Brad Gerstner

I mean, our business is doing well, but...

What I'm trying to get across to you guys is that you can't will profits to go up.

So ultimately what happens is, I'm just going to take a company randomly, Anheuser-Busch.

They have to eventually sell more beer.

okay, take Nike, they ultimately have to sell more shoes, take the medical devices company, they have to sell more artificial hips and knees.

So the point I'm trying to get across is right now, there's an enormous amount of very constructive and creative experimentation.

But I think it's what is also true, is a lot of that

has not yet proven value.

I don't think that means it's gonna stop.

All I'm just trying to say is until a company can trace very directly, I spent X and I made Y where Y is now greater than X and it's lifted my margins.

That is the thing that causes the flywheel to spin faster.

And right now we've started the first part of that equation.

We've spent the X and we have not seen the Y.

You would see it in global GDP.

You haven't.

You would see it in global productivity.

You haven't.

You would see it in the global profit margins of the S&P 500.

We haven't.

It doesn't mean it's not coming.