still with me is lothar mentel of tatton investment.ou've taken money out of treasuries to put into emerging markets. why are treasuries not appealing to you right now, even as investors keep piling into them at the long end? lothar: treasuries are always attractive when we have an expectation that there may be a recession ahead. at the moment, there are not many catalysts that would point towards a recession. a lot of that talk of ludicrous valuations are really focused on a couple of stocks in the u.s., in the tech sector, but if you look more globally, that is not true. emerging markets have suffered quite a lot. let's face it, at the very low yields that we still have everywhere in the world, where are investors going to go? nejra: when we talk about based on just some stocks in the u.s., the s&p 500 has had a little bit of a safe growth inal because shares make up a big part of it more than ever. do you find u.s. equities appealing, or not so much because you don't have that defensive stance in your portfolio? how it is depends on