00:00The market are very optimistic, right, in general, even despite, and that's partly driven by
00:04technology, despite everything that we're seeing in the Middle East with no real resolution in
00:08sight. Is there too much euphoria when you speak to clients? What are they telling you?
00:12Well, if you look at it, just in this first quarter earnings, 85% of the companies beat
00:15their projections, right? I mean, like, and it's a broad basis. This is not just a technology AI
00:20driven. That's the reality. The U.S. market is very, very, and the economy is still very healthy.
00:25And so I actually think that the market, there's reasons for the euphoria around it.
00:31And I get it that there's partly the U.S. is a little bit as a, you know, a energy
00:37independent.
00:37We're a little bit more isolated from some of the problems in the Middle East, which means
00:41that it's having less of an impact on it. Is there anything you worry about? So you also,
00:46you're here in London for, you know, an IPO from Uzbekistan, which I'll get to in a second.
00:51But do you worry about inflation? Do you worry about, you know, private markets? Is there
00:55something underlying that you could see some dislocation or something that makes you uneasy?
00:58Yeah. So here's what I'd say. Look, I think inflation, I think the market is underestimated,
01:02the realities around inflation. I know that there's this lot of concern that's raised around
01:07Kevin Warsh and will he be independent? The reality is, remember, it takes 12 governors to
01:12vote for whatever the changes are in rates. And Kevin Warsh's term, it's going to be two years
01:17under President Trump and then two years after that. So he's got to look at his legacy, too. I think
01:24you know, I think inflation, the reality of inflation is it's sticky and it's probably,
01:30you know, going to be more difficult than even the market. I think the market's probably
01:34underestimating it a little bit.
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