Is Q2 a Good Year for Equity?

In equities, things are a little more hard to pin down really because if we look at the valuation lens on equities, they don't seem to have fully priced in this recession fear that's out there for this year. But from a multi-asset space, we are seeing attractive opportunities to actually hold emerging market equities where we have a massive valuation cushion built up in the last decade or so. In terms of earnings, the market's doing the standard kabuki does every earnings season. Expectations are brought down pretty sharply and then they're beaten. And so far, that's all we are seeing in data.