00:00What are you seeing right now. Are you seeing those changes that people are talking about that diversification away from U.S. assets. Do you see that at all. Now we really don't see that in the data at this point. I remember where we've come from which is the U.S. has been really an incredibly strongly performing market strong economy. People have been predicting the U.S. to be some type of decline from an economic point of view recessions. We've talked about that in the past two or three years. None of that's actually happened. And in fact now I think you'll find and you've heard this on your show more optimism
00:29associated with what the next year holds from an economic point of view. GDP pretty solid looking to potentially even expand in 2026. You've got the stimulus checks coming. The way that they actually didn't adjust the withholding in order to be able to encourage those stimulus checks. That all is a pretty good setup. Now you've got to be in the preparedness business. We're all risk managers. And at the end of the day you've got to be resilient because things can go wrong. Things can happen. But I think that's the setup. And so reallocating away from the U.S. in the face of
00:59that probably not the smartest choice to make. But you've got to be diversified. So you cannot have the concentration. The U.S. has been a pretty concentrated bet over the past few years. Although what's the consequence of that. I mean there's a difference between reallocating away from and diversifying. There is some knock on effect which is maybe some people are calling sell America. Other people are just saying diversifying and hedging your bets. I mean how much will that affect the funding conditions of the United States. Well if diversification makes sense one needs to have a balanced portfolio. It's just good risk management. It's good investment.
01:29investment management to make sure that you've got exposure to the various different opportunities that are out there. But we certainly have seen and you know look around. We're a global firm. We provide platforms and serve clients all across the world.
01:41But when you look at the U.S. and you just look at the facts of the performance over the course of the past decade. You look at all the innovation that's been in the U.S. all of the value that's created.
01:49AI is one example. Technology more generally. It would have been a mistake to not have participated in the U.S. market. And so a little bit of rebalancing a little bit of sort of thinking about how to make sure you've got the right portfolio where there's equities fixed income.
02:03We talk about 60 40. Oh gosh it was dead. Now it's back. Bonds. OK. Where do you want to be exposed to in the bond market. You know the U.S. bond market is still the most liquid market in the world.
02:14And it is still the closest thing to a risk free asset that there actually is. How important is it that Senator Tom Tillis stays in Senate at least for the next 364 days.
02:23He was on just a moment ago with us and he was talking about how he's not going to hold confirmation hearings until the DOJ suit or inquiry into Fed Chair Jay Powell is lifted.
02:34I'm just wondering from your perspective how important it is to see that type of noise died down around the Federal Reserve for you to feel confident that this truly is going to remain.
02:44the status quo going forward. Right. Well the Senate is a great public servant and I appreciate all of his time serving in the U.S. Senate.
02:51But I think you hit the key point which is at the end of the day is not super helpful for the long term objectives of the U.S.
02:58which are keep interest rates on the low side to be able to make it easier for people to be able to borrow to be able to buy a home to be able to fund a car payment
03:06for companies to be able to borrow in order to be able to fund and invest their businesses. For all of that we want low rates.
03:11So creating and sort of shaking at the foundation of the independence of monetary policy that's not really in the interests of keeping long term rates low.
03:21So I think it is helpful if that dies down and we can get back to the business of really seeing the economy perform counterproductive which is the words you use in the past when it comes to it.
03:30Have you any engagement with the White House about this issue given the concerns. You know we're always talking to the administration making sure that we're given our point of view.
03:39And so that's of course that's one of our jobs and one of my jobs as a CEO is to be talking all across the administration and in Congress and giving them our perspective.
03:48And I do think it is in the interests and the administration's been very clear. They would like to see long term interest rates lower because it benefits companies and individuals.
03:58And so if that's the objective then making sure that we're keeping the Federal Reserve sort of a little bit out of the news and not super controversial.
04:06I would personally say would be would be would be in further into that objective. It's certainly very much in the news at the moment. Robin can we talk about your business.
04:13Yeah. I love changing. In what direction are you leaning into. Well we've been reimagining the company to be quite honest. You know we've got a fun history.
04:20We're 240 years old. We were born right around the time of the United States 1784 oldest bank in the nation. One of the oldest companies in New York.
04:29It's that's a fun history. Now we've got to be old because we've been innovating all along the way. We've stayed very focused on customers and our culture is
04:37important. That's how you get to be a long lived company. So what have we been doing. We've been taking stock of what we've actually got our real
04:44assets are great businesses and we've really been focused on delivering them better for the client. We used to be a bunch of pieces kind of siloed
04:53fragmented. And so we set out three years ago to say we're just going to reimagine the company and we're going to pull ourselves
04:59together. We're going to focus on our clients. We've got these market leading businesses kind of a financial services platforms company these
05:06days. And we're going to rally around as a team. Very important that culture team to be able to deliver for customers. And you can see the
05:13results. So this was past quarter for us which comes to the sort of the end of that first three year chapter was it was a quarter of
05:20records. It was actually a year of records for us in 2025 record revenue record pre-tax income huge EPS growth. And the markets rewarded
05:27us for that. But what they're really looking through and seeing is the fact that we're delivering for our customers. And that's what it's all
05:34about.
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