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Sarah's initial reaction to the number of durable goods is not surprising; we saw a very low number, so we were expecting

A larger decline than the consensus due to net cancellations for the Boeing order. So I guess there must have been a place on the ship.

Weakness, but I think we're seeing signs of broader weakness in the capital goods sector as a whole,

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I think in large part because of the uncertainty in business conditions and what I'm seeing in the city right now. The surprise index that took another leg more negative and the fact that people still don't understand how slow the economy really is.

soon as you know, approach the opportunity gently. You know this is definitely a time when you want to set aside funds to offset credit risk.

But there are areas of credit that you know are interesting and more defensible. You know we are positive about media and telecommunications and our active fund.

A trade war also has positive effects on industries like healthcare and pharmaceuticals and defense sectors like agrochemicals, which are obviously related to technology, but I don't think it's a race for the hills.