this is all about mark schneider, putting his brand across the businesses.cal brands, and undoing some of the former chairman's business. nejra: buybacks are a theme, too, sony announcing a plan to buy back as much as $1.8 billion of stock. and from burberry a share buyback of 150 million pounds. manus: you have done the burberry stuff there. let's focus in on the pressure treasuries, shall we? a bit of a shift, pretty big moves across the market. nejra: indeed. before u.d. indeed. befos -- before u.s. traders could even get a coffee, haven demand kicked in. italy tensions rippled through euro area assets, and then subpar data on retail sales and perfect reproduction. u.s. two year yields spiraled to their lowest since 2018, and the benchmark yield dropped to a 1.5 month low. convexity hedging, let's not forget, had a little to do with that. christian mueller-glissman of goldman sachs is still with us. in terms of asset allocation, looking at fixed income, you are underweight bonds. must be a little painful with what we see in yields at the moment, so how ex