John Mowrey

You know,

The U.S.

is now, you know, the largest oil producer in the world.

You go back to 1970s, okay, you know, that was very different when we had oil inflation.

You know, the U.S.

was in a very different place.

The Baker Hughes rig count, which we keep an eye on, has not ticked up, but to the extent that oil prices stay elevated, it's going to be interesting to see how America can flex

its new energy dominance i don't think people fully appreciate the dominance that america has with energy yeah and the extent that uh you know america really wants to push this you know we obviously can release strategic reserves from cushing oklahoma but that's a band-aid the real lever the real lever is that america is the best equipped because of land rights and topography to turn on

energy supply, and that's unique.

And that's something different in the global economy that we have not seen really in our lifetime.

So I would say it's, you know, there's rhetoric and then there's policy.

You know, if you try to manage money based on rhetoric, that's, I would argue against that.

I think that's a really poor way to run money.

You know, policy is what I pay attention to.

I pay attention to what regulations are.

I pay attention to what new policies are coming out.

You know, what is in the pipeline.

And then I pay attention to what the companies are saying.

What the earnings are doing.

I mean, the companies that make up America, this is the thermometer of America's health.