wouter: i was surprised.ormally central bankers are more circumstance when calling on the policymaker mix. when we have inflation in high levels in the u.s. and other parts of the world as well, the response to the covid measures on the monetary side were in retrospect a bit too much considering what was coming through as well. that is the mix that he wants to see addressed in the public sphere. at the same time if you look ahead at the inflationary outlook, if you look ahead at some of the drivers on the energy front and the food front, i think monetary policy can only do so cold much -- so much to address those concerns. dani: are you underweight or underdeveloped on spn? wouter: we were worried about the regulatory fallout in the em space and also within europe, the ukraine impact. the food and energy prices are still a risk. if europe tightens on sanctions to natural gas, that is a major risk to the european outlook. manus: this is your moment. where's the bottom of the s&p 500? you have got infamy. where