Katie Martin

UK, even France didn't do too badly, even despite multiple government failures.

You know, Germany, all sorts of different markets across Europe had a fantastic run last year.

People are definitely taking a fresh look.

at those markets.

And even some US asset managers are saying, huh, I think we missed a trick on Europe last year, especially when you add in the currency effect.

We could have had some really big winnings there.

This is happening across Asia too.

There is just a sense that it's important to be more self-reliant.

And, you know,

One thing as well that sort of hangs over people with regards to Europe is that people say, look, okay, we don't have it today.

We won't have it tomorrow.

But at some point, we will have a ceasefire in Ukraine.

And at some point, we will have something that resembles peace in Ukraine.

And at some point after that,

There is a massive reconstruction trade of that country.

And, you know, if I were running a cement company in eastern Poland somewhere – Poland, by the way, standout 2025 – I would be feeling pretty good about the next five to ten years.

You know, the infrastructure spend and the rebuild spend that's going to happen –

at some point, hopefully sooner rather than later in Ukraine, is going to be really significant.

So people can see a lot of positives about investing in Europe.

It's not just about avoiding the States.