marija: i respectfully beg to differ. i think we talk about growth stocks every year, and every single year i was up but what about valuation, what about valuation, a year ago, two years ago, three years ago. growth stocks have been rated and re-rated. is an even the milestone in terms of their valuation, but for us, there have been three key reasons for growth, one is a slow kind of worry, and even earnings growth. overall earnings growth is fairly moderate, but with a lot more earnings, potentially, in those growth stocks that we are seeing in technology, in consumer discretionary sectors, health care sectors, and very little in financials, energy stocks. they expected earnings growth next year. the earnings level is expected to be below pre-covid level, so that is the concern. secondly, interest rates are expected to stay very, very low for a long time. points ofhas 10 basis recovery in treasury, rally stocks, but you do need to see a lot stronger recovery in bond yields, and that is very difficult to imagine right now

marija: for us, it's not just for japan. for overall investment this year, it has been all about earnings. earnings have been fairly -- not strong. none of the region has strong earnings. relatively resilient. they have performed well. reallys will have been bad in places like u.k. and japan. they struggled. for we really want to see us to get positive on the markets is some optimism on earnings. we look at earnings forecast, earnings expectations. they are quite negative and japan. politics. what we need to get, better earnings outlook. japan is still struggling. for us, it is delano. -- still a no. annmarie: there are still more pessimists than optimists. you are a pessimist on japan. outside japan, you like e.m.. you like tech. what other sectors in asia? asia, it is mostly tech. asian tech, we like that a lot. that's a very interesting story for us. we suspect -- we know that investors have been super bullish on u.s. tech. we know it is very crowded. you can argue about valuation. it is quite stretch. i suspect that that