00:00Markets appear to be reflecting what we have experienced already, so they're in
00:07the state contingent world where we do go back to some form of normal after the
00:14war is over, although we don't know when that is going to happen. So I think
00:18markets are pricing in a sooner rather than later end to the hostilities.
00:23However, as you mentioned, there are there is a lot of uncertainty around that
00:28even though there is this big tech investment boom going on, this capital
00:33investment boom, we also have some uncertainty about how sustainable this
00:40is, especially if we do have protracted supply disruptions. However, we haven't
00:45seen any clear sign of disruption of this investment boom yet, and I think in the
00:51absence of any clear sign of disruption, markets are going on business as usual.
00:57That doesn't mean, though, that the tail risk hasn't grown. It, in my view, has certainly grown.
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