 Now, I'm very pleased to say that our guest hosts who's joining us in the studio this morning is Mark Bailey from FIG Security. Mark, good morning. Good morning. Thanks very much for joining us. No problem. Now, let's talk about the US session just to sort of set the picture. A higher close there, an intraday record high for the NASDAQ. But this low volatility, it just seems like markets are so complacent at the moment, despite this talk of a rate rise from the Fed. Yeah, that's right. I mean, I think you've got the lowest volatility in US Treasurers for around about 10 years. And, you know, the markets do seem to be a bit complacent, almost kind of twiddling their thumbs as we were talking about before, until Jackson Hole and Janet Yellen's comments, until hopefully we get maybe a bit more of a direction in terms of where interest rates are going. But at the moment, yeah, it just seems that the markets are complacent. There's a lot of people calling for a correction. If you look at where the equity markets are, in terms of, you know, the record highs that you did here in the NASDAQ, you know, the US equity markets are pretty close to record highs. But yet you look at what the Fed is telling people, you look at the interest rate setting and you would never put those two together in terms of, you know, the Fed saying, you know, we're not sure whether we can hike or not, but yet you see in terms of the equity markets hitting record highs. Now, are they justified valuations? You can argue they're pretty high in terms of PE ratios. They're back to kind of almost dot com bust levels in terms of corporate profitability and revenues. They've been relatively flat over the last few years. So there's not a lot of momentum driving, you know, the fundamentals driving the equity price and the end valuations higher. But I think what is happening is that you're seeing, you know, central banks continue to inject liquidity into the system through QE, maybe not the Fed, but you see in the Bank of Japan, the ECB, Bank of England, you know, again feeding liquidity into those markets and that's feeding through into all asset classes and it's forcing investors to seek yield in this low interest rate environment and to do that they're having to go down the risk spectrum, whether that's in from investment grade to lower investment grade into high yield and then also into equities and that's driving the equity prices higher as people search for income in terms of the dividend stocks on some of the equities and that again plays into the equity valuations and that's why you're seeing it so high at the moment. Whether that's justified or not, I'm not sure and I think people are calling for correction is right and I think it's time to position your portfolios fairly defensively. Just off the back of those comments it's actually probably relevant to pull up a chart that you've put together for us. On central banks around the world that the Fed, ECB, BOE, the RBA even here and really it's just showing that downward trend for those interest rates and it doesn't look like that's sort of reversing any time soon. No, absolutely not. I mean if you look at the top line that's the RBA in yellow. They did cut in August as everybody knows and there's probably at least another 25 basis points if not more coming. That's the interest rates they're at record lows. If you look at the blue line which is the ECB there at zero in terms of the refinancing rate minus 0% in the deposit rate, again no indication that that's going to change. It's similar with the Bank of England who are continuing to deal with Brexit. They cut 25 basis points at the start of August to a record low of 0.25% and the only one that has actually increased rates in the last seven or eight years is the Fed which is the white line which you can see has slightly got that uptick where they raised 25 basis points in December last year but at that stage they were forecasting four interest rate hikes this year. That certainly hasn't happened and it's not going to happen. The market is pricing in around about 50% chance of a hike by December. I think that's probably a bit optimistic and probably it's going to be 2017 before we do see a hike but in terms of the environment that investors are having to deal with and the environment is going to continue and that is driving, again, that search for yield and maybe pushing people to move up the risk spectrum whilst trying to maintain the returns that they're looking for. That is interesting. Certainly one-way traffic as you're alluded to there. Let's actually get some thoughts.