E.J. Antoni

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Thank you.

All of the models pointed to the market being overbought. And so some of this is simply rebalancing.

All of the models pointed to the market being overbought. And so some of this is simply rebalancing.

It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,

It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,

you now have a whole nother element that's completely outside of your control, which is what is the president of Mexico going to do? What is the governor of Canada going to do? We don't know. And because our reciprocal tariffs are based off of what those foreign leaders are going to do, we have to essentially wait and see.

you now have a whole nother element that's completely outside of your control, which is what is the president of Mexico going to do? What is the governor of Canada going to do? We don't know. And because our reciprocal tariffs are based off of what those foreign leaders are going to do, we have to essentially wait and see.

You can't plan on anything because you don't know what that foreign leader is going to do. And our response, again, is dependent on what that foreign leader does.

You can't plan on anything because you don't know what that foreign leader is going to do. And our response, again, is dependent on what that foreign leader does.