Rachel Warren

We're also in a time where trade disputes are raising concerns about inflationary pressures.

We're seeing European investors increasingly viewing their own bonds as an alternative to US treasuries.

Foreign holdings of US treasuries reached an all-time high as of the end of 2025, although we've started to sort of see a bit of a shift in sentiment recently

I think it remains to be seen whether that's a long-term curve or not.

Equities, particularly in the tech sector, they've been under pressure lately.

There's been, of course, the risk-free rate on bonds is becoming more attractive.

There's been fears intensifying about valuations.

I think foreign investors, as well, have continued to heavily invest in U.S.

equities.

There's been a lot of interest in AI-related growth, high corporate earnings.

I think, as always, as investors, and I say this as someone that is not a bond investor, I'm purely an equity investor, you need to keep focusing on companies with really strong balance sheets, stable cash flows, robust business models.

Those are the companies that can offer resilience during periods of economic uncertainty.

And I think that we are in a period of economic uncertainty.

And I don't think that's going to stop anytime soon.

Higher bond yields can translate to higher borrowing costs across the economy.

Businesses and households can face more expensive financing.

Those are all very real factors there.

But for us as investors, avoiding impulsive decisions based purely on short-term market movements is really key for maintaining those long-term financial goals that we strive for.

You started your career in AI almost 15 years ago, as you say in the book, and at OpenAI as head of go-to-market, you helped the company grow from $1 million to over $2 billion in annual revenue.

But you say that nothing really prepared you for November 30th, 2022, the day that ChatGPT was released.