I'm Jim Leaviss, I'm here today with Fabiana Fedeli and we're going to talk about the outlook for bonds and equity markets in the second half of 2023. Just to set the scene, I think that it's important to note it's been a very interesting first half of the year. We've had high levels of inflation persisting across all of the developed markets to the extent that central banks have now hiked rates by 4 or 5%. That's left bond yields at levels that we haven't seen for a very, very long time. We've reached the end of quantitative easing and we're seeing an unwind in that kind of activity by central banks around the world. And we're also seeing equity markets that have generally had a pretty decent start to this year so far. So we're going to start today with you, Fabiana, and I'm going to ask you where you see the best opportunities are in equity markets. You know, Jim, this is really interesting what we're seeing this year because we really don't know what's going to happen from a macro viewpoint, right? Interest rates are going up further, if we're going to have a recession, how deep, when is that going to come? And so what we're trying to find in equity markets are really idiosyncratic opportunities. And what I mean by idiosyncratic opportunities,  I mean opportunities that are fairly independent from macro changes but are more specific to a market and more specific to companies. So we like themes, broad themes where we think there is a structural growth to them no matter what happens to macro. Think about the low carbon ecosystem, infrastructure and innovation, including AI, but not only AI. And at the same time, we're also looking for areas where we see companies changing, where you can be selective in finding some real winners. One of the areas that we like the most right now is Japan, where we see companies really changing in terms of improving their operating leverage, improving their balance sheets and at the same time giving back some money to shareholders in the form of buybacks or also dividend increases. Great. Well, in the world of bonds, we have been doing quite a lot because 2022 was so miserable for bond investors. We saw price falls of around 10, 15, even 20% in some of the longest dated government bonds out there that it left valuations coming into 23 looking pretty attractive. And given the rate hikes we've seen from everyone from the Bank of England to the Fed, to the ECB this year, suddenly government bond yields look attractive for the first time in a very long time. So I think across most of our portfolios, we've been adding some government bonds. At the same time, though, corporate bond yields look as attractive as they have done for years. In a world where although if a recession comes, we might see an elevated default rate next year, it still doesn't look as if it will be particularly high because most companies have done the right thing, haven't taken on too much debt and have borrowed for a long time. So the fundamentals for corporate bonds look pretty good. And I'd say also emerging markets are starting to look attractive. And whilst developed market central banks are still hiking rates, it looks as if things are turning already in emerging markets and those emerging market central banks are starting to cut interest rates, which should support their bond markets too. So I think lots of opportunities. Within credit for example, do you think investment grade? High yield? Where is your interest at the moment? I think I prefer investment grade bonds. These are the highest quality corporate bonds, so they tend to be rated anywhere between AAA, not many of those left, but the very best quality companies all the way down to BBB, so that's what we call investment grade. They tend to be your blue chip names. The average yield on that, you might get an additional 150 basis points or 1.5% more than you get for a government bond and that looks to be decent value. High yield. There are still names that we really love in high yield, but once you reach the very lowest rated bonds in the high yield world, I don't think you're getting paid enough for the risks that we do have a recession in 2024. So I think I've got a preference for the higher quality names and I believe in credit in the same way as with equities. You're really starting to see a very large differentiation between companies that are doing well and companies that are struggling in an environment that probably implies higher -rates for longer, right? Yeah, I think that's possibly going to be the outcome. For this to finish up, though, I would say you mentioned Japan earlier and I think one thing I'm in violent agreement with you in that, you know, we're all used to the last 30 years of Japan going nowhere economically, zero interest rates, zero growth, doom and gloom, static equity markets. We're seeing all of that change now. There's optimism coming back, as you say, structural reform. And I think one of the big surprises for 2023 could well be that we see an end to what's called yield curve control in Japan, which is the central bank pinning bond yields low and an end to zero interest rates there. And I think that could be quite transformative for the global economy and maybe Japan turns into an economic leader again. That would be definitely the surprise of 2023. Enjoy the second half of this year.