00:00You've got the conflict in Iran. I suppose we can talk about the geopolitics, but on the basic question about
00:06what it's doing to the markets and the economy, how do you look at that?
00:10It's disruptive. I mean, we've had this, you know, our refrain on this has been, if you look at the
00:16numbers, things are great.
00:19Everyone has a job. The capital spending is off the charts and very conducive to future employment.
00:25Government policy is very accommodative. Capital markets are wide open.
00:30That's normally 95% of what you need to worry about, but now, as we've been saying, it's only 70
00:37% of what you need to worry about.
00:38The other 30% is geopolitics, it's government borrowing, it's excesses in capital markets, and it's technological change.
00:47None of this is unexpected. It's just here.
00:51How do you rate those? I mean, do you worry about the Iran thing, say, more than all the trade
00:56disruption?
00:58Personally, not really.
01:00I mean, this, we always have an overreaction to the confrontation of problems, but this is a problem that needed
01:09to be dealt with,
01:09and if it were dealt with in other years, it would have been more difficult.
01:13And so the notion that it's being dealt with today, in some ways, is reassuring, notwithstanding the current instability.
01:21territĂŠrio
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