Ken Griffin

Great.

So first of all, thank you for being here in South Florida.

It's still about 40 degrees warmer than New York.

So yes, 55's freezing, but it's not truly freezing.

So if I was handed a suitcase of money today, this is like such a strange way to frame a question.

Look, what investors need to focus on is what is the purpose of their portfolio.

And so if you're in your early 20s, your investment objective is very different than if you're in your mid 70s.

And you need to always invest your money from the vantage point of what you need to achieve with your investment portfolio.

So if you're in your 20s, even though the equity markets is somewhat frothy right now, you're still going to be investing the preponderance of that money in equity markets around the world.

And if you're in your mid-70s, obviously, you worry about inflation.

You worry about downside risk.

You worry about the fact that you don't have 20 or 30 years, potentially, as your investment horizon.

You're going to have much more of that money invested in tips or in commercial real estate or in other assets that have greater protection from the potential damaging influence of inflation.

She had way too much fun with that.

Look, the US dollar has lost some of its luster over the last 12 months.

There's no doubt about that.

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.