Jonathan Ferro

The divide between GDP and payrolls growth.

GDP is fantastic.

Payrolls grow super subdued and you can point to supply side factors like immigration.

That's a factor, sure.

But the character of GDP is becoming less and less labor intensive based on what we've seen over the last 12 months.

This is why it's hard to sell America.

So many of these reasons are just a long list of things as to why it's hard to sell America.

Bob, the headlines of the last week or so, not just the last week, but the last 12 months.

Do you push back against them as well, Bob?

What a way to end an interview.

Bob, thank you, sir.

Bob Michael of JPMorgan Asset Management, staying out of trouble.

Hogwash.

Hogwash.

That's what he thinks of those headlines.

You know, a long time ago, Tom, at the president's first term, Mark Dow wrote a great piece on divorcing your political bias from your market analysis.

And I think there are reasons to be worried about diversifying away from the dollar.

And I'm not going to colour everyone who has that opinion with the same brush.

But I will say this.

I think some of this has been driven by people who just don't like the policy out of the White House, Torsten.