Tracy Alloway

Weather out of your control.

Oil price is going to be a factor.

Energy price is going to be a factor in any sort of real goods space.

Another thing that's out of your control.

Here's the weird thing.

And I think a lot of people have like, this is the hard thing that a lot of people have a hard time reconciling, which is that like the last couple of years, maybe the last several years, last couple of years, they felt

Pretty chaotic.

There's a war going on right now.

We had this huge trade shock last year, et cetera.

Some of the tariffs got watered down a little bit, but it was still a high level of uncertainty.

And consumer sentiment's pretty negative, et cetera.

And even business sentiment, when I read the regional surveys, not that great.

And yet, by and large, corporate America seems to be doing well and making a ton of money.

And you wouldn't necessarily know, especially if you look at the stock market,

that there is all this uncertainty going on.

Do you feel a relationship between like the chaos that you read about in the news and the choices that businesses make on a day-to-day to either invest or not?

Of course.

So all the things you mentioned, energy prices, interest rates, et cetera,

that affects business.

So in terms of capital allocation, that really matters.