David Bianco

Conflict is expensive.

Conflict is inflationary.

Conflict is a signal of maybe this world being less cooperative than it used to be.

That weighs on productivity and that weighs on potential for growth as well.

Well, we're still watching this conflict with a little bit of skepticism that this gets wrapped up quickly.

And we go back to, as I said, movement or actions and movement of ships out of the out of the strait and a big decline in oil prices and peace in the Middle East.

We're skeptical of that.

So until we see something more concrete in that front, we're sticking with where we see unquestionable strength, which is the tech trade.