henion, cio president kevin mahn, 7.6 billion in assets. look out two years, liz the picture is clearer, inflation should be lower, interest rates should be lower and market should be higher. the economy has not felt the brunt of these 4.75 points basis hikes, soon to be 500 in may. where do we put assets? we believe go inn defensive periods that perform well during economic slow downs, does trees, consumer staples and health care. i like philip morris. yes they missed. they pay yield of 5%. forward-looking pe is 16, during recession people continue to smoke. liz: because they're addicted. 5% dividend is generous, is it it not. >> absolutely. they have growing dividend, positive free cash flow to potentially lift the dividend even further. liz: what do you think right now? as we look at market consist, we know that, we don't know what the fed is going to do? >> yes. liz: we heard a lot of fed heads talking say we need to continue to hike rates. it is right out there, sky written, right? >> yes. liz: everybody knows it is coming. why is it s