capitol this environment is funds of founder dan niles who has been spot on, on this market for at a l ag agm gnetil sawtis tee w wn w whold w yesouss thess tacroaco st the try t of ?22?22? he the t thewo mai then aer fois theht t fe .. th werere o the way u d atinulat minade a lot lf nemo dneuring turinmic.mic. bntg te, veryssiv t dl inflationlaot toot f tight th em wown. the second thing is don't fight the fundamentals for growth is slowing the grace examples q1 had a negative gdp print which no one was expecting. we are looking at a recession and 2023 as our base case it. we see multiples going down, s&p down at least 20% from peak to trough. maria: dan, look. you talk a lot about the shift in spending. we are seeing at play out. people are shifting their spending priorities from buying a lot of stuff to buying trips, spending money on travel but this was only jobs numbers this week as well. the biggest chunk of job creation are where the biggest was in hotels, leisure et cetera 70000 jobs. therefore what your take on how people are going to be spending money for 2021 was a supply story is 20