Scott Galloway

Sorry about that, Ed.

Not even dollar-adjusted.

What was our big prediction at the end of 2024?

Rotation out of U.S.

stocks into... Rotation out of U.S.

But again, it doesn't matter how great the barbecue is if it's raining outside.

The atmospherics and the context matter.

And you can't, there's some amazing companies in Latin America that have grown their revenues and profits every year for the last 10, 20 years.

And all of them are flat or down because you can't outrun flows.

And the flows out of Latin America have been one way to other markets until last year.

So great companies, maybe with the exception of MercadoLibre just went down.

You can't,

You know, market dynamics trump individual performance.

And what we're seeing now, because again, of a lack of faith in our current administration industrial policy and a degradation of the rule of law, I think you're seeing flows out.

And with respect to the State of the Union, I loved what, I think it was Jonathan Haidt, I forget who said this, about Mark Zuckerberg and Meta,

You know, they would say, all right, what's happening with teen depression?

And they would cite a bunch of false data or lies, or it was clear that they were hiding data, their own data, about how much mental impact anguish it was creating on young people, especially girls.

And this one person said something that really struck me, and it was Frances Haugen, and that is, when all the mistakes are in your favor, they're not mistakes, they're lies.

I constantly use that quote when I check out of hotels.

I never check my bill, but whenever I do, I find mistakes.