 In defense of liberty. News Radio 1100 KNZZ. I'm Pat Woodard and this is Stiefel Investor Insights. Stiefel, where success meets success. Today I'm joined by Michael O'Keefe, Stiefel's Chief Investment Officer. Michael, I know you and your team have a way of tracking the chances of a recession happening anytime soon. Can you explain how that works? Pat, I'm happy to.