Brad Gerstner

And I'll walk through a couple of slides as to the reasoning for that.

Maybe we can kick it around a little bit.

The first one is just there's growing signs.

You know, the consumer is pulling back.

And, you know, you heard it out of Chipotle.

You heard it out of Kava.

You heard it out of NCO.

You heard it out of JetBlue.

And and, you know, the nature of it is we have this two tier economy.

The low end consumer is faltering.

The higher end consumer is hanging in there.

But the consumer thing is making people nervous.

Now, compounding that is U.S.

credit card delinquencies are now back to, you know, 2009 levels.

And so you have, okay, consumer cracking a little bit, delinquencies, and now we're seeing regional banks roll over, et cetera.

We're seeing the credit markets beginning to crack a little bit, credit spreads blowing out a little bit.

And then if you go to this next slide, this goes to what Sachs has talked a lot about on this pod, that we're still in highly restrictive territory when you look at the 10-year tips.

you know, the Fed is still, you know, got the market tight, because they're seeing, you know, the market at all time highs, they're seeing AI stocks rip.

But under the surface, I think there's a lot of concern and question about what's going on.

The good news about this is we still have firepower.