Ian Lance

One of them's called Cord.

They're your shale producers.

And as you can imagine, they have performed quite well.

It's that sort of area.

I just think you have to look outside of mega cap US tech and so on and so forth.

It's a conversation I think that yourself and John had about a week ago, which is you could loosely call it complacency in the market.

which is the Strait of Hormuz, as we talked today, is still shut.

The oil price is still above $100.

Airlines are starting to cancel flights.

Some Asian countries have gone to a four-day working week.

And the S&P 500 has just hit an all-time high.

I think the Semiconductor Index has just done 18 consecutive up days.

There just seems to be an awful lot of complacency.

And you're absolutely right, we are not macroforecasters, but I don't think you have to be to say that eventually...

Energy prices or those sorts of levels is going to have an impact on the economy.

And if your starting point is very, very high levels of valuation, normally putting those two things together don't work out well.

And you're right.

From where we sit, we can look at our portfolio and say, yep, it's lowly values and we think we've built in a margin of safety.

But if the US market comes down, it's not going to sit there and just be completely immune from that.

So, yeah, I do find that sort of mildly worrying how people appear to have just become accustomed to buying the dip.