Matt Wolf

Equity markets are down back to September, August of 24 lows. And that does not bode well for companies and investors that are looking to tap the, you know, an initial public offering in 2025.

Thank you, Chanel.

Thank you, Chanel.

Yeah, great questions and ones we're talking about. hourly, right? I mean, I will say, like, I am no sort of policy expert by any stretch of the imagination. Maybe they're good, maybe they're bad in terms of policy. I don't know. All I know and what the data show are that it's, you know, creating a lot of uncertainty in

Yeah, great questions and ones we're talking about. hourly, right? I mean, I will say, like, I am no sort of policy expert by any stretch of the imagination. Maybe they're good, maybe they're bad in terms of policy. I don't know. All I know and what the data show are that it's, you know, creating a lot of uncertainty in

dealmaking and around investment decisions when there is no clarity or very little clarity on the breadth and depth and scope and frankly timing of tariffs. We've had many, many clients and sponsors take another look at deals, shelve investment, push things off because they're just waiting for more information. And we're seeing that uncertainty reflected in real time in the

dealmaking and around investment decisions when there is no clarity or very little clarity on the breadth and depth and scope and frankly timing of tariffs. We've had many, many clients and sponsors take another look at deals, shelve investment, push things off because they're just waiting for more information. And we're seeing that uncertainty reflected in real time in the

in the tenure which has been on an absolute tear it's an it's an indication of the cost of capital right so we have not only do we have more uncertainty in the sort of overall business investing community and the deal making environment but the cost of capital is increasing right so the the cost of making the wrong decision is increasing and we have sort of the second and third order effects

in the tenure which has been on an absolute tear it's an it's an indication of the cost of capital right so we have not only do we have more uncertainty in the sort of overall business investing community and the deal making environment but the cost of capital is increasing right so the the cost of making the wrong decision is increasing and we have sort of the second and third order effects

that's really creating a lot of a lot of uncertainty and confusion and and you know again it's not for me to say whether they'll be good or bad i i don't know and i'm not going to comment on that all i know is that it's creating uncertainty which delays investment it makes it just makes it more difficult to get deals done i mean 100 and whether they're good or bad again the markets hate them inflation hates them the only people that like them are sort of

that's really creating a lot of a lot of uncertainty and confusion and and you know again it's not for me to say whether they'll be good or bad i i don't know and i'm not going to comment on that all i know is that it's creating uncertainty which delays investment it makes it just makes it more difficult to get deals done i mean 100 and whether they're good or bad again the markets hate them inflation hates them the only people that like them are sort of

Absolutely. And I think the other thing that perhaps those in the administration may maybe take for granted is just the the lead time on making these investment decisions. And to your points, maybe some of these defensive tariffs will encourage manufacturers to move operations back to the United States. Maybe. Right. But they. That's a very expensive decision to make that has a lot of variables.

Absolutely. And I think the other thing that perhaps those in the administration may maybe take for granted is just the the lead time on making these investment decisions. And to your points, maybe some of these defensive tariffs will encourage manufacturers to move operations back to the United States. Maybe. Right. But they. That's a very expensive decision to make that has a lot of variables.

A lot needs to be thought through for any sort of executive, any operation, whether it's a farmer or even a consulting professional. Like, you know, whatever. Manufacturing doesn't matter what the business is. It's a very... expensive decision investment to move some centers of production and without certainty around, well, what are those future tariffs, future costs look like?

A lot needs to be thought through for any sort of executive, any operation, whether it's a farmer or even a consulting professional. Like, you know, whatever. Manufacturing doesn't matter what the business is. It's a very... expensive decision investment to move some centers of production and without certainty around, well, what are those future tariffs, future costs look like?

It's a leap of faith to make some of those investments, and we're not seeing many companies do that.

It's a leap of faith to make some of those investments, and we're not seeing many companies do that.

Absolutely, absolutely. Ultimately, the uncertainty, whether it's uncertainty from tariffs, regulatory uncertainty about the path of future interest rates, all of that uncertainty adds to the cost of making business decisions, whether it's where do you want to place a plant, where do you want to hire people, do you want to sell a division, do you want to buy a company?

Absolutely, absolutely. Ultimately, the uncertainty, whether it's uncertainty from tariffs, regulatory uncertainty about the path of future interest rates, all of that uncertainty adds to the cost of making business decisions, whether it's where do you want to place a plant, where do you want to hire people, do you want to sell a division, do you want to buy a company?

All of that gets made more expensive through this additional uncertainty, regardless of the source. And right now, tariffs are a huge source of uncertainty for most executives, leaders, and investors that we're talking to.