So let me start with you about specific investment advice because I came across this and find it intriguing idea of
idiosyncratic self-help. I think you call it. What does that tell us about a company.
So basically a causeway were looking at companies on a bottom up basis. So I'm trying to find a risk reward where we're taking a
conservative view on the outlook of the company. But there are things within the control of the company where the company can
increase its earnings and better the business model of the company as an example. I will use here is a company called
Unilever based in U.K. slash Netherlands a massive consumer company. They recently had Nelson Peltz a shareholder activist
come in and join the board. And this is actually great news because the restructuring that they had take on themselves you
know is going to be accelerated by a shareholder minority shareholder advocate to push things forward. They had not been
as good as pushing the innovations as in a timely manner. We believe an activist being there will really push the management
to accelerate that timetable. And this has nothing to do with the economic slowdown. We talked about in the previous segment
because they're doing things internally to really energize their sales and ultimately increase earnings of the company.
So listen for that and so a different terms which Ellen may agree with or disagree with. I always say a rising tide lifts
all boats. I think what you're saying is that when the tides that go it up you have to find some boats that float a little
better than other boats do. What are you looking for Liz. And in terms of advising people on investment right now. Yeah. So we
have we've really been taking more of a factor based approach versus say either a sector based approach or trying to pick your
traditional style boxes of large cap small cap growth value. And really what the theme has been around the factors we've been
emphasizing is sort of a quality wrapper and almost hybrid factors where you look for reasonable value but also especially
in what we think and I know Ellen agrees we're heading into I think a more earnings constrained environment. So when that
happens earnings become more dear and there's more value then to companies that have that higher profitability have that positive
earnings revisions trend while also keeping in mind the need to have strong free cash flow healthy balance sheet with high cash
flow debt. You sort of look at the macro picture see what's lacking and then look for companies that have that in relative
terms and you can apply factor based analysis or factor based screening. And Bloomberg has great data on factors across the
spectrum of large cap small cap. You can look for growth characteristics in stocks that live in the value indexes and
vice versa. So I think it's your less constrained when you take a factor approach than if you're just trying to make a sector
call or to. Let me put a geographic lens on this if I could. And Al I'll
start with you here. What about Europe. What about China. Some people or investors are saying right now China is a good place
for example to look because they're loosening monetary policy at same time the rest of the world is tightening it.
I began in China. Recently there's been a lot of bad news. Price dead because of the regulatory risk and the cold with policy.
And as an investor myself looking at companies on a bottom up basis you know the fact that there is you know there have there
and loosening policy. Plus you know hopefully in the foreseeable future the zero Covid policy goes away. I think there are
companies like Macao casino operators like Las Vegas Sands or Sands China that could really benefit from a reopening of the
country. And hence you know we find those opportunities to be very attractive in the current time and in the case of Europe.
You know Euro you mentioned earlier in the segment you know dollar has never been stronger. And now you know with Europe
what it's faced with the Ukraine situation there is going to be a lot of fiscal spending to beef up its infrastructure. I know
there's a lot of concerns about recession because energy prices are going up. But if you are able to find companies where
they're going to be beneficiaries of more spending because energy infrastructure has to go it has to be beefed up. You will
find good opportunities in those markets as well. There's an opportunities geographically
so I think there's still probably some storms that are going to have to be weathered globally with with bouts of volatility
especially given what's going on in currency markets sand not to mention the war and the impact on the consumption side of
economies in. In Europe. But I think thinking from a more secular standpoint longer term I think when we whenever we do
come out of this I like to think of as a dual cycle when we're through the bear market when we're through the recession that
that I think is either happening or will happen. What tends to happen when you come out of those dual cycles especially if
they're global in nature is you tend to see a change in where leadership resides from a macro perspective. And it is our view
that we're going to see more the greater benefits of diversification outside the United States. That's different than
saying we think you know non U.S. is going to handily outperform us but there hasn't been that benefit of that global
diversification. We think that's the next secular shift. There's an I can't let you go with that as well. On mosque and Twitter
here I know you don't like to invest by sectors. Does that phenomenon tell us anything about the sector of tech or is it.
Shall I use the word idiosyncratic when it comes to you. Almost. I don't think it's it's an newsflash that he's a bit of a quirky
guy. So I think making a broader inference about the the industry at least at this point I think is is a stretch. I think
it is more idiosyncratic. That's the popular word of our segments here today. Does that sound right to you. I totally
agree. It's nice to end on a note of agreement here.