leslie picker 2022 has been a tough year |
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me break it into two parts one is |
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transformation one that is fueled by |
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more than 100 times over the next 10 |
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also in digital and data first |
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and then to the second part of your |
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but i think one thing it's important to |
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particular this now prices in a one |
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increase in the 10-year rate whereas if |
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a zero percent rate hike so it does look |
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since march 2020 are probably going to |
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closer to two percent the equity market |
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vulnerable than the one ones with |
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um so now that we are pricing in four |
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two opportunities to deliver alpha one |
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is stock selection and then the second |
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one is technically adjusting your hedges |
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with a long-term horizon our first |
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considerably given that we have seen one |
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over the last 20 years so it's more |
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there are really two sectors that are |
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very interesting one is |
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data infrastructure and the other one is |
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companies has come down over the last 10 |
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the design of a ship if you go from 10 |
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nanometers to 5 nanometers has increased |
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by three times |
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five times over the next 10 years |
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nascent market only about 10 |
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but are very complementary one again is |
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2021 was a huge sea change there with |
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going into 2022 how do you view this |
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90 of the tech ipo pipeline now a |
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reset in valuations more than 40 |
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a little over 40 trading days um one of |
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CARDINAL
a little over 40
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the largest corrections over the last 20 |
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have one of two choices either you're |
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and even that second choice will take |
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i recall in 2008 visa then public was |
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one of the largest ipos at the time in |
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one of the most challenging market |
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well over six years and it's been a |
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