Rick Rieder

But gosh, there are so many things we got to think about, about what can AI do that can make the economy more efficient, make people more efficient, and then move people into the zones that are going to be fulfilling going forward.

But that is, I'll tell you, Matt, there is no roadmap for this.

How do I describe this?

By the way, I will take it in a couple different directions.

One, it's interesting.

You hear the discussion about CapEx and the CapEx was too high.

And I would argue there's some other things at play there.

CapEx is your moat.

CapEx and R&D spend are the way companies can build their moat.

And it's actually data utilization.

And the companies that are exploiting data effectively that are building bigger moats, that is at the core of what is happening.

There's something also that's different today.

Some companies, the free cash flow generation that's been so robust over the last couple of years, you see some of these big companies buying back a huge amount of stock.

Now they're spending more on CapEx.

That has real ramifications for the technicals in the equity market that we've got to think through.

It's a lot of hard work.

Yep, go ahead.

So a bunch of changes.

Your point about credit.

We've reduced some credit.