David Solomon

And I think you've also got to watch inflation and whether or not the impact of trade is just a one-time price movement or there's something more significant that comes through.

And it's too early to know.

It's a little bit softer.

And I think you can step back and you can understand why when you think about big enterprises and what's going on with technology, people are pausing hiring to really kind of evaluate how as they bring this technology into the enterprise, they can automate, create efficiencies, reinvest.

And so, you know, I think at the moment that's slowed hiring.

And as a result, you know, the labor number is a little bit softer.

I think it's in the distribution of outcomes.

I think we'll have to watch.

I know there's a great parlor game of people kind of predicting what the world's going to look like six months, 12 months out.

If you think about what the world looked like in April and where markets were in April and think about where they are today, I'd just be cautious.

I think that...

I think that we've got competing forces between labor and inflation, and how they balance, which is still a little bit uncertain, will have an impact on whether we get one more cut or we get two or three more cuts.

Am I comfortable?

I sleep very well.

I'm not going to bed every night worrying about what will happen next.

But markets run in cycles.

And whenever we've historically had a significant acceleration in a new technology that creates a lot of capital formation and therefore lots of interesting new companies around it, you generally see the market run ahead of the potential because they're going to be winners and losers.

They're going to be winners and losers.

If you go back and you think about the Internet,

Amazon was one of many companies that was prosecuting that kind of opportunity.