Trump Policies May Bring Markets 'Moment of Pause,' Says Principal's Shah

Watch Trump Policies May Bring Markets 'Moment of Pause,' Says Principal's Shah - Bloomberg on Dailymotion

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00:00Let's talk about the last 12, 24 hours. Seema, we're pushing back on executive pay,

00:05on capital returns. These are things you wouldn't typically associate with the United States,

00:09certainly wouldn't typically associate them with the Republican Party. As you sit there in London

00:13and your investors think about allocating capital to the United States, does it give you a pause?

00:20Well, hi, John. I think it does to some extent. I mean, any time that you have government

00:24intervention, it typically does put off investors, obviously, by varying amounts. There are some

00:30things that he said there, which I think they don't necessarily add up. I mean, in terms of

00:34putting off investors from corporate housing, you almost need them there to encourage greater

00:41supply, which would be your best way of resolving affordability issues. And then even on the defense

00:45side, trying to put off the investment is hardly going to be conducive to some of the things that

00:50he's saying. The other thing about this as well is that coming into 2026, there's obviously been a

00:55lot of optimism. One of the things that's been on people's assumptions is that policy upheaval

01:00volatility is going to be a little bit less than what we had last year. And of course, as you said,

01:04the last 48 hours suggests the exact opposite. So I think that there's some things in here

01:10which may not have immediate impact, but certainly from an investor standpoint,

01:14this is a moment of pause that maybe 2026 is not going to be as smooth as a lot of people

01:19were anticipating.