effect affects all asset classes, giving you a better opportunity on a very short-term basis to buy for scheaper. positionerms of how i within the market -- i want to get this chart up. if rates go higher, how does that affect my cyclical value balance? cyclicals have been doing well. financials, you saw it yesterday with the s&p. markets sold bond proxies and bought into financials, etc. is that the rotation you would now expect to gain more traction? mark: i'm not sure. in general, cyclical assets and growth assets do well in rising rate environment because we are seeing continued stronger growth than expected coming through. so, apart from the initial shock see growthhink we'll assets doing very well in a steady raising right environment. guy: and in terms of how does this work for my geographical point of view, the u.s. is later in the cuyycle, do i rethink wht i'm doing in the u.s. europe does not have much tech. how do i position myself around the world? mark: from the u.s. equity point of view, we have seen the tightening cycle began. if we were to start to see that occurring in europe or