kiran: we think we will see pound weakness as well, 1.15 against the u.s.ollar, and the bank of england forecasting the largest surge in energy prices. an adjustment is taking place in europe, this change in power prices, and it will take a long time for it to work through in terms of fx rates and the implications for the broader economy. i think for investors, staying well diversified at this time is really important. europe is not a place we think it pays to place bets right now. manus: but you still favor the u.s., is my sense. you use these rallies and we've had months of rallies in july and august, technically line up the portfolio. i presume that is don't chase the rally but reduce excess exposure. where would you actively reduce exposure the most? kiran: we think and technology is one area where we are concerned because we had that big rally recently and of course parts of that spectrum are cyclical, think about the digital media names and semiconductor names. if we see a deeper recession in the months ahead, those will be negatively affected. if the