I am overweight chemicals, and I will stick with it.

German companies have stepped on the gas in the past 12 months. They're in conquering mode, and we've not hit the peak yet. There's a real M&A mania out there, and it's increasingly driven by globalization.

This could mean challenges for some companies; they might see margin contraction.

The overall global economy is robust, and there's quite good demand from many end-markets.