Susan Hayes Culleton

I mean, the reality is here, this wasn't about necessarily only taxing people who live there, but the opportunity cost, if I could take that economic term, about people who wouldn't move there if such a deal had been or such a proposal had been accepted.

But it's not like this agreement or the result was decisive, but the discussion wasn't necessarily.

I mean, 43% of the population came out to vote on this.

It was contentious, wasn't it?

I mean, this wasn't easily decided, right?

Okay, well, let's move then into other parts of Europe because this is a rare development, Ross, but in the ranks of the world's 20 best performing stock markets this year, every second index is European, including Ireland, and we'll get to that.

But this has only ever been achieved three times before, 2004, 2015 and 2023.

And that's in data going back to the creation of the euro area.

Now, it does seem that the US gets all of the good press when it comes to stock market returns.

So what has been simmering this year?

I do wonder about this too, though, Ross, because I'm sure like me, you certainly heard a lot of times at the beginning of the year, is this the end of US exceptionalism, particularly around Liberation Day?

I mean, there's lots of talk at the moment now around like reeling in the air and that type of thing.

So do you think this is simply what happened this year in Europe because of those reasons, particularly the capricious present?

I love that word capricious.

I love it.

I think it's a great word.

And it does describe President Trump very well.

The other point, of course, are the stretched valuations.

And then, of course, the third one would be the massive spending that's on AI.

And we are wondering when the returns are going to be there.