The Negative Effects of Stocking on the Market

The setup is actually very bullish for equity. And in a certain way, explain how the market is behaving because there's low down. It's mainly in terms of distalking and resizing of the capacity. For example, we've seen it in the semiconductor, in chemical companies as really starting in the second quarter of last year. So we're actually at the end of it. The only area that, you know, is probably is linked to what Anna and Steve were saying that we have not yet seen tangible evidence of bad news in commercial real estate. Only in these quarterly numbers that we're just going through from the bank, we're starting really a ramp up in terms of provision