00:00Have you gotten more bearish, Kate? I mean, I've noticed sort of a shift in your tone and I was
00:04looking at your notes and you like short duration, high quality fixed income, which doesn't exactly
00:09scream optimism about the future ahead. I mean, can you give us a sense in this very, very,
00:14very long two years that feels like 10 years, but as actually two months? I mean, how much
00:18have you actually gotten a little bit more pessimistic? Well, I haven't gotten that much
00:23more pessimistic than I was kind of, you know, over the course of the last year. I will tell
00:27you the short duration view in our fixed income outlook and how we're expressing our views in
00:33portfolios has been in place for the duration of the last 12 months. So that's been the case. We've
00:39been really kind of careful about adding to long duration, fixed income, see lots of sort of
00:43headwinds. You might remember I added a bunch of gold over the course of the last year, just turned
00:48out to be an amazing contributor to portfolio performance, obviously far exceeding any
00:52expectation that I had when I was using that as a ballast for equities. But we're still all in on
00:58equities. I should be very clear. And we continue to believe that we're going to have a significant
01:02amount of upside when it's being driven by earnings over the course of 2026. So I'm not
01:08bearish on equities. I'm still cautious on taking risk and duration or what shouldn't be risk, but
01:14it feels like risk and duration. And instead of using gold and portfolios.
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