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.

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.

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.

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

Of course, no exceptions. You know that.

Of course, no exceptions. You know that.

Of course, no exceptions. You know that.

Yeah.

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.

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.

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.

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