00:00You mentioned we're moving into earnings season. I think we just had the U.S. Bank, some of them, of course, overnight.
00:04Any specific theme that you're looking out for that might give us, I guess, justify certain valuations and so on?
00:11Guidance into 2026. So the fact is, is that we're already kind of a couple more months and we're towards the end of the year.
00:17I think it's going to be very important to see, you know, sort of where are we heading as we approach 2026.
00:22Are we going to see potentially increases in CapEx, which is going to be important, right?
00:26The fact is, is that we haven't really, AI aside, right?
00:29The fact is, is that we want to see further push up on CapEx.
00:33Okay. Oh, this is CapEx outside AI?
00:35Outside AI. The fact is, is that, again, AI we're seeing obviously quite a bit and the whole ecosystem has been a quite big benefactor.
00:42But other sectors, you know, are we able to potentially see, you know, further push up in CapEx, which shows are going to be important aspects.
00:49And that's why we're very closely monitoring in terms of guidance as to kind of what's likely to happen in 2026.
00:55Now, you're an equity strategist, but on the currency markets, if you're seeing this appreciation that's kind of guiding in that forward, how does that play in?
01:02Currency appreciation actually does help a bit.
01:04The fact is, is I think China is still very much in a tight, narrow band.
01:07The fact is, is that with a stronger renminbi, the fact is, is that potentially you might see a bit less capital outflow.
01:13With the stronger renminbi, you know, the fact is, is that more investors might actually want to keep their money onshore as opposed to having it offshore.
01:20You know, we've seen when the renminbi is weak, it doesn't really help the onshore markets.
01:24And we've seen also as well is that the onshore markets have still underperformed relative to some of the other markets.
01:30And the fact is, is that with a stronger renminbi, that does potentially help, you know, potentially keep some of that capital within China.
01:36And that could help, you know, sort of overall capital markets in the near to medium future.
01:40Ken, I want to get your thoughts on this debasement trade.
01:43Gold isn't a good example of that.
01:45Is that a good or a bad thing or is that neutral for equity strategies?
01:48A lot of the markets are at all time highs.
01:50Right. And the fact is, is that when you look at valuations, they're very high across the board, you know, whether it be in North America, Europe and some of the markets here in Asia are at all time highs.
01:59That's why the share, not only gold, silver, platinum has also been, you know, key commodity assets a lot of investors are looking into.
02:06So what we're seeing is, is that, you know, investors are to get a bit more of a way into, hey, you know, you know, let's take a step back.
02:12Let's, you know, given where we are valuation wise, given where we are market level wise, let's look at potentially some alternatives as a way to potentially hedge some of the exposures that investors might have right on the marketplace.
02:24And again, you know, the rise that we've seen in gold and silver, you know, has been tremendous.
02:28And I don't think anyone in the beginning of this year would have told you that, you know, we're going to see 40, 50, 60 percent rises in, you know, gold, silver prices.
02:36I don't think anyone predicted that.
02:38But this is where we are right now.
02:39But it's there seems to be still a bit more room because of some of this uncertainty that's still right now in the marketplace with a couple of valuations.
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