00:00I think what the market is looking at is an environment where, you know, sentiment and
00:05uncertainty were, I think, certainly a really big component for the valuation contraction that we
00:10saw, you know, I think, you know, throughout the course of March and over the last few weeks. I
00:15think why markets perhaps feel a little bit off is that you, of course, throughout this conflict
00:20have actually seen earnings revisions move higher, not lower, which you would typically see in any,
00:26any, you know, given calendar year, but let alone during a conflict. I think that's what's perhaps
00:30causing the sense of some confusion or a sense of paralysis among investors. But I do think what's
00:37really important to stay rooted in is that while, you know, sentiment might still be a bit fragile,
00:43the fundamentals have very much remained intact. And so I do think what we're seeing right now is
00:48this, you know, refocus from investors on that corporate resiliency story as we're looking into
00:54this, you know, start and ramp up of Q1 earnings season. And so are you able to focus and do
00:59you
00:59find conversations with clients are able to focus on the earnings story, on the prospects for AI,
01:04rather than be distracted by what is going on in the Middle East? I think, of course, all of these
01:08conversations are really difficult to navigate when you're feeling this really profound sense of
01:13uncertainty. And that's, I think, a very understandable place to be. And I think that's why, for instance,
01:19when we came into the year, we did have an outlook of both promise and pressure. We are
01:23constructive, but not complacent to the risks. So it comes back down to, you know, where you focus.
01:28And we want to be focused on those, you know, earnings led segments of the market, and specifically
01:33those companies that are more linked to strategic priorities. So technology is one of them. But you
01:38also want to be selective, we are seeing this, you know, tech trade certainly fragment, we have a
01:43preference for hardware over software, and also looking at more of those strategic elements like
01:49security, you know, utilities that are linked to AI. And you can also start to talk about financials,
01:56which really pulled back, but we have certainly seen a fair degree of resiliency in this earnings season.
02:00guys, we'll do this every time you're looking at what I'm talking about and how to support
02:00if you're looking at see the nuances luck, then all of them try to start the market.
02:00çok
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