she thinks this time is fundamentally different we know and economic conditions that were the precursor to the tightening cycle were fundamentally different and quite structural is that what you mean when it comes to a misunderstanding of where you go from here   we have had four cycles over the last 30 years and this one is the most comparable to the one we saw in the early 1990s if you think about the differences we are experiencing now the types of dynamics happening globally now theyre quite dramatic that was when the rate hiking cycle started in 1993 were in a of globalization when baby boomers were in their primes and all of the rate cutting cycles in recent memory have been in a period where we generally had low inflation so we are now hiking in the period where the fed allowed inflation to get out of control the idea that the fed will be cutting in early fall as a misunderstanding of the message and its unlikely to happen that is the other thing i would say when a pause is not a rate cut lasted for 14 months the idea that its over and done with i think i am a little skeptical haidi how do you play on that skepticism   we like money market of 48 we think us stocks are richly priced especially us largecap stocks we like parts of the bond market and generally we like value and quality cash flows that will hold up well in a where we will find inflation remains sticky at around 4   emission value and quality is that the call given it is such a diverse space and at the same time what do you think about the nasdaq and tech stocks which have seen an immense runup   the nasdaq 100 is up over 20  i would consider and high quality tech which is a wellrun company has become something of a safe haven its not almost 8 of the s  p 500 if we see a downturn in fallen tech stocks that would be a real headwind for the nasdaq shery where do you find quality in emerging markets   in emerging markets i would say the imf expects china and india or asia in general to comprise over 50 of global growth this year we like india gdp is outpacing china and they dont have some governmental issues that china will continue to have despite reopening i think there is some quality to be found in parts of emerging markets especially asia and india shery if we look at reopening and indian consumption coming back to levels before the pandemic does that mean we will see the battle in prices rising especially with oil i think chinas reopening will continue to put pressure on energy prices particularly oil that will be and inflationary force we have not seen the full impact of this yet