Dan Ivascyn

So, yeah, geopolitics, traditional monetary policy, uncertainties, high debt levels, you know, all these are going to be sources of volatility.

And then despite all that, we still have this other

source of uncertainty that, again, it's moving fast and it's going to matter.

We just don't quite know.

exactly how it's going to matter just yet.

Well, so we think many of these themes and trends will be hard to reverse anytime soon.

Now, politics in our country, of course, at least the president changes every four years.

We've already seen- So far.

So far.

So far.

Good point.

So we've already seen now, this is the second term of Trump with Biden in between.

When Biden got elected, there was a partial reversal in some of the Trump trends.

And we have an election coming up in-

little over a couple of years, and you very well could see, if you had a democratic, more traditional administration, embracing certain global institutions and looking to reverse some of which has been done.

It's the nature of our politics.

But with that said, we think it may be bumpy.

You may see a situation where different administrations, or depending on who controls Congress, may move in

a different direction or look to try to, you know, get back to where we were a few years ago, but all in the midst of very, very powerful and accelerating secular themes that are going to be very, very hard to reverse.

Probably a good example would be tariffs.