Nouriel Roubini

Well, there are geopolitical risks in the world, and I'm aware of them.

The question is whether they're going to have a significant economic and market effect.

Look at the biggest one.

You had a 12-day war between Israel and Iran last June.

Oil prices went up a little bit.

Stock markets wobbled.

And then, given that Iran did not attack the old facility of the Gulfies or block the Strait of Hormuz, it went away.

And that was a big, big deal.

Venezuela...

You know, we can discuss it at length, but the macro and market implication are close to zero.

It's just less than a million barrels a day.

Russia-Ukraine is a mess, but it's not going to have an impact on global market economy the way it did in 2022.

And U.S.-China, they are, of course, in a competitive situation.

strategic competition.

But right now, the trade tension, for all the reasons we know, are somewhat limited.

So every time there is a geopolitical risk, people say stuff could happen.

But so far, those that we have seen in the last few decades, leaving aside the 70s, with the shocks of Yom Kippur and the Islamic revolution, have not a marked effect.

You know, I've been saying since last year that tech trumps tariffs because I think that the upside coming from tech is 200 basis points.

Well, if you add all the impacts of the bad stipulation policies of Trump,

trade, restrictions on migration, fiscal deficit trying to affect the independence of the Fed, rule of law.