Richard Clarida

Help Dr. Slack out.

How are our productivity gains from AI?

Well, the aspiration is that you're growing and you can do a lot more with the same amount of resource.

So that's the ambition and the aspiration.

We're still early into it.

We'll see what the payback is down the road.

I mean, look at this, Torsten.

Please expand on this.

Productivity, and I guess it comes down to Solo and this strange thing, total factor productivity, which is basically a made-up pixie dust of that American, like John, you mentioned earlier, that American spirit.

What does our total factor American spirit look like right now?

Yeah, they're total hogwash.

We invest money for loads of different plans around the world.

This time last year into March, April of last year, maybe through the summer, there was some concern there were plans that were looking at diversifying.

We saw very little of it.

We're not seeing any of that now.

I think there's a realization that the breadth, the depth, the size of the markets in the U.S.

make it the best place to exercise your fiduciary duty.

And that's what they're seeing.

Yeah.

Is there some currency hedging going on on the side?