Danielle Singer: For some time now, we've been in this muddle-through type of global growth backdrop that could mean that the macro environment continues to be decent in terms of support for risk assets. Our concerns about what could support global growth and guide monetary policy are more structural in nature — areas like private sector debt, servicing that debt and the impact of interest rate increases. For instance, if you look at China credit growth over the last year or two, which has been highly supportive of global trade and global growth, you can drill down into some headwinds of currency risk and dollar liquidity based on the denomination of that debt. Also, more generally, the impact of a lower-wage and lower-productivity environment could have longer-term pressures on global growth. So while cyclical trends may look fine, structurally, there are areas we have to keep an eye on.
Stuart Peskin: I agree with Danielle's list of macro issues to keep in mind. I would place at the top of any list the fact that the stimulus from central banks is fading. It's not going to fade today or tomorrow or through the course of 2018, but as it fades, that will definitely change the environment that has been so positive for traditional assets.