Dan Ivascyn

And we began to get really, really concerned and really, really defensive.

You flip forward today, and yeah, there may be some excesses in certain areas.

And yes, there's uncertainty.

But

our economy has been incredibly strong.

Um, we have a real, real strong, at least middle and upper income consumer home prices have gone up for many, many years.

Most people are close to half the people, you know, in this country own homes, uh, the consumer balance sheet solid, you know, many years of, you know, real, you know, good, um, labor market performance for middle and upper income cohort groups.

And now this technology through capital investment through,

And the productivity numbers are noisy, but we get the sense that you're already beginning to see the positive effect of productivity on the U.S.

economy.

So despite uncertainty, despite Trump tariffs that in a narrow sense could lead to some additional frictions in the markets, we're fairly optimistic.

And that does change the way you think about investing.

When you're really pessimistic about growth, when you see lots of problems that just for the passage of time are eventually going to

lead to a slowdown, you have a very different approach.

So the bottom line today is that you want to be cognizant of the uncertainty, but also optimistic about growth.

As a fixed income investor, that means you're probably not optimizing portfolios if you're getting wildly defensive and just hunker down in the absolute safest stuff.

No, not in our opinion.

I think it's time for resilience.

And it's a great word in every industry who disagrees with resilience.

But I think the idea is be up in quality or take advantage of this exciting global opportunity set