i want to start with first republic falling again those problems just seem to keep rolling on and on bloomberg breaking the news today that i might have trouble accessing fed lending facilities whats your risk assessment around confidence now in regional us banks and can we say with any certainty all this turmoil is behind us looks like it probably isnt its probably isnt and the confidence is going to be battered again and clearly these regional banks are well capitalized and now because of rapid increase in interest rate ease causing a lot of problem this is a symptom of rapid increase in interest rates so you know we may well see more of those issues coming through what does that mean for the rest of financial system in a way its tightening the financial conditions so you know its doing a lot of work hopefully for you know a forfeit so instead of putting up interest rate the financial condition is tightening but also its impacting the confidence around the world as well are we looking at here in australia our banks will be sold off on the back of that even though our banks are in very very different situation much well capitalised in the housing markets very strong so you know all that together it just means a bit more time of volatility it does provide opportunity though because you know investors in todays world tend to just sell blanket they will sell all financials today they will sell or anything thats kind of you know exhibit similar sort of characteristics it does provide pretty good buying opportunity in some of the names in terms of what you mentioned there though the turmoil doing some of the feds work for it the consensus still is for 25 basis points next week there are a few voices now starting to say well maybe the scene is set for a fed pause what do you think about that look my view is still probably majority probability for a 25 basis point increase inflation has been coming down rapidly but still not at the good points i think you know fed it does seem that theyre reasonably confident that this will be contained but look if we see any more spillover yes they will pause but regardless we have 25 more and thats pretty much it for the time being and that is really good for financial confidence financial market confidence you may how closely are you watching japans central bank given governor where they are now at the helm for this voa meeting because you have the likes of bank of america saying ok were not really expecting that much change thats a consensus but at the same time given where global bond yields have gone if you dont do something soon dont you risk y c c attacks look absolutely but to our viewers theyre probably sitting with the consensus that not much is likely to change on that basis you know we were just not expecting to see much over there because if this only change of senate it does represent quite a lot of shake up of expectations thats already been built into the system we saw traders now hedging for possible yen strength is there any positioning that youre taking given where the boj may be headed in the next few months look obvious that its not likely to change quite significantly because even though the economy has recovered with the reopening and things recover quite fast and china reopening taking place but still you know we think the pace is still going to be a little bit slower than expected in the next six months so we do think that they will take it easy for the time being judy just before you arrived we did get the news the karens made this bid for blackmores one point two billion us dollars ninety five dollars a share a reasonable premium there be a company in the vitamins company thats an amusing tie up what does it tell us more broadly look at what it means broadly is that there is a lot of value in the equity markets as the investors sort of shy away from volatility and uncertainty we are seeing so much asset they represent value like this you know we always know quality brands are very difficult to build in todays world because of fragmentation because different audience so for blackmores even though they used to be the darling for the chinese market for the vitamin e cream they dont sell it anymore but still it is a brand that was built over many decades so you know it is it certainly seems very expensive for this years earning but for a big conglomerate likely here and they can put it across the distribution system theres so much cost that can come out and theres so much leverage that they can grow build this brand into something much much bigger so our view is that currency market theres so many opportunities like this the likes of a2 for example nearterm earnings being impacted because the die goes slow to come back but its multiple compared to what kirans paying for the full blackmores its a half of that just incredible value we see treasury while we talk to a few years ago and even now represent great value so a lot of great brands thats listed on the market today we dont think well be you know be listed if its still trading out where it is in the next six month there is a lot of demand for those quality brands to be bolt on to a existing platform