to take us on this AI journey, um, clearly at some point that is going to change, and I don't think, you know, how sustainable are these current levels of earnings and, and investment.

And pinpointing the timing of that and when that starts to shift is, is very, very difficult.

So that's not what we're trying to do.

I think, you know, any investor trying to pinpoint the moment at which this turns, you know, much like the turn of, um, the millennia with dot-com boom and bust is, is a, is a real challenge.

So how do you see that equation? 'Cause it's a very difficult, uh, sort of conundrum that people have in that position.

So just talk us through why you have overall such a big allocation to bonds, given this kind of volatile inflationary prospect, and why you've weighted those bond holdings in the way you have.

Absolutely.

So I think you're very correct in drawing the conclusion from what I've just said there is we are duration sceptics because periods of high and rising inflation, as we've witnessed, are not favourable to bond prices as you see yields rise.

So we are cautious and that's why it really matters what flavour of bonds actually make up that percentage in the portfolio.

And the vast majority of that are very short dated, very low duration, almost cash like instruments.

So they make up about 20% of the portfolio.

So overall portfolio duration is still less than two years.

That's a very big contrast to the world index anyway.