joanne feeney in both cases, trading at high multiples.ve come down and we have added them for clients in a more progressive strategy. the outlook for the longer-term investor shouldn't be what is going to happen this year. the down tide -- downside is on the consumer side. the server-side is the most expensive. even if there is a pause, we know that data usage is driving up which requires faster connect -- connections and chips. these puppies have a good growth outlook and we will have consumers cyclicals onto that long-term trend. at these levels, it becomes a very attractive opportunity for the longer-term investor and they should take advantage of it. guy: how should we be thinking about the geopolitical overlay on this? taiwan remains a consistent -- a concern. you have those in washington pushing through fairly aggressive export. if you think about how this will reposition the sector and stocks long-term, what should we be thinking about? joanne: the geopolitical concerns are new wants to the ship and investing strategy. in the past