Well, I guess we're anticipating a return of the volatility frankly that we expected from Trump's victory in the election last year. We know there's going to be some bumps and maybe a few more bumps. Always, I guess if you're a long term investor, as we try to be, you want to think about what's the broad trajectory, which we still see as positive. So very much aware of these concerns, being a lot of attention to them. But really think that it's certainly for the US at least. It is a pretty good outlook. You're going to have these occasional concerns, certainly run credit, which if anything are likely to increase as lending picks up in the US. to support the manufacturer and Renaissance and also to support further AI development. So it's a bit part and parcel. Right. If you went to growth, you have to accept the volatility that comes along with it. Okay.

Probably a bit of both. I think we also know. from a lot of experience with these shutdowns, that in the end, they're not really that impactful, you know, maybe this time is different. I think we're the third longest, so we've got a ways to go yet before, becomes the longest, hopefully we don't. But really, if you, for example, you don't have government employees that aren't receiving this hours right now, they should do in the future, and so that consumption comes back. So for now, on the March and Sure, a little bit in nervousness, some benefit from gold, four gold, four treasuries, but for the most part, we don't think it's the main issue for the markets. All right, you seem pretty calm about all this. Let's talk about earning season. What's your take on earning seasons so far? I also want to bounce this off if you look at the Mag 7, their earnings are expected to be up about 15% year over year, but the other 493.

Well, I think if you look at earnings, that actually may be a penny even more stark picture. If you look at tech more broadly, beyond the Mac 7, our estimate is that earnings will be up 17% for the emphasis 2% for the rest of the market. So the same idea that may be even a bigger gap. but it's exactly the divergence that we see there. Because you've got to recognize that the non-tech parts of the market, you know, the value that goods producers certainly are suffering because of the tariffs. You can't deny that, you know, hence the depressed earnings growth relative to what you might have expected at the beginning of the year. But it's exactly for that reason that our overweight in US equities is tenaz deck. We see the superior earnings growth there. Certainly we can talk about valuations. But that's what we think that's a better bet. We're going to need to wait a while for the other parts of the market to work through the taro shock. To get a bigger recovery and earn it before we really think we might find that part of the market to track to again.