Zaid

One of them is tariffs.

So from our conversation back in December.

You said that the Supreme Court ruling on the IEPA tariffs was going to be one of the key stories of Q1.

It was for like a day or two.

Then the war happened, and everyone kind of forgot about the tariff story.

Are you still kind of thinking about the impact that this ruling is going to have on the markets moving forward?

I know that the Trump administration is trying to replace the IEPA tariffs with different tariffs, but that's still kind of –

that's still kind of like, you know, up in the air.

How are you seeing the tariff story playing out?

Or is the market just kind of ignoring it at this point?

Yeah, I mean, the Liberation Day, just the fallout from the Liberation Day, investors, what they took away from that was... Actually, let me start that over again.

So Liberation Day, like...

you know, how quickly the markets bounced back.

I think it impacted how investors reacted to the war, right?

I mean, everyone was wondering like, hey, we're only down 5%, 6%, 7% from highs, despite the fact that there's a war, there's all this unpredictability.

I mean, straight up Hormuz, is it still closed?

Is it open?

I don't know.

Despite all of that, the market has not...

you know, has not reacted as negatively as someone had thought.