Lisa Abramowicz

Can you give a sense of how you're thinking about allocations?

with gold versus bonds versus US versus international versus some sort of leveraging to this story of technological development?

And toward gold.

Going to the five tenets that you were talking about, given the imbalances in the deficit, in the debt load, and the amount that people are gonna have to sell, governments are gonna have to sell, do you think it's appropriate for the Fed to be cutting rates right now?

Going back to the video that you showed first, you're talking about these 250 year cycles and then 10 to 20 year periods where there's a transition of a power from one to another nation.

And I just wonder if you see things the same way this time, because it seems like globally there are the same issues everywhere in terms of these imbalances and in terms of the deficit, in terms of nobody really wanting to take the punch bowl away at a time of increasing distress in certain pockets.

Do you think it's different?

So everyone's asking, how does it end, right?

Everyone wants to know how the book is going to end, how the movie's going to end.

One thing that you've been talking about is how China has been taking over in a significant way, that the economy there has been growing tremendously.

I just wonder whether some of the rebalancing and the rejiggering of the trade flows in the world are stymieing that progress, or whether they're a speed bump, or how you see that fitting into the trajectory that you've been witnessing over the past 10 years.

Would you rather invest in China than the U.S.

?

You've mentioned really tight credit spreads.

You've mentioned some of the flows concerning.

there have been a lot of discussions around bubblicious conditions in the AI space in particular, in that slice of the market.

Do you see that there is some sort of excess building when you look at history and how this has always played out, whether it's a dot-com bubble or whether it's the tulips over in Amsterdam?

I mean, is this something that feels frothy to you?

How do you see that evolving?

That's fantastic.