Ruchir Sharma

You know, Kerry, if I can say so, which is that I know we are all obsessed with Trump and rightly so, you know, given what he does.

But I just feel that we overestimate Trump because even like on the stock market, the nature of the stock market and the way it's behaving has been pretty much, this has been a cycle which has been on since 2009.

And even under Biden, including, you know, like the years like 2023, 2024,

It was very similar.

So I just feel that we overestimate politics in general.

It's impact every time.

And the impact of these economic forces like AI and stuff are underestimated.

So therefore, as a rule that I have for investing is that let's not talk about Trump because I think that this may be the ultimate insult for him, but he just doesn't matter as much compared to AI.

But I'm saying that there is a point that if inflation goes up, the Fed doesn't increase rates, the long end gets unanchored.

So I keep saying that, and we have done some analysis.

As you all know, there is no science behind these things.

This is art.

But if the 10-year, for example, the 10-year yield on government bonds in the U.S.

were to go up above 5%, that's about as loud a bell as you're going to hear that this is coming to an end.

Interest rates.

I mean, 300 years of bubble history for whatever I can come down to, one factor.

People come to me today, what do you think about these massive IPOs which are happening?

Isn't this sign of fraud?

What do you think of hedge fund leverage?

What do you think of this?