Steve Cohen

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

It wouldn't surprise me to see a significant correction.

It wouldn't surprise me to see a significant correction.

Of course, no exceptions. You know that.

Of course, no exceptions. You know that.

Yeah.

Yeah.

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

It wouldn't surprise me to see a significant correction.

It wouldn't surprise me to see a significant correction.

Yeah.

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

It wouldn't surprise me to see a significant correction.

This is one of those moments where there's really a lot of uncertainty. I mean, tariffs cannot be positive. It's a tax. Taxes are never positive. On top of that, we have slowing immigration. And in addition, now you have Doge. Wherever you lay on the Doge issue, I mean, that's austerity. It's got to be negative for the economy.

We think growth is going to slow to 1.5% from 2.5% in the second half. The reality is we've got a brew of sticky inflation, slowing growth, and austerity in the government. And so I'm actually pretty negative for the first time in a while. And it may only last a year or so, but it's definitely a period where I think the best gains have been had.

It wouldn't surprise me to see a significant correction.

Of course, no exceptions. You know that.