Scott Galloway

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We're back with Profiteer Markets.

This does put Europe in a more vulnerable position than the US, but it is interesting to your point, like the way that multiples have expanded in other markets compared to the US would kind of say a different story.

Everyone's saying, oh, the US is insulated from this.

But actually, if you look at the one year, what we've seen in terms of multiple contraction in the US versus multiple expansion in other markets, it might say a different story.

To just put a button on that,

It's systematic.