 I think the 2024 outlook that is going to be filled with a resolution to the debate, which I believe is a bit of a false narrative, which is over the soft landing. And that's all we've been talking about all year long in 2023. And the question is whether this is going to be a perpetual soft landing. And the point that I want to make is that when I say it's a false narrative or an incomplete debate, it's because there is no debating that we are in a soft landing. And that soft landings are part and parcel of the business cycle. What they are basically are the bridge or the transition phase from the previous expansion of the business cycle to the contraction phase. I'm actually astounded that so many people seem to think that recessions are not part of the economic landscape when they are joined at the hip of the expansion and the expansion is joined at the hip of the recession. Recessions do happen and it's best to be braced for them. And I just fear that this level of complacency is going to cause a lot of investors to not be prepared for what I consider to be an inevitable part of the economic cycle. We had soft landings in 1969, 1979, 1989, 2000, 2007. And these were all soft landing years. In the following year, we had an NBER defined recession and recessions always followed not just an aggressive fed tidying cycle, but a tidying cycle that continues after the yield curve is already inverted and the yield curve inverted in the summer of 2022. What happened in 2023 that gave this false glow of how the economy was really doing was that we had fiscal stimulus equivalent to roughly 2% of GDP put to you this way. Two thirds of the growth in 2023 came from fiscal stimulus that morphs into about one and a half percentage points of fiscal withdrawal in 2024. So we're going to be in for fiscal policy tightening irrespective of the fact that it's an election year. And it's going to bump against the ongoing lags, which Jay Powell continues to talk about to this day of all the tightening that's in the pipeline. So I think that we're going to have a recession in 2024. I know it sounds like it's a stale argument, but to tell people that there's no recession because it hasn't happened yet, which I heard plenty of in 2007 when I was working for Mother Meryl, is like telling somebody in Toronto, Canada that because it didn't snow in December, winter's been called off. So I see a recession starting in the opening months of 2024. I think this is going to cause a reversal in the Santa Raleigh and the stock market as aggressive as the Fed is now in the stop plots in terms of calling for lower interest rates. I actually don't think that there's enough price dead. And therefore, my big call for next year with the recession and disinflation, and I'm talking about inflation, headlight of core. Now that we're going to be seeing weakness and demand bumping against the alleviation we've seen in global supply chains, I think inflation and cornflation will be less than 1% this time next year. And with real GDP growth anemic, I think we're going to be seeing nominal GDP growth no better than 3% and probably close to 2%. It won't be the first time that's happened, but this is going to anchor the long end of the Treasury market, which I think is going to be delivering equity like returns without equity risk for 2024. That is my highest conviction call.