Scott Galloway

You're too young to remember this.

We spent a year masturbating over Greek sovereign bonds.

We were convinced that Greece was going to take down the EU and the global economy.

You know, 2% of the GDP of Europe, and we just sat here obsessing over it.

There's a phenomena when you worry about something a lot, it doesn't happen because you start to prepare for it.

So I just don't think by virtue of the fact that we've done so much catastrophizing around this, we don't worry about it.

The thing that is actually a bigger issue in the markets right now is the following.

AI and the CapEx and the incredible opportunity of AI and the excitement around these things, which I think is probably overhyped as well to the upside, has created real economic growth, CapEx, and buoyed the market, right?

But a sclerotic industrial policy that makes Europe look more competitive and more decisive, where we have an administration saying,

Anthropic, you got to do what we want.

Even though you're a private company, you've got to do what we want.

We're not putting in place laws around guardrails around how companies should behave.

We're just going to do one-offs based on this guy's blood sugar level.

Oh, the administration is going to get to decide who gets to acquire whom.

And oh, we're taking a stake in one chip company and not others.

Oh, we know how to run a steel company.

When the deepest pools of capital become more shallow because foreign investors don't know who the fuck they're waking up to next, because there's different laws that might be imposed on them, what has happened in the last 12 months, despite the massive investment and success of these tech companies, the American market has underperformed every major market.

Why?

Because the dollar's gotten much weaker because people have less faith in the full credit and faith of the United States government, our ability to pay back its debts because of fiscal irresponsibility.

And the entire world is rerouting their supply chain around us, including the capital they invest in these companies.