00:00What are you advocating for right now? We often talk about dislocations and creating value in
00:04certain spots of the market. Off the back of big moves, you talked about the front end of the yield
00:07curve, 3-4% for the first time since last year on twos. Where's the opportunity at the moment for
00:12you? Yeah, we think it's really important to stay disciplined with the technicals, mostly if this
00:16volatility continues. We got a slight bit of an oversold indication back on Friday, but if we
00:22continue to see this volatility, there likely will be long-term buying opportunities in the market,
00:27which means that it's important to take the emotion out of some of that decision-making.
00:32We always quote Walter Deamer, when it comes time to buy, you won't want to, but that's a really
00:37important reminder in times of very distinct uncertainty. So watching those things like
00:42breadth measures, watching oversold conditions will be so very important as we navigate through
00:47what we think could be continued volatility in coming weeks. I think it's fair to say that at
00:51the moment there's a lack of trust. Can I just ask you your opinion on that and where we stand
00:54at the
00:54moment? Do you think that could lead to reduced liquidity? Just certain market participants
00:58saying, you know what? I don't want to play, not in this market. I don't know what to trust. I
01:02don't
01:02know when I'm going to be whipsawed next. And by what? Well, look, we've been seeing liquidity start
01:07to pull away from this market for quite some time. Michael Howell has been writing a lot about this. It's
01:12really important that liquidity has been ebbing. And you've been seeing it in portions of the market.
01:17I think what will be fascinating is if you continue to see a little bit of an ebbing of inflows
01:21into US
01:22equities, where we have seen a lot of inflows into international equities starting this year, which
01:27is very different than last year. If you recall, the whole narrative was about how people were selling
01:32America and going into international. And then you looked at the flows data and people were still
01:36buying in record amounts US stocks. So the question is, at what point do people get tipped over the edge
01:42and
01:42stop buying?
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