00:00So so many things are happening to conflicts. You have tariff wars. You have pretty fragmented politics. And yet you are still seeing markets on the rise.
00:11And at some point you're due to have a stop and pause. But you know some of the if you look at the dispersion that we're having in markets there's still a lot of places where there is value and you can make alpha.
00:24OK so you have to select carefully but broadly are you worried that there is a bubble coming in AI that it's about to burst and all this circular funding is something that we really should be worried about.
00:35You know it's interesting that is actually a question we get a lot from clients and there's always a bubble everywhere as far as I'm concerned because over over the years you've seen in different parts of the markets.
00:46There are areas of AI that are clearly more frosty. There is a lot of concentration but the demand for AI and everything AI and the chips is huge.
00:57So and if you look at the dispersion in results of some of the companies that are also involved in the AI ecosystem they are very different.
01:05So there are still areas where you can make that return. You just have to be more careful.
01:10Hmm. You talk a little. Good morning Fabiana. You talk in your notes about crisis fatigue.
01:16It's easy to think back to April and we were all obsessed with tariffs and what that was going to do to markets and that had a big impact on markets.
01:23What do you what do you focus on when you think about crisis fatigue and the effect that that has on investors.
01:29So actually the crisis fatigue that we've seen among investors is quite rational because geopolitics don't really impact companies and stock markets unless they impact earnings.
01:41And this has not happened so far as tragic as a war is unless it does impact those earnings.
01:48It does generally not have an impact on the pricing of the stocks.
01:52However, the step from crisis fatigue to complacency is pretty short and we just have to make sure that we're monitoring that.
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