still with us, florence barjou, cio lyxor asset management. before the break, you said maybe this is a bit overdone. does this mean potentially there is a buying opportunity here? if so, where would your focus be? florence: it could be a bit overdone. obviously, we are talking about flows and liquidity adjusting. and with valuations being very high so the market taking a breath, that's not surprising. the first days of the year are very much in line with what we see for 2022. if you look at the market moves, the higher rates are certainly not linked to inflation. breakeven rates in the u.s. have been coming down. the story is really about growth remaining strong and the term premium, meaning uncertainty in monetary policy, increasing. what we see is the growth story and not inflation story. logically, the fact that value is underperforming, in fact, our basket of value stocks in the u.s. was up yesterday. we see growth underperforming, value increasing, europe holding up better than the u.s., this is something which could continue through 2022