John Zito

We get better talent.

We get better companies to go public.

We have a $50 trillion debt market.

Just amazing tailwinds.

That flywheel

We don't want to take that for granted.

And why does that happen?

Rule of law, really easy to come do business here.

Understanding of the rules and a very clear talent density, but also just very clear rules of the road on how things operate.

And the thing that worries me a little bit, and there's no place really to put money now, there's no real capital market big enough, but with all the uncertainty going on, you do see new changes in Europe, potentially changes in securitization rules.

We have a $15 trillion securitized market here in the US.

There's a 500 billion securitized market in Europe.

The economies aren't that different in size.

We're 30 trillion here, we're 24 trillion in Europe.

Multi-trillion dollar opportunity to take assets out of the banks into private credit and create tons of liquidity to fund all these growth projects with Germany and France and the rest of the Eurozone need to do because they've underspent on lots of infrastructure and defense.

We're creating an incentive and all the global pools want another option other than the U.S.

now.

And so we just have to be sensitive to that.

We trade at, because of all the benefits of us growing faster and having better companies, bigger talent pool, that resulted in most of our equities trading at somewhere between five and seven turn multiples higher, multiple trillions of value.

That is what really benefits our entire system.