30% of my portfolio is allocated to US small-cap value-weighted ETFs. Whichever small-cap value ETF you choose, a large proportion of the allocation will be towards the financial sector. I think perhaps that is one of the reasons why values tend to suffer going into a recession. The recession is not here yet, but there is much negativity abound. We hear of commercial loan crises due to the sudden rise in interest rates or how undercapitalized banks could be going into a recession. The stock market is a machine that consistently factors in available information and adjusts the price of the market. Based on some people’s observations, they try to price in what will happen in six months. I wonder given the negativity how much has been priced into the current decline. There is also a question of whether we will have a soft or a hard landing. I would...