Nicole Lappin

But do you remind clients that, you know, we already knew about this? This was told to us.

As you know, it's very hard not to mourn paper losses. It's also hard not to rejoice paper gains, right? The most important day is the day you buy and the day you sell and the rest is a whole bunch of, you know, nausea or whatever. But I think that, you know, optimizing gains is another part of this story.

As you know, it's very hard not to mourn paper losses. It's also hard not to rejoice paper gains, right? The most important day is the day you buy and the day you sell and the rest is a whole bunch of, you know, nausea or whatever. But I think that, you know, optimizing gains is another part of this story.

So if we could switch gears and talk about some of the asset classes or strategies you find yourself looking for more often in a recession that clients might not expect, where are the big opportunities?

So if we could switch gears and talk about some of the asset classes or strategies you find yourself looking for more often in a recession that clients might not expect, where are the big opportunities?

But the lender assets are on sale too in kind of a weird way. What do you make of what the bond market is doing? It's doing something that we don't typically see going up.

But the lender assets are on sale too in kind of a weird way. What do you make of what the bond market is doing? It's doing something that we don't typically see going up.

And what do you think about this idea that a lot of this could be manufactured to bring down yields when bonds are rolled over and so much debt is refinanced this year? Nine trillion dollars of debt is coming up.

And what do you think about this idea that a lot of this could be manufactured to bring down yields when bonds are rolled over and so much debt is refinanced this year? Nine trillion dollars of debt is coming up.

And to be clear, the president cannot control the Fed. But it does seem like a kind of a game of chicken.

And to be clear, the president cannot control the Fed. But it does seem like a kind of a game of chicken.

Will the Fed capitulate? Will the president pause on tariffs? We don't know. Unless you know. I don't know.

Will the Fed capitulate? Will the president pause on tariffs? We don't know. Unless you know. I don't know.

I guess the different variable this time than previous times is the amount of information or misinformation going on on Twitter that's moving trillions of dollars in the market so, so rapidly.

I guess the different variable this time than previous times is the amount of information or misinformation going on on Twitter that's moving trillions of dollars in the market so, so rapidly.

I mean, the president himself came out and said to investors to buy right before he paused. I don't even know if that's legal.

I mean, the president himself came out and said to investors to buy right before he paused. I don't even know if that's legal.

Yeah, this is this is like an Academy Award winning horror film. You know, I know we've been talking generally, Peter, but for this moment, we've seen big banks increase their chance of a recession. J.B. Morgan's at 60 percent right now. Do you agree with that? Do you think a recession is on the horizon?

Yeah, this is this is like an Academy Award winning horror film. You know, I know we've been talking generally, Peter, but for this moment, we've seen big banks increase their chance of a recession. J.B. Morgan's at 60 percent right now. Do you agree with that? Do you think a recession is on the horizon?

Yeah. And if it's not a technical recession, it's certainly a vibe session. And people's feelings, especially consumer sentiment, drives a lot of this market stuff. On the flip side, though, we have Ray Dalio coming on the show soon. He thinks the world is ending. So he thinks that this is the beginning of a sovereign debt crisis. Where do you hedge against that?