David Solomon

But if you want to take, you know, five, 10 years out, I think we'll have more employees.

Well, I think the macro setup is very, very constructive.

And I think the things that keep me up or keep me worrying that could kind of set us off what's a pretty constructive environment are exogenous things that we don't see.

I mean, they can center around things like geopolitics and, you know, events, you know, in the political realm of the policy realm that really change confidence in the short term.

You know, an example of it last year was Liberation Day and the way the trade policy was rolled out.

That's certainly, you know, sap confidence for a period of time.

Cyber is a big risk that we don't talk about a lot, but a big cyber event in some way, shape or form can sap confidence.

But generally, if you step back, the macro setup is very strong.

We have enormous fiscal stimulus.

The big bill last year, a bunch of which comes into impact in 26, puts more fiscal stimulus into the economy.

We've got Bitcoin.

big, big capital investment around AI infrastructure, which is also very stimulative for growth in the economy.

We've had monetary easing, about 100 basis points in the policy rate in the last year, with an expectation of another cut or two in 2026.

That's stimulative.

On top of that, we have a more

deregulatory agenda, which also is stimulative for capital investment.

Plus, you know, we have midterm elections coming up with a lot of focus on affordability, which leads to some what I'll call idiosyncratic actions that are also stimulative.

So from an economic growth perspective in the United States, it's a pretty constructive environment.

That doesn't mean that there aren't big, broad policy issues that have to be wrestled with.

But the kinds of things that will change that economic growth trajectory or sentiment are really more in the short run exogenous events that we can't anticipate or we don't see.