I think there is also a timing difference here, short medium and long term. I don't believe any of us here are basing our investment decisions on one macro factor which may last 6 months and be in the rear view... I am holding long term and have done so for a while now by nature! It has proven to be an investment that has beat the index return over same timeframe.
your short thesis is too thin just to say "recession coming"
Ann: FY22 Full Year Results Presentation, page-73
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