This video is an excerpt from our conference call last week outlining our views on China. China is already reopened, but we still need to figure out what this means. Mobility in China has bounced back but is still well below pre-Covid levels. On top of this, the recent protests in China exhibited citizens might not be ready to return to the pre-Covid world. They are demanding change in their country. Things have changed in China. We don’t yet know exactly how. But to assume the country will immediately return to 2019 norms and its economy will rebound immediately may prove overly optimistic.