Jordi Visser

Commercial real estate would be trading a lot better if someone didn't have five potential buyers and actually had 8 billion potential buyers.

So I'm going to reemphasize it because I think you need to sit back and you need to think about this.

So let me go start with the stock market and just say two things.

I do believe international stocks are going to outperform US stocks.

One of the themes that people should be paying attention to when you go through a year where AI was the dominant theme and we own it.

So go back to kind of the internet, go back to the post 2009 period with mobile.

This was not a great year for the Mag7.

They've underperformed Europe, they've underperformed China, they've underperformed emerging markets.

That should be something people should be thinking about.

Normally when tech is dominating,

The S&P's outperforming.

NASDAQ's outperforming.

That didn't happen this year.

And you can try to go through this.

It's not that American exceptionalism is down.

I just believe that we are building out and spending an enormous amount of money.

And rather than call it a bubble,

I believe that this has been, we're building something out, which is actually going to democratize it, which means the people who get swallowed up by it are the people who are doing the building of it.

They don't actually monetize it to the degree that they did on the prior thing.

That is something I believe in, and we've talked about it.