Ken Griffin

and that investors are able to use as a metric or milestone in measuring their own skills as an investor.

One of my concerns with private credit, for example, the vast majority of companies will never default.

You invest your money today in a company's credit,

You won't know for five or seven years if you made a good investment, which means that a substantial portion of your career will have slipped through your fingers before you learn whether or not you made a good underwriting decision.

And as we go back to the start of the story, one of the distinguishing factors of the American success story is the depth and efficiency of our capital markets.

And as we move more into the private realm, we take away some of the learning experiences that have driven the vitality and success of the American capital markets.

So the markets are seeing the enthusiasm that the Trump administration has created in the American investing public.

And in corporate America, I mean, we'll get into some policy details in a few minutes, but it's important to understand that this administration is clearly trying to encourage economic growth in the United States.

They are pursuing a set of policies to reindustrialize America, and they are unquestionably interested in America's prosperity in a way that we have rarely seen from an administration in years past.

Secondly, the Trump administration is very much aligned with seeing the success of the American worker.

So a number of the policies that are being effectuated really are about the average American family feeling that life is better and working better for them.

This backdrop is fueling much of the enthusiasm that we see in markets in the United States.

And then, of course, we're on a program of both fiscal and monetary stimulus that you would expect to see in the middle of a recession.

We're seeing right here, right now, in a period of near full employment, several years into the business cycle.

So we're definitely on a bit of a sugar high in the U.S.

economy right now.

The tariff issue is pretty much in the rear-view mirror right now from the perspective of the market day in, day out.

Now, the issues that relate to tariffs, in particular high inflation, are yet to be resolved.

There's a sense of almost inevitability that the inflation genie is going to go back in the bottle.

But I think that's a very premature conclusion.