00:02So we have been buying risk assets, but as we've said before, when you have uncertainty on the macro side, you really have to point to the micro.
00:11So you have to really be very idiosyncratic on the stories that you're buying.
00:15And Anna, you were talking about very different earnings releases, very different discussions company by company.
00:22We've sunk this over the last few earnings releases and even more so now.
00:27And by the way, we're seeing it not only in the U.S., but across the world.
00:30I was looking at some research on that subject of the earnings story.
00:33I was looking at some research by Morgan Stanley that pointed to an increasing number of companies citing pricing power as one of the ways they plan to get through this,
00:41which sounds good for margins and bad for CPI if you don't want CPI to go much higher.
00:46So do you see that, Fabiana?
00:48Is that a big theme coming out of this, that companies are once again, just like we saw in the early days of COVID, talking about their pricing power?
00:54Absolutely. And that is very important when you choose a company to invest in.
00:59It's not only pricing power.
01:01The pricing power comes, for example, from the ability to innovate, to innovate in line with all the new consumers require.
01:07And there are companies that are able to do that.
01:10To your point, however, this also would mean more inflation if some of these companies were able to pass on those increased costs onto their consumers.
01:18So tariffs and mitigation of what we're seeing right now on tariffs are really important for the economy.
01:25And so you see U.S. businesses that are very well worth still investing in, don't you, Fabiana?
01:30Yes.
01:30Yes.
01:31You think that, OK, so U.S. exceptionalism may be changing, evolving, but I think one of the notes that stood out to me, empires don't fall in one day.
01:38Yes, diversify, but don't divest from the U.S.
01:41There is no other alternative to the U.S.
01:43I mean, the U.S. exception is true and is very clear when it comes to innovation, it comes to entrepreneurship, it comes to very deep capital market.
01:53But the U.S. is not the only gaming town.
01:55There are other areas where you can invest.
01:57I mean, Europe has a lot of good opportunities.
02:00Asia has a lot of good opportunities.
02:02But what we have seen in the U.S. was that there was a sell-off in technology, which was unwarranted.
02:07I mean, not only technology stocks are the same.
02:10So, actually, in our strategies, we have started buying into technology stocks when we saw the big sell-off.
02:17Do I buy dips still?
02:19You buy dips, but you don't buy them everywhere.
02:22You buy dips where you have conviction that the fundamental story is still there.
02:26So, for example...
02:26United States.
02:27Do I buy dips in the United States?
02:28For example, we bought the dip in AI-focused semiconductors because we felt that that story was still intact.
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