No,

that makes a lot of sense. And I think again, the story during the first half of this year is going to be about quality and playing it close to the chest rather than taking undue risk regardless of the asset class that's being discussed. And so thank you again, both for joining me today. One final question, maybe Kay first to you and then Kelsey will wrap with you. Best idea in fixed income for 2023.

Well, you said fixed income is fashionable again. I'm going to say incomes back in fixed income again. So let's go with high quality, short dated bonds, securitized or investment grade. As I've said, you've got a lot of financial flexibility in the consumer and an investment grade corporate America. And I think those are now offering attractive yields for investors. Awesome.

So with the theme that the Fed is going to be nearing the end of the rate hiking cycle, that's also the time in which yields coincidentally tend to peak. And so my best idea would be to be getting long duration as we approach the end of that rate hiking cycle. And also thinking back on 2022, bonds didn't work and people were challenged by the situation bonds because they didn't serve as a hedge to equities. And we think the main reason for that is because of the inflation situation. If inflation starts to come down, bonds start to work as a hedge to your equity portfolio again. So the other call would be bonds starting to work as a hedge as an anchor in the storm in your portfolio again in 2023.

Well in my nearly 13 years at JP Morgan, I don't think I've ever been able to talk about bonds doing so many different things within the context of a portfolio. So thank you both again for joining me today. This was an awesome conversation and I'm looking forward to having you back on the podcast sometime soon.

Thanks for having us, David. Thank you.