Rick Kes

just like anything, more uncertainty in the market is probably not good for deal-making activity, except for if you can you know, perhaps take the uncertainty and kind of say, well, maybe in the private market, maybe in more domestic-focused services, you know, the tariff exposure isn't as strong, so maybe it isn't as, you know, pervasive to the overall deal market thesis kind of consideration.

So, you know, it's hard to know for sure, but in my mind, you know, healthcare is somewhat insulated from some of that tariff issues, although, you know, obviously,

So, you know, it's hard to know for sure, but in my mind, you know, healthcare is somewhat insulated from some of that tariff issues, although, you know, obviously,

There are plenty of things that they're buying that are ultimately going to be potentially subject to a tariff, but it isn't like 90% of their supply chain is coming from China or something like that, that they're going to have this outsized impact. But again, uncertainty is typically not... all that well received by investors kind of in any sector.

There are plenty of things that they're buying that are ultimately going to be potentially subject to a tariff, but it isn't like 90% of their supply chain is coming from China or something like that, that they're going to have this outsized impact. But again, uncertainty is typically not... all that well received by investors kind of in any sector.

So I would think it will at least put a pause in some people's mind, whether it keeps them from doing a deal or not as yet to be seen, but certainly not exactly accretive to the overall process, I wouldn't think.

So I would think it will at least put a pause in some people's mind, whether it keeps them from doing a deal or not as yet to be seen, but certainly not exactly accretive to the overall process, I wouldn't think.

Oh, certainly. You know, kind of going back to the week being exciting. You know, I woke up to, you know, an email from our firm related to the potential pause, well, the announced pause, and then later the rescinding of that pause of federal funding. And

Oh, certainly. You know, kind of going back to the week being exciting. You know, I woke up to, you know, an email from our firm related to the potential pause, well, the announced pause, and then later the rescinding of that pause of federal funding. And

Immediately, our clients started calling related to Medicaid, in particular, other government-funded things like subsidies and other things like that. So, yes, I do think this past week, whether it's the tariffs or the federal funding pause or some of the other things that have continued to be somewhat newsworthy have continued to, I'd say, shake the overall healthcare ecosystem a bit.

Immediately, our clients started calling related to Medicaid, in particular, other government-funded things like subsidies and other things like that. So, yes, I do think this past week, whether it's the tariffs or the federal funding pause or some of the other things that have continued to be somewhat newsworthy have continued to, I'd say, shake the overall healthcare ecosystem a bit.

Now, some of those things have quickly changed or quickly subsided, but some of them still exist. And I think then now, even with the rescinding of that federal funds announcement, Even with that, I think there is now this heightened level of uncertainty of, well, could that happen again? Or could the overall tension there cause issues in the future?

Now, some of those things have quickly changed or quickly subsided, but some of them still exist. And I think then now, even with the rescinding of that federal funds announcement, Even with that, I think there is now this heightened level of uncertainty of, well, could that happen again? Or could the overall tension there cause issues in the future?

And obviously, it's just probably not all that great news for many of those in the healthcare industry to cause more uncertainty than less. And I do think you're right on the inflationary perspective. Our economists put out a video yesterday about the price of guacamole. You know, avocados are getting kind of a lot of news related to the increase with the tariffs.

And obviously, it's just probably not all that great news for many of those in the healthcare industry to cause more uncertainty than less. And I do think you're right on the inflationary perspective. Our economists put out a video yesterday about the price of guacamole. You know, avocados are getting kind of a lot of news related to the increase with the tariffs.

You kind of extrapolate that to other goods and services purchased from Mexico, Canada, China. Obviously, that's just going to cause inflation potentially. And if that inflation comes through, you know, the interest rate environment obviously is going to have kind of an impact as well.

You kind of extrapolate that to other goods and services purchased from Mexico, Canada, China. Obviously, that's just going to cause inflation potentially. And if that inflation comes through, you know, the interest rate environment obviously is going to have kind of an impact as well.

You know, it's funny. I am allowed to make a prediction, but my children are 13, 11, and 6, and they're all asking me the same question, and I told them, you know, I don't know whether you like Pat Mahomes or not. I just don't know how you vote against him or how you bet against him. He seems to find a way to win, whether you believe the press and some of that is because of the refs and all that.

You know, it's funny. I am allowed to make a prediction, but my children are 13, 11, and 6, and they're all asking me the same question, and I told them, you know, I don't know whether you like Pat Mahomes or not. I just don't know how you vote against him or how you bet against him. He seems to find a way to win, whether you believe the press and some of that is because of the refs and all that.

Who knows? But I would have a hard time betting against him. But on the other hand, Saquon Barkley seems to get the ball and score a lot. So I guess you kind of have two players that really probably – Depending on who has the better game, I bet whoever has the better game out of those two people, that's the team that's going to win, in my opinion. It comes down to those two individuals.