Lisa Abramowicz

And I'm Tim Stanevex.

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Thank you so much for being here.

I want to start with these five forces that you see right now that are affecting markets that are important to understand in order to understand where we are.

Could you just talk a little bit about what those forces are?

It seems like we're at the cross-section of a pretty transformative moment then, because it's this cross-section of all of these things, whether it's the AI aspect, the technological overlay, the monetary debt aspect of it with respect to the debt and deficit.

Can you put into perspective

the fact that this has been building up over time, where do the tariffs and some of the trade disputes of today fit into that?

Do they help sort of alleviate some of these imbalances?

Do they exacerbate them?

Are they a symptom of them?

How do you understand sort of that aspect of policy right now?

I just wonder if you think that that goes toward alleviating concerns about debt and sustainability, certainly in the United States, given that there will be those revenues.

Ken Griffin yesterday of Citadel said that he sees gold as more of a safe haven right now than the dollar.

Do you agree?

So do you think that it actually makes perfect sense that the stock market is hitting record high after record high at the same time that gold is hitting record high after record high?

At a time of incredible uncertainty but also potentially incredible opportunity, you were talking about the technological advancements.