00:00Lindsay, I want to start with you because I'm taking a look at your notes, and you write that
00:04technicals are strong here. Stay invested, but reluctant to add further risk. What is the
00:10calculus? Sure. So I think it echoes exactly what Ted just said, which is if the economy is strong,
00:17then you can justify these valuations. However, I think we need to take a step back and understand
00:22in many cases, we're tighter from a valuation perspective than we were before the war in Iran.
00:29So that's key to think about. Do the fundamentals justify being tighter than we are here?
00:36And we think that there is some permanent scarring from the conflict that we've had thus far.
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