00:00Mark, help us focus back on the macro themes. US futures look pretty flat. After a day yesterday
00:04where we saw investors trying to draw a line in the sand, Anthropic being cast as a collaborative
00:10tool rather than something that's going to destroy software everywhere. What do you make
00:15of the latest price action around equity markets? I think that what we're seeing in markets so far
00:23this year and really the last few months is going to be the backdrop for the next long term,
00:29for the next maybe year, maybe longer. And what I mean by that is that the underlying story is
00:34incredibly bullish still. We have just fiscal stimulus happening around the world. We have easy
00:39monetary policy. We have an incredible CapEx bubble. We're in the inflation stage of that bubble.
00:45Everything out there is super positive from a macro point of view. And the disruption we're seeing
00:51that the supposed big negative, the bogeyman, is a risk of excess productivity, is a risk that things
00:57get produced too quickly, that there'll be too much wealth predicted. So therefore there's going to be
01:01individual big losers. The volatility is going to get worse. The sector dispersion is going to
01:06increase. And I think that sometimes some of those volatility scares will have knock-on contagion
01:11effects they've not really seen now that see a broader market big correction. But those corrections,
01:16even the bigger ones, will ultimately be bought quite quickly. I think the underlying market is going to
01:20stay, probably get, not stay volatile, get increasingly more volatile over the next year
01:25while ultimately probably going a lot higher. And I will also say that the theme of the rest of the
01:30world
01:30outperforming the U.S. is the one that's really entrenched. I've been in that camp for more than a year,
01:34as you know. And I think it continues. I think it's a multi-year trend. We've talked about this since
01:38end of January last year, that we're in a multi-year trend of U.S. underperformance after a 14-year
01:43trend of U.S.
01:44outperformance. And we can. So it's 14 years of outperforming. It can do many years of underperforming
01:49before we need to worry about it being an overshot trend. Well, Mark, this is my first week on the
01:54opening
01:54trade of 2026. So tell me, where are you looking outside the U.S. for opportunities?
02:01Yeah, look, I continue to think the Asia story is excellent. I think that, you know, one of the biggest
02:07impacts of the
02:08Trump administration is to really, you know, restore China's place in the world and kind of
02:14help it boost its trade in Asia, help it boost its kind of its importance, help return its markets to
02:20investor focus. So I think I'm not saying China itself, but because of China, it's all the
02:24derivatives in Asia that do really well. China stocks themselves, you need to be much more of a stock
02:28picker and they're not actually cheap. I think Hong Kong's always the better way to play the China
02:32trade. I think Korea, it's really a two-stock story, but there are stocks that are going to continue
02:37to do well. So I think Korea will continue to do well, despite over 100 percent over the past year
02:41return. I think Latin America is still really interesting. I think, you know, things like Brazil still has the
02:47commodities that the world needs. So Brazil, Korea, Hong Kong, these are some of the really, really interesting
02:53stories. But I think there are many interesting opportunities. Many stocks in the world are not
02:57particularly expensive. U.S. stocks are still expensive and there are other expensive stock markets, but many
03:01stock markets aren't expensive, given that we've got a pretty good global macro backdrop. So it's that tailwind
03:07of spending from governments and AI companies and easy monetary policy is a very, very strong tailwind.
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