Manny Roman

We do like Australian dollars.

There's plenty to do, but there was a short dollar position to be had, and it moved 10%, and I think we decided to square our position.

Well, the PIMCO view is that equity return in the U.S.

is going to be 6% for the next three years or something like this.

I mean, we look at CAPE valuation.

It's trading at 28 times earnings.

It looks really, really high to us.

We understand the excitement about the hyperscaler.

But if you look outside of the hyperscaler, life in industrial America isn't great.

I mean, top line is not growing.

And one of the questions that we don't know is the impact of tariff and what will happen in corporate America in terms of

how they're going to deal with either passing on prices or diminishing margin and so on and so forth.

And we don't know that.

And so there's a whole leg of the equation that we haven't really seen.

Well, I haven't listened to him, so I would not be... Good initial punt.

I don't know.

We have a lot of trust in the Fed in terms of them doing the right thing.

And I think that the Fed usually doesn't know much more than we all do.

They look at the same data.

And so the decision is a very well thought out decision where they will decide what to do with...