Do You Have a Negative View on Equities?

I'm frankly just a bit negative, because I think where we sit now is the equity market has enjoyed the downside of interest rates without realising that that's a leading indicator of a massive slump in earnings. So that's my reason for some caution on the equity side. And EM equities, I think, to me, relatively attractive. Obviously, China's made a major move, but there's plenty more upside there if you really think China's going to be as strong as I think it's going toBe.