The Cycle of Equity Markets in the United States

A lot of our portfolio will do well regardless of whether economic growth is negative or positive and so we don't mind the equity market at the moment. The big change in in markets over the last year or two has been the collapse in bond yields bonds are valid hard and I think that makes equities cheap in comparison. Australian corporates are borrowing money cheaper than they've ever borrowed at the four this week cap man do and ceiling both those stocks rallied very very hard. There was huge earnings accretion that came partly through re-leveraging the balance sheet but it also means great opportunities for corporates as well.