Ken Griffin

And I do believe that the United States is unquestionably still one of the great safe harbors in the world.

And at the same time, policies relating to tariffs, some of the rhetoric from the administration has taken some of the shine off the dollar.

And at the end of the day, I do believe that when it's all said and done, if you are the strongest nation in the world, you are going to be predisposed to having a strong currency.

And that strong currency, that reserve currency status, reduces your cost of capital, brings down interest rates, all else being equal, increases the quality of living for those citizens of that nation.

and allows us to engage in the global economy on a much stronger footing.

Yes, it makes exports a bit more challenging, but the fact that we can amass so much capital

and deploy it across corporate America is stunning.

I mean, the juxtaposition between the strength of America's capital markets and virtually every other country in the world is breathtaking.

And we wanna protect that, that ability for American firms to raise tens of billions or hundreds of billions of dollars

whether it's to build hyperscale data centers, whether it's to pursue pharmaceutical R&D, leaves us in an envied position by the rest of the world.

So we need to increase fiscal discipline in the United States.

We're late in an economic cycle.

We don't know if we're in the sixth inning or seventh inning or eighth inning, but very few cycles run as long as this cycle has run.

And we're still running a significant deficit.

At this point in the economic cycle, we should be running close to a break even.

I mean, if you're not paying down your national debt at moments like this, when will you pay it down?

And the fact that we're still running a very large annual deficit does tell you that too much of the economy is being supported by the sugar high of fiscal spending.

We need to dial that back.

We need to have more discipline in both spending and thoughtfulness and how we generate revenues.

We need to put our fiscal house in order.