00:00We do expect rates to come down in the U.S. to around 3% by the middle of next year.
00:05And that, coupled with ongoing economic growth, some moderation in the dollar is a reasonably good setup, I think, for risk assets and equities in general.
00:15You're right that tech stocks have continued to dominate the U.S. market.
00:18They make up almost 40% of that index and they've done well.
00:22But let's not forget this year is a year where diversification has really worked.
00:27This U.S. stock market has actually underperformed most other equity markets, including the U.K.
00:32And many of these other markets, like the U.K., don't have any or very little tech exposure.
00:37So you are seeing this pouring out. I think that will continue.
00:41Aggregate upside, I think, is limited because valuations are reasonably high.
00:44But we're going to get profit and dividend growth, and that should really drive equities.
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