Ruchir Sharma

I mean, just to put it like in perspective, that America used to run a budget deficit of 3% of GDP last decade.

Now it is 6% is the new normal.

And that came to be after the pandemic.

So that offset it.

So that's my point, Robert, that it sort of offset it in terms of it.

But at this stage, you don't have that room.

And in fact...

the feedback mechanism can easily go the other way.

Let's say that America has a downturn.

Every time America has a downturn, the deficit goes up by four percentage points.

So we're looking at a 9% to 10% deficit of GDP this time if America has a downturn.

So the U.S.

On defense, yeah, that's one statistic which is out there.

You can cut this in many ways, but I'm saying so that is the real risk.

Something happens to interest rates, then the feedback mechanism, the feedback loop goes the other way twice as fast.

Well, I'm just going to stick to the theme that I've said today because I get it all the time, which is that buy this basket of quality stocks and just don't worry about when this AI bubble will burst.

Is it a bubble or not?

It's agnostic to that.

So, you know, just do that.

And, you know, just go and, you know, for the next three to five years, you know, just be…