 Hello and welcome back to the end of the week podcast and we've got in store for you today Bit of a global narrative that is really the main topic of choice Which is that of interest rates and interest rate cuts being pushed back and that comes after US CPI came out earlier this week And it comes on the coattails of the strong labor report. We had the week prior So we'll talk about that and then that will add a nice kind of Sequence into talking about the footsie 100 who believe it or not It's actually trading if it can if it can maintain where it is at the moment Could I jinx it possibly don't jinx it could possibly see a record high for the footsie 100 Which might see on the footsie. Yeah, if you don't follow markets, you might be thinking Well, I thought I read the news and everyone tells us how terrible London is and the IPO mark dying and all these things And here we go. The footsie is ripping today. So we'll look to explain why exactly that is happening And then we've had some of the first of the big earnings And it's always the same the big banks kickoff earning season And so we'll look for a top level to cover JP Morgan Who are actually down about 3% according to the head of opening bell on Friday Particular focus on their net interest income missing estimates on the flip side black rocker up 3% so good 6% swing in pre-market between the two and they now have assets under management of 10 and a half trillion dollars That's right Yeah, that I said trillion not billion just to be crystal clear there So we'll also look at some of those those numbers as well, but Before I begin the show Piers I I did get spotted on Sunday. Oh, yeah, London Bridge. Yeah There was a guy who was looking at me a little bit funny and I was like, okay It's about to kick off here. I better better better hold on to my phone in my pocket And then he kind of clocked me two or three times and then he stopped me and he said Sorry, do you do you do a podcast? And I was kind of like in my head for one second. I thought of saying no But he looked like a very sensible guy So I said yes, and he said yeah, he listens to he listens to this podcast Every episode and he said it helped him land his role. He currently has been working for a few years I think he said at Macquarie and an ESG right a Cambridge LSE grad. Yeah. Yeah. He said that this made the difference. So yeah, Max Gonella, if you're listening to this episode, thanks for stopping me and saying hi, but it did get me thinking which was You know, it is quite strange when someone does actually give you feedback because you and I have these little Zoom chats. Yeah, it's just you and I talk Especially a little bubble We've we exist in yeah, you do forget that, you know We obviously with the purpose of what we're trying to do here is to educate and And make it interesting and you know, that is one thing that Max said he said it's actually You know hats off for trying to make it Different from normal dry financial media and so it's what we're shooting for and and yeah One of the things I kind of looked at was well if it helped him And I've had a few others at the spring weeks come up to me and say it's helped them So it seems to work and that the main thing here is that the best way to to help more people from our perspective is Really on you the listeners to share it and to share it far and wide the easiest way It's probably just get like the share button on the podcast platform and they just drop it in WhatsApp To anyone that you think would benefit if you're in a society If you're in a wider kind of application group because I know there's a few different ones And just get it out there and you know, let's let's help each other Yeah, I mean the more yeah, exactly. I mean the more I guess the more listeners the bigger this can become then the more time and Investment we can put into making it bigger and better, right? So Yeah, so yeah, call to arms there. You're right. I get a lot of questions over You know How much time should you spend on doing this sort of thing? You know because we're we create simulations So what we do we run that type of assessment and training the podcast is kind of the bolt-on Which really was a little bit of a Something that I just wanted to try during COVID. Yeah, it's just kind of manifested into what it is today But yeah, if you want if you find it useful and you want us to like Ensure that the quality stays as high as we can possibly make it then yeah, please do Rate the podcast if you've never done that before even better Drop a review because the review is what really then powers the algorithms on these podcast platforms to spread it That's if I could ask one thing of You this weekend or whenever you listen to this That's my request. So yeah enough of the The plug Let's let's dive straight in then and let's talk about the US CPI report because that was that was quite a big market Mover if you're looking at the intraday. Yeah, so yeah, talk me through it Yeah, well It came in hot. I mean again, so this is the third report of the year So we had the March inflation figures announced. This was on Wednesday afternoon But the February and the January ones. They were also hot. What do we mean by heart? It's that they're higher than expected. Yeah, I was gonna say I was gonna ask you What is your definition of hot because I saw lots of people saying hot and I looked at the numbers and I was like Is that hot? Doesn't look hot to me. I've called it like I didn't expect it tepid It's more like oven ready rather than hot. Yeah, but the point is it's it's not cold Right, it's not on the cold side of the fence. It's on the hot side of the fence. Just Yeah, I think it's a little bit. It's a little bit much to call it hot But yeah, well, look, let's put some figures on this. Okay, so the headline Year-on-year inflation was three point five percent Okay, and that was higher than expected And it was it was higher than the previous month in February was three point two So it's gone up from three point two to three point five And that's the wrong way Because we need it to be coming down And that that's the highest figure we've had since August and September last year. It's a back-end of last summer. It was at three point seven percent But the point I guess is yeah, it's gone up now a couple of months in a row But really I guess stepping zooming out The point is it's not going down and we've been flat this this I guess inflation thing has been at best sideways for a year and If you're looking shorter term if you're looking at the three month averages because looking at one month in our in isolation on its own it's too short-term to really draw any proper Sort of conclusions about extrapolating this act for the rest of the year kind of thing, right? But if you often your people will say well, look, you need three and any three months of data To really draw any conclusions. Well, if you look at the three month averages now Then the three month average is going up. All of them are going up the headline and the core and so the point is The Fed are Not getting what they need to start cutting rates They need the inflation levels to drop to carry on going down and therefore drop below three Head towards two and a half head towards two and so that hasn't happened and when you feed in all the other Data points as you mentioned really strong job numbers Announced at the back-end of last week. We had some really hot, you know, amazing ISM manufacturing figures and and so the labor market is still super strong and Inflation's edging back up and so yeah, the probabilities of rate cuts Like June now forget it. I mean and you only go back a few weeks, right? And it was still June was a More probable than not that we'd get a rate cut. Well, forget June forget July It's now actually most probable. There's no cut in July either. And so you're starting to think well Okay, then we're kind of deep into Q3 here then before we maybe Get the first cut And so people have really now said forget three cuts And you're really looking at two cuts at best in 2024 if that's the news Two cuts at best and the way things are going. I mean look at the data and the trends You're not going to get any cuts at this As far as it stands, I mean, yes, so you're in likelihood. Yeah So the market as you said is pricing in set at the moment And obviously this this this thing has been moving fast as far as expectations are concerned So I wouldn't put too much into that at the moment US strategists at Deutsche Bank and Bank of America They've updated this week and they now predict the Fed will ease policy just once this year So they're already down to one now And that is the consensus is still two Some are starting to break away to one and with the timing of that they're looking at December From Deutsche Bank's perspective Yeah, I think there's a certain amount of human psychology here Because we've spent the last 12 months or maybe not. Yeah, maybe like I'm not quite 12 months That's certainly six months, right? We spent going right the Fed are gonna cut the Fed are gonna cut the Fed are gonna cut And as each month goes by we're going all right, maybe they're gonna cut less. Oh, no They're gonna cut even less. Oh, no, they're probably gonna cut even less now and actually I Think it's because we thought they were gonna cut before That we're now still this confirmation bias is that we still think they're gonna cut If you remove all of your historical memory and just looked at the data There's no cut in the data, right inflation's flat above 3% Super tight labor market Now if you just looked at that With no historical bias you put a higher probability on a hike than a cut But Was that baggage of us desperately wanting those cuts kind of is still weighing on people's Mindset and therefore their analysis so So at the moment then Stocks as I said, they they did react at the time of the release But if you look at the chart now two days later, we've effectively reversed and we're completely flat Prior we're pretty much running at prior the CPI numbers however What's the story in FX and in rights? So you're right the the stock market reaction as of yet Hasn't been particularly Meaningful that could be I mean if you look at that that's if you're looking at an index level, right? And the thing about these S&P 500 indices, you know the big tech stocks They're very they're the ones that are most immune To rates higher for longer because they're not borrowing any money They've got just loads of cash, so they're more immune to that But so actually the big moves It's I'd say the FX markets have really stolen the show here in terms of the reactions We've seen and this is a double whammy, right? Because whilst we're pushing out our timing on the when the Fed is going to cut The timing is not being pushed out on for example when the ECB might cut So now this is what we call interest rate differential, right? When you're thinking about interest rates in the US versus Europe now was thinking a Summer cut in the ECB and so the euro has devalued quite dramatically against the dollar Off the bat, you know this week and actually we're trading down at the lowest we've seen since kind of November And you know generally you might expect to see a breakout. There's a really key level around 105 On euro dollar and if that's the 2023 low set in October And the way we're shaping up here We might get a test of that and maybe even a break and that could be pretty significant a break of 105 because the euro's only really ever been down around Well below 105 really once and that was right in the middle of covid So that this is very very, you know historically low levels It's also but this is dollar strength that's driving this versus that euro It's the same for the pound So the pound is devaluing against the dollar as well or to put a better way around the dollar is appreciating So the biggest reaction we can see here is dollar strength Off the back of us pushing even further out the idea that the Fed might cut This year and so the pound versus the dollars down as broken below the 125 handle And that's the first time we've been below there for like six months And so yeah dollar strength is the kind of big theme here So so following this through then and and having talked a little bit about the pound there So let's talk about the FTSE 100. Yeah and tie in then first of all, how does the FX Side play into something like the FTSE? Well, so you got to look at the composition of the the index, right? And so When you look at the FTSE 100 it's it's It's it's full of mega sort of mega cap international businesses that are miners like the likes of like Ango American for example Rio Tinto you got the big energy Firms like Royal Dutch Shell and BP for example and the thing about those companies The products they mine get sold in dollars And their revenues are generated globally, right? So if the pound is devaluing against the dollar And you're a uk dollar-style business basically selling your products in dollars Well, then when you repatriate the dollar revenue, you're now getting more pounds Because of the FX move. And so when the when sterling drops in value, this is like This is perfect for the FTSE 100 mega cap global firms because They're sterling revenues and sterling profits move higher as a result So what you're seeing as this FX move happens You're getting a big boost to the upside on the FTSE And what's really significant for the FTSE 100 Finally Finally finally finally We're above 8,000 And I don't want to jinx it. We did go above 8,000 very briefly on the 2nd of april intraday Didn't close above eight. It does look like now. We are up above eight and we are you know, we've had Actually, we haven't had a close above eight. Sorry. I thought we might have done yesterday, but we didn't so Yeah, we're hoping for a close above 8,000 and the FTSE 100 today Which would make it the highest close in the history of the index And it's on an absolute tear just today You've got these mega companies. They're flying like Glencore's up 5% today You've got I was reading I was reading about Glencore specifically as much as Uh Crude iron ore base precious metals everything when we've talked about gold a lot rallying And a lot of those companies you mentioned those miners are all involved in those businesses Yeah As is Glencore being one of the world's biggest commodity traders But I was reading a snippet about zinc prices on a supply squeeze and if you look at the zinc chart Right, you've got a bit of a hockey stick going on All right So and just add that to the list right of yeah of commodity market spikes that we've been seeing so This is why the foot and the thing about the FTSE 100 as an index when you look at its composition It's got a huge portion of the of the index is made up of these like miners and when you When you look at the actual stats Then the sector weightings within the FTSE 100. Let me just get it here the the biggest Ones the biggest sector. Well, actually the biggest sector's healthcare Which clocks in at 13.33? So your gsk's and your AstraZeneca's are in this index, of course Then it's energy 12.75 percent Then it is industrial goods and services And which is at 12 and then banks are at 10.4 percent But the The notable Well, so the FTSE has made a new all-time high right and it's above 8 000 but I mean should we be getting excited about this? I mean basically The FTSE in the year 1999 Hit 7 000 In 1999 25 years ago it hit 7 000 Here we are 25 years later and now we're hitting 8 000 When you kind of compare that to the s&p over the last 25 years So the s&p 25 years ago was trading at let's be generous and rounded up to 1 500 It's now trading above 5 000 right, so Yes, the FTSE's new all-time highs here But it's so far behind The big giant big brother s&p 500. Yeah, just having a look and here's a okay bit of a quiz for you What was the give me a couple not all what was the top 10 s&p? Market index weightings in 1999 then as a comparison 99 What the sec which which were the biggest sectors which were the biggest companies our biggest companies Microsoft yes and Microsoft still number one. Yeah No other none of the mag 7 other than Microsoft So to your point as well of the FTSE probably looks identical to a large extent So this list looks completely different exxon mobile exxon were 6 What about the banks like this? Probably JP no banks. No banks. I'll just think think a little bit more old-school A little bit more buff my coca-cola coca-cola is in there. Yeah That's number seven sisco No Probably rising at that point Give me one more Okay A big big brand name American in the 90s night Nike No more energy gone GE Ah GE were second general electric. Yeah, and then you've got the likes of IBM Okay. Yeah. Yeah All those kind of companies. So yeah, the point being is that yeah, you're right now. It's It is it's Alphabet Google Apple right Microsoft's the best way to to to explain why the FTSE's lagged the s&p for the last 25 years Is to look singularly at the technology sector weighty So when you look at the s&p 500 today 30% technology If you look at the FTSE 100 today and we just I brought this list up just before we started this podcast. I literally couldn't believe it I mean, I knew that the FTSE 100 didn't have much tech But it's sector weighting is less than 1% So versus the s&p's 30 When and that's what's gone up for the last couple of decades technology so and to connect then our show with Steven's deal room like when you have an arm IPO and they're looking for where to list, right? I honor us with a list in London. Yeah on that basis It makes zero sense for them Yeah, absolutely. So but look let let let the FTSE bask in the glory of a new all-time high And and as I say, what what a day because like rolled that shells up 2.3 percent BP They're up 3 percent Rio Tinto up three Glencore up four. You've got angle America up four It's it's just phenomenal stuff and so Yeah, sterling weakness off the back of a hawkish hop inflation print from the us coupled with commodity price spikes and nice favorable conditions for banks because the financial sector in the FTSE 100 is large all that wrapped up Finally, we've got a perfect storm and and hopefully We're going to get a close above 8000 I say that literally as we've been talking It's just dumped from 8,030 down to 8,005. We've jinxed it. We are on the way side people Just just a final question before we move to a quick look at the earnings then so if you Managing a portfolio of long equity. So I equity stocks only And you're buying in a sense of you're not into profit for markets going down It's just you're buying or the prospects of things appreciating in price. What's the G? What's the kind of cyclical nature then and the geographic exposure where you were trying Utilize this Difference in behavior between how the FTSE is and how the S&P and then others might if you're on a nice there's a word in investment That's an important one. It's called diversification So you should always have a diversified portfolio. So Yeah, there's no use. Well, I mean you could have put stuck all your money in Nvidia 12 months ago and now you'd have retired you're saying my mag seven Pension fund is not gonna serve me well, but I'm just saying that that's super high risk And when you're right, it's amazing It's just that sometimes we're not always right and so when you're not right It's definitely not amazing and and you're overexposed, right? So the theory is spread your risk and so you can have different sort of exposures to to hedge off You know risk and so the FTSE 100 is always considered as a defensive play. So defensive index Because it's full of these miners and these oil companies and And these banks and certainly the miners and the oil companies big dividend payers So that it's a great income based Index and so it's safe. And so that's a good reason to own it Um, it's sure it's not going to be fireworks. You're not going to generate rapid capital appreciation But that's fine. You can then park some of your money Somewhere else like the nasdaq 100 for example, where right then you're saying, okay I want a portion of my portfolio That is exposed to that rapid technology explosion Um and recognizing that that's high risk though, you know If the feds stay hawkish for much longer then you might find The nasdaqs of this world get, you know sharp sharp correction lower And that's where then you're really thankful That you've got some of your money parked in the FTSE where that might go down as well But at a much slower rate. And so yeah, the FTSE is always a great is a great global global exposure You know defensive index Cool makes sense. All right then. So let's talk about some of these Earnings so the ones I want to talk about are JP city and black rock. So Perhaps we can start with JP Morgan. Yeah, and actually just before we delve into the single stocks. I noticed something I was looking at the s&p 500 chart and As we were just kind of saying whilst it hasn't really gone down particularly since this hot inflation reading The foot the s&p hasn't made a new high now for Like a couple of weeks and actually It's kind of been sideways for a month now. Okay So seems to have flattened off On this uptrend has been on the last time we were sideways for a month Was actually mid december through to mid january So that's the that's the one month before The earnings season starts So what happened mid december through to mid january the s&p is flat We started to get q1, sorry quarter four earnings and these earnings started to look really good And the earnings then powered the next Up leg on the index rally So here we are again the month in the lead-in to the earnings season the s&p has been flat And now it's like right What are these earnings going to look like and really that's going to now determine where this index goes over the next potentially few months um Because we need strong earnings To offset this hawkish headwind because of the higher inflation. So these this earnings season is really Really key I think for this overall index and where it goes for the rest of the year so But given the robustness and resilience we're seeing on a macro level Should that translate into this earning season being generally solid? It should do. Yeah It should we should see good a good earnings season. I guess What do these companies think about rates higher for longer and which companies are more sensitive to that? because they're the ones that are going to really start to Get a sweat on that the fed aren't going to hike till the end of the year and so higher for longer In the end might tip the balance and so we're going to look for fine looking in the rear view mirror These companies have probably performed well But what's their read now on their forecast for the year ahead? And I think that's going to be quite key Okay, so that leads us in then to jp. What did they have to say about the future then? Well, so I mean you said jp morgan share price is down three percent. It's really for that specific reason their numbers are actually great It's just that they said looking ahead. They're basically For a bank remember as a quick reminder one of the key kind of metrics on their performance Is something called their net interest income? Which is overall how much money are they making? from In you know lending their lending book So they're lending money out and they're charging an interest rate and that interest rate is now high Because the fed's interest rate is high Um, but that money they're lending out. Where are they getting it from they're getting it from their depositors So people who put their money in their bank account and so the bank is paying the depositors at small interest rate And then they're lending that money at a much higher rate and that difference the differential there really determines their net interest income And because interest rates have gone up. This is perfect for banks. They're able to exploit The gap between the lending and the savings rate. Okay um At the moment you are basically jamie diamond has been saying that we're pretty much absolute peak It conditions cannot possibly be better For us as a bank with regards to our net interest income Because interest rates have gone up superfast from the fed that is and banks tend to be very slow At increasing the rates that they pay to their depositors. They're very quick at increasing the rates they pay to the people they're lending to but that that that gap can't last for long And ultimately there's two headwinds in the future that jamie diamond saying is going to result in our net interest income dropping And that's what he's basically saying last year in 2023 the bank made 90 billion dollars in net interest income This year. He's forecasting 89 billion. So that that is a drop and he's saying that two reasons Yes, the fed are going to cut maybe I mean, it's it's so good for banks the the more the cut gets delayed the better it is for banks, right? But jamie diamond saying probably they're still going to cut anyway at some point. So that would then Reduce the spread between the deposit rate and the lending rate bad news for banks. And then secondly Depositors are being a bit more savvy now. They understand and realize hang on a minute Why is my bank paying me such a ridiculously low interest rate in my deposit account? That's crazy. I'm going to take my money out and I'm going to find I'm going to find an account or a whatever A money market scheme that I can put my money in and earn 5% rather than getting paid like 1% In my bank account. So you're seeing people starting to actually now get around to But it's personal admin, isn't it? Who's got time to mess about changing bank accounts? That's the problem But I think the difference is so extreme now the people are going hang on a minute It's time to act. So that's why their share price is down They're still forecasting a decline in net interest income this year compared to last year. So that was disappointing markets didn't want to hear that But outside of that It's the rest of it. It's all amazing news And actually if we look at because all the banks have reported together Okay, so the banks the big four of like jp morgan city wells fargo and bank of america All the big four u.s banks, they've all reported together and what's quite interesting is actually that they've all had a good quarter From a net interest income point of view except jp morgan has smashed them all I mean their net interest income is up 34 year over year Wells fargo 16.5 percent rise city 13 percent rise bank of america only eight and a half percent rise So jp morgan have smashed them Why well actually first republic Because what these year on year comps it's still Like if you go one year back jp morgan hadn't bought first republic yet And so that's greatly increased their their kind of deposit base in their loan book And so actually that's one of the reasons why jp morgan are getting this stellar growth rate However, I would say even before First republic jp morgan were starting to stretch out their lead anyway It's just this first republic thing. It's just really catapulted them Ahead So look their numbers are great. I mean overall their profits were up six percent with net income at 13.4 billion You know, it's it's it's good news and the longer the fed waits to cut Basically the better It feels like some sensible management forward guidance Yeah, essentially Yeah, and jamie diamond. Look, I've got a quote here. He said many economic indicators continue to be favorable. However Looking ahead. We remain alert to a number of significant uncertain forces And he pointed to an unsettling global landscape and a large number of persistent inflationary pressures Which may likely continue that was his comment on the earnings call But he's been banging the drum of rates staying higher for longer For a long time. You could say that's kind of talking his book Uh a little bit but Yeah, I like I like that uh CEO management It's like your business is booming and thriving And then you just continually talk pessimistic. Yeah, just to keep the street bar significantly placed On the low side of expectations. So it's all just Yeah Yeah, good good management technique, I guess. Well, he's been at the helm for you know, it's coming up nearly I think it's 18 years. He's been CEO of jp Morgan That it's like It's like alex fergusson, right? I mean, they've got a succession problem JP Morgan and he's now I think the word on the street is that he's going to try and get to 20 years and then Check out So he's got a couple of years left who takes over And that that'll be the big risk for JP Morgan and JP Morgan's stock and share price Not not yet, but I'm just saying in the months ahead People are going to start to look at that a little more closely And we'll start to really drill in and scrutinize who he's lining up to succeed him and right Are they any good? Okay, so so one thing we talked about here and at the beginning was you mentioned the consumer with spending um and we're here I was talking about Confidence in the global economy at the moment from a US consumer point of view So credit cards I saw at city credit card drove credit cards drove growth in this us personal banking division Boosted by more spending as well as larger interest generating balances on cards from partnerships so Do people like you on a macro level? Do you look at some of these bank earnings not for the stock in itself? right the signals to supplement then the traditional economic data sets like inflation and growth and ISM you mentioned and so on Yeah, absolutely. It's a very good point and you know, ultimately What's the best measure of consumption? Well, it's it's like right at the The point where the money's changing hands, right? And so that's payments and So the big payment services that these banks provide the data they're sat on is yeah, I mean hugely valuable And yeah, it's these kind of figures the way you step back and you go. Wow. Yeah, I mean this consumer's still really confident So they're spending Healthy amounts and are happy to Take on debt on their credit card even though interest rates are high At the moment it doesn't seem to be deterring them and so yeah, that just feeds back into that problem with inflation and it's just not coming down and it may not come down and so Yeah, the further we go through the year the less likely we're going to get any cuts at all Okay, so finally black rock. Yeah So a little bit of a different side of things here. So not not a bank I'll say but an asset manager. So what is it that That draws your eye when you look at something like black rock. Well, the headline of course is the AUM the assets under management hit a record high 10.5 trillion That's what grabs the headlines. It's not particularly that's not a surprise in any way Their assets under management. Well, what how what are they doing with this money? Well, they've invested it A lot of it in stocks and what stocks done? Well, they've gone up. So, okay Well, great their portfolio value has gone up. And so that's not particularly surprising although it's notable and well done black rock and obviously Great for them in terms of revenues and profits. And so yeah, I mean good news For them, but it's really more a function of global markets and where they've gone But underneath that so there were other stuff It was interesting to get a bit more info on this bitcoin ETF Actually, which they launched remember back at the start back in january. So we've You know, we've almost got a full quarter of stats here and we now know that the inflows So we look at inflows is perhaps a better measure For an asset management firm rather than just straight out their assets under management because inflows is new money coming in So their sales and distribution teams and their marketing engine Are out there trying to attract new clients. Okay, so this is inflows if net you've got money flowing in With the bitcoin ETF or sorry. Yeah spot Exchange traded fund I should call it that had that it reached 10 billion dollars in record time So it's never had a product that's had 10 billion of inflows so quickly and right now is at the end of march They've got 18.7 billion Um inflows into that bitcoin exchange traded fund But net overall their total inflows Into ETFs for the quarter was 67 billion So that's a bit more of an interesting measure as to how the the business has been performing They had an 11 and then outside of their sort of You know assets under management What what else are they doing to try and sort of diversify and we always look at their technology Sign their technology revenues Were up to 37 billion Sorry, what up 37 billion year on year to 377 billion So that was also a very positive figure. So the share price is up Yeah, what 3% Um So Happy days for larry things. Okay, so to wrap it up then Um, we'll finish with a little little test for you And uh, the people listening can play along. All right So what i'm looking at here is that a supplement sheet that came out with their earnings And it's like a graphical power point and on there um is a Kind of bar chart showing how diversified a business they have across clients products And geographies so okay first question then You talked about the AUM hitting 10.5 trillion. Yeah, what percentage Of the AUM do you think is americas? It's a good question. Uh I i'm gonna go I'm gonna go at least half. I'd probably say i'm gonna gonna go Be be bold be brave. I'm gonna go 65 percent Correct answer is 68 percent You're pretty good. I'm gonna give you three then because okay just to see whether there's consistency behind that incredibly close Okay So why don't we go to product product type so again looking at the AUM? Yeah, um Equity so what portion of the AUM is in equities? Well, okay, that's interesting. There has been a switch out of equities as interest rates have gone up And so people switching to like fixed income products Money market products, but you're still gonna get the vast I say the it's definitely majority. I'm gonna say So in percentage terms again, I'm gonna say I'm gonna go higher 80 percent 54 percent Okay, so equity 54 fixed income 27 percent. I wonder how much that's Swung if yeah, I'm doing the last six months All right fine final one. Yeah Um, so you talked a little bit there about ETFs So in terms of client type Yeah in a division of AUM between institutional Retail and ETF What portion or percentage portion dealing is ETFs? Um That's interesting. So what is ETFs? That's that's Neither retail nor institutional. So I mean interesting. They split that act separately Uh I'm gonna just a product, isn't it? Yeah, all right. It's I'd say majority. So I'm again, I'm gonna go I'm gonna go 60 percent 36 Ah, what? mild institutional 55 Retail nine percent ah retails only nine. Well, that's yeah, it's interesting. Okay ETF 36 So all right, so so maybe I should have entered. Yeah, you should have ended that quiz after question one Exactly. Yeah. Oh pierce. Well done. You got an absolutely spot on mashed it. You're a genius All right, cool that wraps it up. I wish everyone a lovely weekend I know certainly here in in london. It's the sun is shining The foot sees at record highs. I feel like the flip-flops and shorts are coming out. We might as well get the barbecue out Let's go roll britannia. Let's do it. Thanks for listening. Have a great weekend. See you next week