Carol Massar

really well last year.

But if you look at global stocks, you could say that there was certainly some underperformance by the U.S.

You've invested in a lot of U.S.

names, but also a lot outside the U.S.

And I think about Chinese companies, BYD, Baidu, Alibaba.

Are you looking for more opportunities outside the U.S.

at this point?

And I wonder if you think it's time for maybe U.S.

stocks to take a look?

So what does that mean for something like the AI trade specifically, Kathy, where I think people are worried about pockets of it being in a bit of a bubble?

Does it benefit everyone who is somehow associated, whether it's the chip companies, whether it's the energy companies?

Do you see the benefits playing out there and giving it more room to move to the upside?

I want to get into that in just a moment.

I'm really also interested in the healthcare aspect of it because I feel like there's a lot going on.

Before we do so, we also have your 2026 outlook.

And what's interesting is you note that this is an important economic historical moment.

How so?

Well, and speaking of entrepreneurial explosion, I think about how long you have certainly been with Tesla and a backer of Elon Musk, a long time.

And I think about when we first talked and you likened him to Mr. Einstein, Albert Einstein.

But I just wonder, Elon at Davos earlier today, and he talked about the carmaker's fortunes will be increasingly dependent on humanoid machines.