I want to start with this sort of really big picture stuff. How do you and the team think about investing over the next 10 years compared to investing over the previous decade or so? How different is this going to be? I think it’s very different. I mean this is where I think it feels really good to be an active manager, right, because you’ve just come off a decade where money was free. You know, you didn’t earn anything, the fixed income market. So the obvious place to go was the equity markets. And when you do that, you have a momentum market and passive outperforms in momentum markets. And and if you were lucky enough, you could qualify for the private market. You did, you know, got excess returns there. Now it’s much tougher, right. And you know I still think that actually the, the is listening to the two of you back and forth on the politics of where the Fed is going to go, which is all the reason why I would say the best thing for the Fed to do is to ignore the politics of the election and really look at the data. And I do think if they look at the data, I’ll believe it. It’s probably September. That is our first rate cuts are probably in September and frankly maybe 50 basis points, maybe not the 75 that people think and it’s, you know there are still 1.4. Jobs for everyone, person looking for a job. Wages are still increasing. You saw a story with Europe stocks, you know the projecting on earnings of European companies and it’s because the US consumers still strong. So you know I I think. This next decade is going to be all about risk, risk adjusted asset management and active management. You introduced the political conversation, so let’s go there. You think they should ignore the politics? Can you personally ignore the politics? I think if you’re the Fed, the best thing you know in the end you can never defend yourself if you’ve allowed the politics to, you know, infiltrate your thinking. And so the best thing is to just be able to truly look at the data and stand by that. Because you’re no matter what they do, they’re going to get criticized on the timing. So, you know, take out the politics in your decision making process and then you can stand by it.
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