2022 is going to be pretty interesting for bond market investors. I guess the first thing we'll be looking at is whether inflationary really is transitory. It's been much more persistent than perhaps many people thought it would have been. And right now, U.S inflation is over six. UK inflation is over four. So I think we'd expect that to fall in the second half of next year in particular perhaps down towards central bank inflation targets. But it's certainly a lot higher than bond markets are comfortable with now, and as a result of that, were bound to get some rate hikes over the course of next year. So at the moment, the market thinks the FED is going to hike a couple of times, and the Bank of England may even hike before the end of 2021. So those are the big moves that we're going to be looking at, and in terms of valuation and what you do with your money in Bond world, I think that inflation-linked bonds still look attractive. Although they've moved to price in higher levels of inflation, they still offer you some protection in case inflation does prove not to be transitory after all. And the second area, that's probably some value, is an emerging market debt. Now, of course, when you invest in emerging market bonds is always going to be a lot of risk, a lot of volatility and lots of idiosyncratic headlines coming out of places like Russia, China and Latin America. But in terms of real yields, you can get positive real yields of 3 or 4% in emerging market bonds, whereas real yields or inflation adjusted yields in developed markets like the bond market in Germany or the gilt market in the UK are sharply negative, minus 1, 2, even minus 3%. So that's where the valuation is at the moment. But it's going to be a rocky ride, as always with emerging markets.