Michael Cembalest

It was actually profitability, leverage, asset turnover, and stuff like that, too.

It was actually profitability, leverage, asset turnover, and stuff like that, too.

When I talk to our institutional clients, they're starting to do bits and pieces of this, but begrudgingly, because at the end of the day, all of the policies that you've cited about the United States still doesn't introduce labor mobility into Europe. It still doesn't address the housing overhang in China. I mean, there are some headwinds.

When I talk to our institutional clients, they're starting to do bits and pieces of this, but begrudgingly, because at the end of the day, all of the policies that you've cited about the United States still doesn't introduce labor mobility into Europe. It still doesn't address the housing overhang in China. I mean, there are some headwinds.

When I talk to our institutional clients, they're starting to do bits and pieces of this, but begrudgingly, because at the end of the day, all of the policies that you've cited about the United States still doesn't introduce labor mobility into Europe. It still doesn't address the housing overhang in China. I mean, there are some headwinds.

If there were ever two regions that would make it difficult for you to switch from point A to point B, China and Europe give you plenty of agita. So I think the process happens slowly. The administration has a chance within the next eight to nine weeks to change the narrative on this. I have no idea if they're going to.

If there were ever two regions that would make it difficult for you to switch from point A to point B, China and Europe give you plenty of agita. So I think the process happens slowly. The administration has a chance within the next eight to nine weeks to change the narrative on this. I have no idea if they're going to.

If there were ever two regions that would make it difficult for you to switch from point A to point B, China and Europe give you plenty of agita. So I think the process happens slowly. The administration has a chance within the next eight to nine weeks to change the narrative on this. I have no idea if they're going to.

I don't understand many, I can't make coherent sense of some of the policies that seem to conflict with each other.

I don't understand many, I can't make coherent sense of some of the policies that seem to conflict with each other.

I don't understand many, I can't make coherent sense of some of the policies that seem to conflict with each other.

I can't speculate on that. I mean, I know Jamie likes the, you know, we need more energy, right? And we need more transmission lines. We need more pipelines. So he likes that part of their policy. But if they really want more energy for everyone everywhere, why did they pull the rug onto the Empire Wind Project in the New York Harbor, which was ready to go and already funded? Yeah.

I can't speculate on that. I mean, I know Jamie likes the, you know, we need more energy, right? And we need more transmission lines. We need more pipelines. So he likes that part of their policy. But if they really want more energy for everyone everywhere, why did they pull the rug onto the Empire Wind Project in the New York Harbor, which was ready to go and already funded? Yeah.

I can't speculate on that. I mean, I know Jamie likes the, you know, we need more energy, right? And we need more transmission lines. We need more pipelines. So he likes that part of their policy. But if they really want more energy for everyone everywhere, why did they pull the rug onto the Empire Wind Project in the New York Harbor, which was ready to go and already funded? Yeah.

Why are they putting taxes on not just consumer goods but capital goods, which are going to raise the cost of transformers and pipe equipment and everything else that's needed to build nuclear plants? So there are too many parts of the policies that don't necessarily jive neatly. Jamie also has talked publicly about – And this is probably the number one thing that the CEOs are hanging on to.

Why are they putting taxes on not just consumer goods but capital goods, which are going to raise the cost of transformers and pipe equipment and everything else that's needed to build nuclear plants? So there are too many parts of the policies that don't necessarily jive neatly. Jamie also has talked publicly about – And this is probably the number one thing that the CEOs are hanging on to.

Why are they putting taxes on not just consumer goods but capital goods, which are going to raise the cost of transformers and pipe equipment and everything else that's needed to build nuclear plants? So there are too many parts of the policies that don't necessarily jive neatly. Jamie also has talked publicly about – And this is probably the number one thing that the CEOs are hanging on to.

But it reminds me a little bit of the CEOs felt good about this a few months ago. And now it reminds me of people sketching. When I went to college in the Boston area and it snowed, the locals would come out in the snow and hang on to the back of the truck. And they called it sketching in the road. The CEOs are sketching now. But what they're hanging on to is this deregulatory agenda.

But it reminds me a little bit of the CEOs felt good about this a few months ago. And now it reminds me of people sketching. When I went to college in the Boston area and it snowed, the locals would come out in the snow and hang on to the back of the truck. And they called it sketching in the road. The CEOs are sketching now. But what they're hanging on to is this deregulatory agenda.

But it reminds me a little bit of the CEOs felt good about this a few months ago. And now it reminds me of people sketching. When I went to college in the Boston area and it snowed, the locals would come out in the snow and hang on to the back of the truck. And they called it sketching in the road. The CEOs are sketching now. But what they're hanging on to is this deregulatory agenda.