The whole story is really making sure that you understand where we are and we feelourselves to be. Speaking essentially, the half time point i.e. zero interest rates or 0.5%interest rates cannot last forever and the only question is going to be, when will they startmoving up? Our cry at heart is they will unfortunately move up late and only after wageinflation has taken hold in the West but up until that time what we are seeing is inflationtaking off and taking hold in emerging markets and re-pricing assets and re-pricing the West.So that is the good news and it is why we have got a big position in equities at the momentand we also see the real crisis coming through much later on but through the bond market
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