>> we try at thornberg to put together a balanced portfolio so there are equities in asia and equities globally that have exposure to asia ten times earnings, great cash flow, negligible exposure to russia/ukraine a great part of our business in japan. it's time investors take a look at what is the broader exposure. pharma is another thing, astrazeneca, great asian exposure that will be positive going forward. you look at names that aren't necessarily the ones most beat up but nor are they the ones we're hiding under a rock with will fund growth, make sure you have cash flow and those names do and lots of names in asia do. >> citigroup comes up on your screen peter, what would you do with the financials which are supposed to be a beneficiary of higher rates and yet have struggled mightily and now have to deal with stagflation >> a potential downturn in the capital markets as m&a dries up, and also the down side of a credit cycle so i still think that will be a tough place to be. whereas insurance companies can benefit directly from the rise in interest rates. >> and where would your fi

joining us right now thornberg president, jason brady, jason, great to see you, thank you for being here. what do you make of the global bank coming, taking estimates down, are estimates still too high in terms of earnings and will we see further downplaying of the economy for 2022? >> i think the earnings downgrades is, yes, selectively. the answer to sort of the idea of where global growth is coming from. you can think about it this way, the way gdp is nominated is a nominal study. the bite of inflation continues to be higher than most folks had predicted. that's the real issue. maria: are you saying we are going to see a slowdown or just a recession, do you expect a recession? >> i actually do. whether it's mild or not is the question. for market participants it's not quite as relevant if we are going to see a recession. the question is what does valuation look like in context of either recession or slowdown. i think it looks elevated for things not producing income and more focused on revenue, producing income start to look pretty interesting. maria: cpi expect today stay elevated at