Margi Patel

Well, I think the market maybe is focusing too much on his interest rate policy and not enough of the other positive aspects that he's indicated.

For example, better regulation of the banks.

And also, you can see in the past, one of the things that the Fed did, which I don't think he'll do, was be extremely activist and pro-cyclical, really causing a lot of the up and downs in the economy and the financial markets.

Silicon Valley is a great bank, is a great example.

The Fed tightening so quickly that the bank simply didn't have time to adjust its investments to get in line with those much harder short rates.

So, I think that a less activist Fed looking at better regulation will actually be very positive for the market and for the economy.

I think the jury is out on how much deflation we're seeing because really when you look around in the real world, it really looks as if we are on a track for inflation being higher for longer.

Your last segment was about the price of antique cars skyrocketing, gold and silver skyrocketing, even industrial metals, real estate, fine art.

All those things look more what you would think if we were in an inflationary position.

backdrop.

So that's really what I think we are.

I think interest rates at three and a half, three quarters on the funds rate is really quite easy when you look at the financial markets and these other tangible asset markets.

I don't really follow that line of reasoning either.

Clearly, we have a demand for baseload electric generation capacity, and that suggests to me that the price of electricity will gradually go up, even notwithstanding the data centers.

So if the data centers carve out arrangements with their providers so that it doesn't feed over into the retail market, the

the industrial market.

I think that would be a neutral.

But really, I think the real price of electricity is going to go up simply because the cost of building, strengthening the grid, the cost of even building new gas-fired plants is really going to be on the upswing.

So it's pretty hard for me to see how the price of electricity could come down.

And I don't think it's closely related to the data centers, which are a big source, 10%, 15% increase in demand over the next few years.