peter you've been expecting this this downturn for a while and now you're turning tactically bullish what does that mean hi sarah um yeah you know when we we talked uh around christmas time um the the theme we've had here at exonic has been higher inflation would eventually lead to a hawkish hawkish fed pivot uh came a couple months later than we expected uh but the damage from inflation to company margins for example is starting to show uh this quarter what

the company's reporting so far as are the supply chain disruptions um when you know markets correct uh which i think we're in the beginning of a longer correction we've actually shifted into sort of a cell the rally kind of mode but when they correct you know there are going to be opportunities to take advantage of oversold conditions and i think that's where we are now we've had a three-day uh vix futures curve inversion from first to second months and i have some soft indicators i use which is called the number of calls that

i get the media about whether a bear market has started or not and i've gotten a number of those today as well um and then lastly you know all the people who never saw uh the possibility of the market uh taking a turn for the worse um are now seemingly on board with the fact that it ought to on a hawkish fed pivot so when you combine all those things and everybody is on the bearish bandwagon now my experience has been that that means it's a bit overdone