Is Cash Good or Is It Trash?

Inflation is going to be coming down. It's just about pace and the magnitude of that through next year. I don't see a self-fulfilling or self-perpetuating wage price spiral. If you think we're going into recession, as I think we are going into not only European, but also US and global recession, that's very negative in all sorts of ways. But we know from experience that does bring inflation down. And it means a bias towards credit, core fixed income, which is now giving you a yield. So you have some liquidity, have some cash. I think a bias towards the more liquid securities.