Tyler Crowe

John, I'll send this to you.

Things like large debt issuance, M&A activity, IPOs, things don't happen as much when everyone on Wall Street is miserable.

So, seeing these earnings, a little bit of the vibe check.

John, where does your mind go as an investor when looking at what these results say about market vibes?

Certainly appreciate the Charlie Munger, always invert approach here, where whether good vibes means more good vibes are on the way or good vibes are making those grasps at the next leg of growth in ways that we don't normally think of it that way.

Well, a little bit on the vibe check thing, especially for banks, is that the Trump administration proposal to cap interest rates came out this week.

We'll take a look at the ripple effects of capped credit card rates after the break.

Earlier this week, the Trump administration put out a statement about wanting to cap interest rates on credit cards at 10%.

Now, there's a lot of paths we could take with this discussion, some of which we're not too keen to walk, because they'd likely turn an investing-themed podcast into a political one way too fast.

There's some obvious things we need to consider as an investor when thinking about something like how changes to credit card environment would change a lot of companies.

First and foremost is, what are the chances of this happening?

for us as investors?

If so, what are the potential outcomes?

For now, let's focus on the potential outcomes aspect.

I think that's a good discussion for us to have here.

A little scenario, planning, game-playing, however you want to put it.

Matt, if we put this into the scenario of it actually happening, how does this look on paper?

Yeah, the people who don't carry a credit card balance but benefit from all those perks are a little bit of a loss for a lot of credit card companies.

Certainly, one of the things you could see going away pretty quick.

To be honest, and I'm a little dubious of the practicality of this as well, we actually saw something relatively similar try to get implemented during the Biden administration back, I think, 2022, 2023.