Kelly Granat

And so there are moments in time when it feels like the market is extending in duration, and then we can reflect some of that in how we're positioned and how we're constructing the portfolio and how we're sized in certain things. And there is times, and I would argue we're in one of them right now, where there's a lot of uncertainty, and appropriately so, right?

And so there are moments in time when it feels like the market is extending in duration, and then we can reflect some of that in how we're positioned and how we're constructing the portfolio and how we're sized in certain things. And there is times, and I would argue we're in one of them right now, where there's a lot of uncertainty, and appropriately so, right?

And so the market is, it feels much more short-term oriented, much more data point driven, You know, the tariff thing over the weekend is a good example. And there's a bunch of announcements and then some of that gets walked back on Monday. And so how does this all get implemented and executed, I think, is an open question.

And so the market is, it feels much more short-term oriented, much more data point driven, You know, the tariff thing over the weekend is a good example. And there's a bunch of announcements and then some of that gets walked back on Monday. And so how does this all get implemented and executed, I think, is an open question.

And so in that type of environment, you're going to see more knee jerky type reactions to things. And that's just an awareness. We're not going to radically alter what we're doing or how we're positioned, but it's just it sort of focuses us in different ways.

And so in that type of environment, you're going to see more knee jerky type reactions to things. And that's just an awareness. We're not going to radically alter what we're doing or how we're positioned, but it's just it sort of focuses us in different ways.

Or maybe unhappened.

Or maybe unhappened.

So we all see the news starting to come out towards the end of last week. And over the weekend, Dave, my co-CIO, and I, who I also referred to as my work husband, we've worked together for 21 years, so a long time. We're emailing back and forth like, OK, so now what do we do? These are big announcements. These are big numbers.

So we all see the news starting to come out towards the end of last week. And over the weekend, Dave, my co-CIO, and I, who I also referred to as my work husband, we've worked together for 21 years, so a long time. We're emailing back and forth like, OK, so now what do we do? These are big announcements. These are big numbers.

We start to see the responses from some other countries in terms of what they're saying. I mean, to be totally frank, there was the conversations like, I'm not really sure what we're supposed to do about this. Like, are we going to like radically alter our portfolio? I mean, is this even going to go through? What's going to happen on Monday? Right.

We start to see the responses from some other countries in terms of what they're saying. I mean, to be totally frank, there was the conversations like, I'm not really sure what we're supposed to do about this. Like, are we going to like radically alter our portfolio? I mean, is this even going to go through? What's going to happen on Monday? Right.

And we are in a moment right now of obviously very elevated. We're in an announcement cycle that seems to be accelerating with pace. Right. And so, yeah. we sort of had a back and forth a few times over the weekend. Okay, does this change anything for us? Let's come in Monday and see what happens.

And we are in a moment right now of obviously very elevated. We're in an announcement cycle that seems to be accelerating with pace. Right. And so, yeah. we sort of had a back and forth a few times over the weekend. Okay, does this change anything for us? Let's come in Monday and see what happens.

So Monday morning, we sit down as a PM group every Monday and every Thursday, and we're talking obviously all the time, and Steve joins that meeting. And we sort of went back and forth and said, okay, what does this mean? What are the industries that are, let's assume it goes through, let's play this out both ways, right?

So Monday morning, we sit down as a PM group every Monday and every Thursday, and we're talking obviously all the time, and Steve joins that meeting. And we sort of went back and forth and said, okay, what does this mean? What are the industries that are, let's assume it goes through, let's play this out both ways, right?

Let's assume it goes through, what are the industries that this is a huge problem for? And we sort of tick through what some of those are, autos and others, right? what will the retaliatory actions look like probably? So we walk through that. And then the other side is like, let's assume that this all gets walked back, right?

Let's assume it goes through, what are the industries that this is a huge problem for? And we sort of tick through what some of those are, autos and others, right? what will the retaliatory actions look like probably? So we walk through that. And then the other side is like, let's assume that this all gets walked back, right?

And how much is gonna get, and things are trading at crazy levels in the pre-market on Monday morning, right? That are theoretically exposed to these level of tariffs. We walk through that. And so the net of that is a lot of conversation and decision to do nothing. I mean, literally zero orders came out of this conversation, right? And some, that's not uncommon, but like for...

And how much is gonna get, and things are trading at crazy levels in the pre-market on Monday morning, right? That are theoretically exposed to these level of tariffs. We walk through that. And so the net of that is a lot of conversation and decision to do nothing. I mean, literally zero orders came out of this conversation, right? And some, that's not uncommon, but like for...