peter kraus, ceo of aperture investors.you. >> when it comes to a soft landing, you're a bit skeptical. you don't think it's that ease,. >> i don't think soft landings are highly probabilistic they can happen, of course, but i think the market continues to underestimate the strength of the fed's conviction to fight inflation. inflation doesn't come down that quickly. if we go back and look at time periods of inflation, it takes not months but years for inflation to resolved itself it's really unlikely that the fed will reduce interest rates within the next 18 months. i don't think the marketing that fully digested that. that's why you see the market trying to get ahead. we also have an unemployment rate today that's 3.4% that's remarkably low. if we have that much employment in the country, it's very hard to have a recession. so there's some real chance that you can have a modest recession or a real growth slowdown, and that that's what the fed is trying to engineer >> meaning it's going to be painful, but not for everyone?