John Zito

Yeah, look, right now, it's obviously a big focus.

I think all of the discussion is around tariffs.

I worry much less around tariffs than the public narrative.

And I'm hyper-focused on just our position in an effectively monopolistic position in capital markets.

We've been the beneficiary of so many things by having the biggest equity market, the place everybody goes to go public, the best venture capital market.

If you want to do a growth company, you're coming to the Valley, you're coming to the US to get a term sheet.

I went and met with a company that actually does pre-seed rounds last week.

And they said, we have all these Europeans that are founders, great founders, really smart founders.

They send out a business plan in Europe.

They get a term sheet back in two weeks and they send a term sheet out in San Francisco.

They get five the next day.

Yeah.

And that's the amazing thing about our entire capital system.

We are super entrepreneurial, very hungry, and all of that's a function of several hundred billion dollars a year.

Every dollar that left the country in any form was coming back because this is the place to invest your capital.

Every retirement market over-indexed the U.S.

Everybody is over-indexed generally in their strategic asset allocation to the U.S.

It's an amazing thing.

It creates a growth vector that's higher than any other global company or European, Asia-based.

Our growth vector is just higher because we have a lower cost of capital.