Dan Ivascyn

AI, again.

incredible investment in this technology.

People are making these investments because they think that by making those investments, things will change.

So even just the tech trends alone, the almost $10 trillion of anticipated investment are creating just massive uncertainty.

And I think that's great.

As an active asset manager, it's better to have this type of uncertainty, these types of frictions in markets to generate returns relative to passive alternatives.

But anytime things move around a lot, you can lose money too if you're on the wrong side of the trade.

Yeah, and that's the macro point.

And that's usually enough to create a lot of uncertainty.

Yet you have now with this highly innovative new technology that just arrived on the scene, massive potential disruption to old economy business models, the way that we conduct work.

We used to go out to get an accountant to do our taxes.

I'm learning.

You know, the young kids are teaching me how to do this in the organization.

But I actually think that with a little training, you know, that's something you can do with a few clicks of the button.

And you can go on through different areas, you know, where we have gotten used to things happening a certain way.

Where all of a sudden, a few years from now, it could be completely different.

So, yeah, it's...

you know, geopolitics while also seeing these trends that we haven't seen in a very, very long time.

I guess the Internet in the early late 90s, early 2000s comes close.

But even there, you know, it feels like the disruptive aspects of this new technology can be, you know, quite impactful for markets.