Ann: Video update from Chief Investment Officer and Chairman, page-317

It is a slow process, isn’t? Changing economic set up and seeing results is extremely slow process. They say change of .25% interest rates can take 12 to 18 months before impacting the real economic activities. So imagine economists are talking about 2 to 2.5% increase in interest over next 2 to 3 years. The economy could be impacted for 5 to 6 years. Nobody is still talking about recession or anything nasty, slow down of liquidity which will impact assets prices.
But from MFG point of view, the performance improvement against indexes has just started. Remember 6 to 8 months back underperformance was 25% per year, qtr average of 6%. More critical point is Fed Reserve started talking about tightening only around November or December. They are only talking yet, nothing much has been done yet. You can see stock markets are becoming wobbly already. Of course early days. December is positive for MFG .Whatever happens the variance between MFG and indexes are going to be 3% range rather than 25% range where all these eruption of MFG performance began.