Joe Rennison

Yeah, it is.

But it is still at the margin.

It's not broad-based yet.

Yeah, absolutely.

It remains a sort of outstanding cause of concern.

This is the big trading relationship.

This is the one that really matters.

And if there is a sense that that relationship is breaking down, then yeah, markets are going to react to that.

We saw that this month with some of the back and forth between D.C.

and Beijing, where, you know, Trump comes out, sort of threatens these 100% tariffs on China.

And that prompted a very strong reaction.

It shows this sensitivity to the unknown, to the potential for a crisis coming out of left field.

There are definitely still these risks looming out there and investors are sensitive to them.

I don't know.

Darn it.

I was really hoping you did.

Yeah, I don't know.

It's kind of fascinating in a sort of purely intellectual way, but it's also baffling in its own right to see how little effect...

Maybe some of the things that we think of as being very impactful in our own lives have not necessarily translated into financial markets.

But it also, hopefully, at the end of this conversation, makes a little bit of sense in the sense that the reality that companies are dealing with, the reality that investors are dealing with, is not that bad.