| leslie picker 2022 has been a tough year | 4.88 | Jump to 5.52 |  |  | 
              
                
                  | me break it into two parts one is | 4.16 | Jump to 46.0 |  |  | 
              
                
                  | transformation one that is fueled by | 4.0 | Jump to 59.199 |  |  | 
              
                
                  | more than 100 times over the next 10 | 3.201 | Jump to 64.879 |  |  | 
              
                
                  | also in digital and data first | 3.12 | Jump to 73.92 |  |  | 
              
                
                  | and then to the second part of your | 4.0 | Jump to 79.84 |  |  | 
              
                
                  | but i think one thing it's important to | 3.441 | Jump to 112.479 |  |  | 
              
                
                  | particular this now prices in a one | 3.52 | Jump to 181.68 |  |  | 
              
                
                  | increase in the 10-year rate whereas if | 4.56 | Jump to 185.2 |  |  | 
              
                
                  | a zero percent rate hike so it does look | 6.64 | Jump to 189.76 |  |  | 
              
                
                  | since march 2020 are probably going to | 5.36 | Jump to 221.84 |  |  | 
              
                
                  | closer to two percent the equity market | 4.8 | Jump to 269.6 |  |  | 
              
                
                  | vulnerable than the one ones with | 4.639 | Jump to 287.12 |  |  | 
              
                
                  | um so now that we are pricing in four | 5.84 | Jump to 347.12 |  |  | 
              
                
                  | two opportunities to deliver alpha one | 4.639 | Jump to 361.68 |  |  | 
              
                
                  | is stock selection and then the second | 5.84 | Jump to 364.24 |  |  | 
              
                
                  | one is technically adjusting your hedges | 6.0 | Jump to 366.319 |  |  | 
              
                
                  | with a long-term horizon our first | 3.6 | Jump to 391.28 |  |  | 
              
                
                  | considerably given that we have seen one | 3.759 | Jump to 436.88 |  |  | 
              
                
                  | over the last 20 years so it's more | 4.481 | Jump to 442.639 |  |  | 
              
                
                  | there are really two sectors that are | 3.92 | Jump to 474.8 |  |  | 
              
                
                  | very interesting one is | 3.6 | Jump to 476.8 |  |  | 
              
                
                  | data infrastructure and the other one is | 3.36 | Jump to 478.72 |  |  | 
              
                
                  | companies has come down over the last 10 | 3.04 | Jump to 514.479 |  |  | 
              
                
                  | the design of a ship if you go from 10 | 5.039 | Jump to 524.24 |  |  | 
              
                
                  | nanometers to 5 nanometers has increased | 4.799 | Jump to 526.16 |  |  | 
              
                
                  | by three times | 2.641 | Jump to 529.279 |  |  | 
              
                
                  | five times over the next 10 years | 5.28 | Jump to 543.92 |  |  | 
              
                
                  | nascent market only about 10 | 4.96 | Jump to 550.72 |  |  | 
              
                
                  | but are very complementary one again is | 4.88 | Jump to 580.0 |  |  | 
              
                
                  | 2021 was a huge sea change there with | 7.28 | Jump to 653.2 |  |  | 
              
                
                  | going into 2022 how do you view this | 4.959 | Jump to 662.56 |  |  | 
              
                
                  | 90 of the tech ipo pipeline now a | 4.319 | Jump to 693.76 |  |  | 
              
                
                  | reset in valuations more than 40 | 4.401 | Jump to 698.079 |  |  | 
              
                
                  | a little over 40 trading days um one of | 4.16 | Jump to 702.48 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        a little over 40
                      
                     |  | 
              
                
                  | the largest corrections over the last 20 | 2.959 | Jump to 704.88 |  |  | 
              
                
                  | have one of two choices either you're | 3.68 | Jump to 711.04 |  |  | 
              
                
                  | and even that second choice will take | 4.641 | Jump to 723.839 |  |  | 
              
                
                  | i recall in 2008 visa then public was | 5.36 | Jump to 764.88 |  |  | 
              
                
                  | one of the largest ipos at the time in | 3.761 | Jump to 767.839 |  |  | 
              
                
                  | one of the most challenging market | 2.64 | Jump to 770.24 |  |  | 
              
                
                  | well over six years and it's been a | 3.76 | Jump to 859.6 |  |  |