WEBVTT - John Rogers, Founder and CEO of Ariel Investments

0:00:02.520 --> 0:00:07.000
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:07.840 --> 0:00:10.520
<v Speaker 2>John Rodgers, Founder, chairman and co chief executive officer of

0:00:10.560 --> 0:00:12.840
<v Speaker 2>Aerial Investments, joining us here at Bloomberg Investor.

0:00:12.840 --> 0:00:13.440
<v Speaker 3>Thank you so much.

0:00:13.480 --> 0:00:14.400
<v Speaker 2>We've got a lot going on.

0:00:15.160 --> 0:00:16.400
<v Speaker 3>We appreciate your patience.

0:00:16.640 --> 0:00:18.720
<v Speaker 2>I want to go back to something. How are you,

0:00:18.760 --> 0:00:19.439
<v Speaker 2>first of all.

0:00:19.920 --> 0:00:23.560
<v Speaker 3>Doing okay dealing with all this potility craziness? Well? Is

0:00:23.560 --> 0:00:24.239
<v Speaker 3>it crazy? John?

0:00:24.560 --> 0:00:27.080
<v Speaker 2>I love talking to folks like you. You guys have

0:00:27.160 --> 0:00:29.080
<v Speaker 2>been investing for a long time. You've seen a lot

0:00:29.120 --> 0:00:31.960
<v Speaker 2>of market cycles like there are you know, how do

0:00:32.040 --> 0:00:35.560
<v Speaker 2>you kind of factor in this one and the stuff

0:00:35.560 --> 0:00:37.720
<v Speaker 2>that feels like every morning we can wake up and

0:00:37.720 --> 0:00:41.280
<v Speaker 2>there can either be something out of Washington that really

0:00:41.640 --> 0:00:43.400
<v Speaker 2>impacts the trade, and then there are days it doesn't.

0:00:43.440 --> 0:00:44.040
<v Speaker 3>So how do you.

0:00:44.080 --> 0:00:46.840
<v Speaker 2>Kind of work all that into strategy?

0:00:47.200 --> 0:00:49.199
<v Speaker 1>Well, I think of the forty three years noise if

0:00:49.200 --> 0:00:51.680
<v Speaker 1>you will, Yeah, I mean the forty three is of aeril.

0:00:51.720 --> 0:00:54.160
<v Speaker 1>We've had lots of ups and downs in nineteen eighty

0:00:54.160 --> 0:00:58.520
<v Speaker 1>seven crash of course, wait and nine financial crisis, but

0:00:58.600 --> 0:01:00.160
<v Speaker 1>this is the first time we're seemed like there where

0:01:00.960 --> 0:01:03.320
<v Speaker 1>sort of we're making this crisis happen, you know, making

0:01:03.320 --> 0:01:07.880
<v Speaker 1>a conscious decision to make policy decisions, whether it's the

0:01:07.920 --> 0:01:11.800
<v Speaker 1>tariffs or now whether it's the war, and that's causing

0:01:11.800 --> 0:01:14.679
<v Speaker 1>all this drama and all this angst, and that's something

0:01:14.680 --> 0:01:16.440
<v Speaker 1>that's unusual and different for us.

0:01:16.560 --> 0:01:17.319
<v Speaker 2>How do you trade that?

0:01:18.080 --> 0:01:18.720
<v Speaker 3>Well, I think, on.

0:01:18.680 --> 0:01:20.680
<v Speaker 1>The one hand, you trade it is that we know

0:01:20.800 --> 0:01:23.560
<v Speaker 1>that President Trump cares about the markets. He sees that

0:01:23.600 --> 0:01:26.679
<v Speaker 1>as a scorecard. So the one positive thing you can

0:01:26.760 --> 0:01:29.440
<v Speaker 1>pluck out is that eventually he figures out a way

0:01:29.880 --> 0:01:34.119
<v Speaker 1>to adjust to get things back to a calm state eventually.

0:01:34.520 --> 0:01:36.959
<v Speaker 1>But you just hope he doesn't go too far, you know,

0:01:37.000 --> 0:01:39.680
<v Speaker 1>one more time, and stretch and do something that really

0:01:39.720 --> 0:01:40.760
<v Speaker 1>he can't pull it back.

0:01:41.080 --> 0:01:42.720
<v Speaker 4>You know, I'm curious about your view on this that

0:01:42.800 --> 0:01:45.039
<v Speaker 4>as it does not relate to markets. It sounded like

0:01:45.280 --> 0:01:48.120
<v Speaker 4>you were saying that we've entered a new paradigm, at

0:01:48.240 --> 0:01:51.840
<v Speaker 4>least with the decisions that this administration is making. I'm

0:01:51.880 --> 0:01:54.520
<v Speaker 4>wondering how you're looking at that. We understand that what

0:01:54.560 --> 0:01:57.840
<v Speaker 4>the President wants to achieve with tariffs, I would not

0:01:57.880 --> 0:01:59.760
<v Speaker 4>say I understand what he wants to achieve Right now

0:02:00.240 --> 0:02:02.920
<v Speaker 4>with Iran, we're still waiting to hear exactly what the

0:02:03.040 --> 0:02:05.520
<v Speaker 4>US wants to achieve there. But how do you view this,

0:02:05.760 --> 0:02:09.040
<v Speaker 4>not necessarily with regard to markets.

0:02:08.320 --> 0:02:10.720
<v Speaker 3>Well, what I worry about is that.

0:02:12.240 --> 0:02:17.520
<v Speaker 1>I ran to something that's extraordinarily painful for America or

0:02:17.840 --> 0:02:20.760
<v Speaker 1>another part of the world, as they fight back and

0:02:20.880 --> 0:02:23.840
<v Speaker 1>feel like they have to defend their honor, buildies do

0:02:23.960 --> 0:02:27.720
<v Speaker 1>something that will be we'll all have a hard hard.

0:02:27.560 --> 0:02:29.120
<v Speaker 3>Time living with over the long run.

0:02:29.520 --> 0:02:31.480
<v Speaker 1>So we all saw what happened when the World Trade

0:02:31.520 --> 0:02:36.400
<v Speaker 1>Center collapsed, and all the trauma and drama and extraordinary

0:02:36.400 --> 0:02:39.640
<v Speaker 1>heartbreak from that situation, and you just hope that nothing

0:02:39.720 --> 0:02:42.360
<v Speaker 1>like that happens again ever in the United States or

0:02:42.400 --> 0:02:44.119
<v Speaker 1>in our friendly countries.

0:02:44.280 --> 0:02:46.960
<v Speaker 2>Got to say, I went right there after this happened,

0:02:47.000 --> 0:02:49.200
<v Speaker 2>and that's what I thought about retaliation. Any of us

0:02:49.240 --> 0:02:51.560
<v Speaker 2>who were here in New York during nine to eleven

0:02:51.800 --> 0:02:54.560
<v Speaker 2>remember it like it was yesterday, and it does make

0:02:54.600 --> 0:02:57.680
<v Speaker 2>me a little scared. And I'm not an alarmist, but

0:02:57.720 --> 0:02:59.840
<v Speaker 2>it did make me think, Okay, what's the retaliation of

0:02:59.840 --> 0:03:03.000
<v Speaker 2>all of this. We're going to set that aside.

0:03:03.200 --> 0:03:05.200
<v Speaker 4>I can we can shift back to markets, Carol, we

0:03:05.200 --> 0:03:06.040
<v Speaker 4>can shift back to market.

0:03:06.080 --> 0:03:07.920
<v Speaker 2>I want to go back to something you said actually

0:03:07.919 --> 0:03:10.200
<v Speaker 2>in January and I was doing some read in on this,

0:03:10.280 --> 0:03:12.519
<v Speaker 2>and you said the US will likely slide into a

0:03:12.560 --> 0:03:14.519
<v Speaker 2>small recession at the end of the year. Stock market

0:03:14.560 --> 0:03:17.799
<v Speaker 2>will drop as average income consumers struggle with high living costs.

0:03:18.600 --> 0:03:21.079
<v Speaker 2>And this was I think at the Executive's Club of

0:03:21.160 --> 0:03:24.120
<v Speaker 2>Chicago's annual Outlook event, and you talked about the down

0:03:24.200 --> 0:03:28.640
<v Speaker 2>maybe declining fifteen to twenty percent this year. But it

0:03:28.800 --> 0:03:32.040
<v Speaker 2>and it also got into this dichotomy which I think

0:03:32.120 --> 0:03:35.880
<v Speaker 2>really increasingly. I know it bothers US wealthy consumers doing okay,

0:03:36.120 --> 0:03:39.400
<v Speaker 2>so many other consumers are not. So talk to me

0:03:39.400 --> 0:03:41.400
<v Speaker 2>about that. Do you still feel this way about maybe

0:03:41.440 --> 0:03:42.960
<v Speaker 2>we see some kind of small recession.

0:03:43.560 --> 0:03:46.840
<v Speaker 1>I still do. I've never seen anything quite like it.

0:03:46.880 --> 0:03:48.520
<v Speaker 1>I know a lot of people have been talking about this,

0:03:48.680 --> 0:03:51.600
<v Speaker 1>but we're You're right when people are still going and

0:03:51.640 --> 0:03:54.920
<v Speaker 1>spending money on cruise ships or going to Las Vegas

0:03:54.960 --> 0:03:59.160
<v Speaker 1>for experiences, doing things that are really the wealthy people

0:03:59.200 --> 0:04:02.520
<v Speaker 1>can do, right, But the average American is really really struggling.

0:04:02.720 --> 0:04:04.800
<v Speaker 1>You know, I go to mcdonald'sretty much every day, and

0:04:04.840 --> 0:04:07.080
<v Speaker 1>you know, you see how much it costs to you know,

0:04:07.360 --> 0:04:10.320
<v Speaker 1>buy your drink and your French frise and what happens,

0:04:10.360 --> 0:04:13.240
<v Speaker 1>and you realize that ordinary Americans are having a hard

0:04:13.320 --> 0:04:16.280
<v Speaker 1>time covering the cost of just day to day life

0:04:16.279 --> 0:04:18.240
<v Speaker 1>in America. And I think that's a real challenge for

0:04:18.240 --> 0:04:20.919
<v Speaker 1>our economy, a real challenge for certain industries.

0:04:21.320 --> 0:04:23.840
<v Speaker 4>It's the so called K shaped economy. Is something that

0:04:23.880 --> 0:04:26.080
<v Speaker 4>we talk about a lot, and we think about a lot.

0:04:26.520 --> 0:04:29.839
<v Speaker 4>Are there policy proposals or are their policies that the

0:04:29.920 --> 0:04:34.920
<v Speaker 4>US government could enact that would make the gap between

0:04:34.920 --> 0:04:37.600
<v Speaker 4>the very wealthy and the poor, or that would bring

0:04:37.760 --> 0:04:39.640
<v Speaker 4>back the middle class? I think is something that we

0:04:39.720 --> 0:04:41.440
<v Speaker 4>talk about a lot too. Is it something that you

0:04:41.440 --> 0:04:43.440
<v Speaker 4>think the free market can solve? How do we get

0:04:43.440 --> 0:04:43.760
<v Speaker 4>out of this?

0:04:44.320 --> 0:04:46.719
<v Speaker 1>I think the free market will will solve it. You know,

0:04:46.839 --> 0:04:51.120
<v Speaker 1>we America always goes to extremes and things ultimately get

0:04:51.160 --> 0:04:54.600
<v Speaker 1>back to back to normal. Warren Buffett says, you know,

0:04:54.720 --> 0:04:58.440
<v Speaker 1>our capuist democracy is the best system ever invented, and

0:04:58.480 --> 0:05:00.680
<v Speaker 1>so we'll ultimately put the right pace people in place.

0:05:00.760 --> 0:05:03.560
<v Speaker 1>Governmental shift and change and people will be able to

0:05:03.600 --> 0:05:05.200
<v Speaker 1>get to a place that I think will bring back

0:05:06.400 --> 0:05:09.919
<v Speaker 1>a better life for folks from Middle America. And I

0:05:09.920 --> 0:05:13.520
<v Speaker 1>think that's really really important. I think keeping interest rates reasonable,

0:05:13.640 --> 0:05:17.839
<v Speaker 1>keeping inflation low is really really important creating the other

0:05:17.880 --> 0:05:21.239
<v Speaker 1>tax policies that are fair and equitable. So I think

0:05:21.440 --> 0:05:23.479
<v Speaker 1>we'll get there. It takes a while, but we'll be

0:05:23.520 --> 0:05:24.960
<v Speaker 1>on our way back. And I think we're in that

0:05:25.000 --> 0:05:25.479
<v Speaker 1>process now.

0:05:25.560 --> 0:05:26.360
<v Speaker 3>So you're optimistic.

0:05:26.480 --> 0:05:29.880
<v Speaker 1>I'm optimistic that we will create the wealth gap in

0:05:29.880 --> 0:05:31.919
<v Speaker 1>our country will start to diminish over time.

0:05:32.680 --> 0:05:34.840
<v Speaker 2>So when I look at I'm going to talk a

0:05:34.839 --> 0:05:37.880
<v Speaker 2>little bit about the investment environment. We saw broadening out

0:05:37.920 --> 0:05:41.640
<v Speaker 2>certainly in terms of where investors were placing some bets here.

0:05:41.839 --> 0:05:44.200
<v Speaker 2>Where do you see some mispricing within the market where

0:05:44.240 --> 0:05:46.719
<v Speaker 2>you think that that presents some opportunities for investors.

0:05:47.279 --> 0:05:49.800
<v Speaker 1>I think right now the financial services companies are what

0:05:49.839 --> 0:05:52.440
<v Speaker 1>I think have gotten may be extremely cheap. They've gotten,

0:05:53.080 --> 0:05:56.080
<v Speaker 1>you know, very very worrisome about what's happening with private credit,

0:05:56.120 --> 0:05:57.599
<v Speaker 1>as we all know what you guys are reporting on

0:05:57.680 --> 0:05:59.680
<v Speaker 1>and talking about all the time. But I think it's

0:05:59.720 --> 0:06:03.560
<v Speaker 1>over done. I saw David rubens Sein speak last week.

0:06:03.600 --> 0:06:06.839
<v Speaker 1>He was interviewed by our chairman, Charlie Barbrinskoy. You know,

0:06:06.880 --> 0:06:10.400
<v Speaker 1>in his optimism around about Carlisle, I thought was striking,

0:06:10.839 --> 0:06:13.640
<v Speaker 1>and I think they've gotten sort of a hit with

0:06:13.720 --> 0:06:15.480
<v Speaker 1>what's happened in private credit everywhere.

0:06:15.480 --> 0:06:16.960
<v Speaker 3>Even though they have a small.

0:06:16.880 --> 0:06:20.320
<v Speaker 1>Exposure to private credit, there's also been this huge concern

0:06:20.320 --> 0:06:22.720
<v Speaker 1>around private equity that people won't come back, that you know,

0:06:22.720 --> 0:06:24.880
<v Speaker 1>it's gonna be and harder to raise funds. I think

0:06:24.880 --> 0:06:27.440
<v Speaker 1>its interest rates get lower. Companies that have the kind

0:06:27.480 --> 0:06:29.279
<v Speaker 1>of brand that Carlisle has will be able to do

0:06:29.360 --> 0:06:33.359
<v Speaker 1>extremely extremely well. And then secondarily, a company like Lizard,

0:06:33.640 --> 0:06:36.080
<v Speaker 1>you know, one of the world's best investment banking firms.

0:06:36.480 --> 0:06:38.680
<v Speaker 1>Peter Orzag has done a great job and getting that

0:06:38.720 --> 0:06:42.040
<v Speaker 1>company on track. It's moving in the right direction and

0:06:42.600 --> 0:06:44.320
<v Speaker 1>being one of the best investment bankers. They're going to

0:06:44.360 --> 0:06:46.800
<v Speaker 1>benefit from all the deals they're going to happen in

0:06:46.839 --> 0:06:50.760
<v Speaker 1>this deregulated environment. It's a really a great opportunity for

0:06:50.800 --> 0:06:54.440
<v Speaker 1>companies to buy, merge, do things that are right for shareholders.

0:06:54.560 --> 0:06:57.360
<v Speaker 2>It's really kind of refreshing. I haven't heard you say AI.

0:06:59.080 --> 0:07:00.120
<v Speaker 2>Where does that fit in?

0:07:01.160 --> 0:07:03.320
<v Speaker 3>Is that it's not a value playing right.

0:07:05.400 --> 0:07:06.680
<v Speaker 2>Where how does that factor in?

0:07:07.200 --> 0:07:07.320
<v Speaker 3>Like?

0:07:07.480 --> 0:07:10.040
<v Speaker 2>Because I do think the AI trade has evolved over

0:07:10.080 --> 0:07:12.520
<v Speaker 2>the last two three years in terms of where investors

0:07:12.560 --> 0:07:14.160
<v Speaker 2>want to place their bets and now we're talking a

0:07:14.200 --> 0:07:18.760
<v Speaker 2>lot more about inference and agentic AI and kind of

0:07:18.800 --> 0:07:21.160
<v Speaker 2>where that's going. But I think we still don't know

0:07:21.280 --> 0:07:21.720
<v Speaker 2>a lot.

0:07:22.400 --> 0:07:24.920
<v Speaker 1>We still don't and we're working really really hard on it.

0:07:25.360 --> 0:07:28.400
<v Speaker 1>At Ariel. We're using some of the top academic minds

0:07:28.400 --> 0:07:30.520
<v Speaker 1>at the University of Chicago to help guide us as

0:07:30.560 --> 0:07:33.680
<v Speaker 1>we think through which industries will be the most disrupted,

0:07:34.080 --> 0:07:37.040
<v Speaker 1>which ones will not be disrupted, and where the maybe

0:07:37.080 --> 0:07:39.760
<v Speaker 1>the fear is overdone. So like for us, one of

0:07:39.760 --> 0:07:43.600
<v Speaker 1>our favorite stocks is Jones Lange Lassalle JLLL. You know,

0:07:43.640 --> 0:07:46.320
<v Speaker 1>real estate broker, which is still an important business. It's

0:07:46.360 --> 0:07:48.880
<v Speaker 1>a complicated business. If you're a CEO trying to move

0:07:49.120 --> 0:07:52.240
<v Speaker 1>hundreds of people from one office power to another, one

0:07:52.280 --> 0:07:54.600
<v Speaker 1>campus to another, you need a great broker who can

0:07:54.640 --> 0:07:57.160
<v Speaker 1>help you see and have the insights that are there.

0:07:57.480 --> 0:08:00.000
<v Speaker 1>So I think AI helps to make them more efficient

0:08:00.080 --> 0:08:02.880
<v Speaker 1>and more effective. AI is not going to replace that

0:08:02.920 --> 0:08:05.200
<v Speaker 1>real estate broker the way some people are afraid of.

0:08:06.280 --> 0:08:11.200
<v Speaker 4>So much of the concentration literally and when it comes

0:08:11.280 --> 0:08:14.000
<v Speaker 4>to coverage of the market has been makea caap tech

0:08:14.080 --> 0:08:18.520
<v Speaker 4>names and I'm wondering if it's possible in your view,

0:08:19.200 --> 0:08:20.400
<v Speaker 4>I think I know what you're gonna say, but if

0:08:20.440 --> 0:08:24.200
<v Speaker 4>it's possible in your view to outperform make a cap

0:08:24.240 --> 0:08:28.160
<v Speaker 4>tech or the S and P five hundred by excluding

0:08:28.160 --> 0:08:31.200
<v Speaker 4>those from a portfolio, by finding those value names.

0:08:31.080 --> 0:08:33.080
<v Speaker 1>Well, I think so as we. You know, I've been

0:08:33.200 --> 0:08:35.319
<v Speaker 1>very public. I think the large cap growth stocks have

0:08:35.400 --> 0:08:38.720
<v Speaker 1>gotten way, way, way too expensive. Everyone's fallen in love

0:08:38.760 --> 0:08:41.120
<v Speaker 1>with that trade for quite a long time. But I've

0:08:41.120 --> 0:08:43.640
<v Speaker 1>seen this happen time and time again in my forty

0:08:43.679 --> 0:08:46.240
<v Speaker 1>three years in Ariel, but also saw it throughout history.

0:08:46.400 --> 0:08:50.040
<v Speaker 1>You know, the nifty fifties, you know during the seventy

0:08:50.080 --> 0:08:52.839
<v Speaker 1>the nifty fifty stocks, you saw it during what.

0:08:52.800 --> 0:08:54.559
<v Speaker 3>Happened in the Go go twenties.

0:08:54.920 --> 0:08:56.960
<v Speaker 1>People just fall in love with the sector and think

0:08:56.960 --> 0:08:59.040
<v Speaker 1>it's just going to go up and up forever. And

0:08:59.160 --> 0:09:02.679
<v Speaker 1>the small stocks neglected, they get misunderstood, they're not as

0:09:02.720 --> 0:09:06.280
<v Speaker 1>well followed, and so opportunities it gets created because everyone's

0:09:06.320 --> 0:09:09.320
<v Speaker 1>falling in love with this hot, shiny, shiny.

0:09:09.000 --> 0:09:10.960
<v Speaker 3>Dollar out there, and you think that's happening right now,

0:09:11.080 --> 0:09:13.120
<v Speaker 3>I really really do. Up until most recently.

0:09:13.160 --> 0:09:15.160
<v Speaker 1>I mean, I've seen now that the Palanteers of the

0:09:15.160 --> 0:09:17.440
<v Speaker 1>world and others have finally started to have some of

0:09:17.480 --> 0:09:19.640
<v Speaker 1>their come up, and it reminds me of what happened

0:09:19.679 --> 0:09:21.640
<v Speaker 1>during the turn of the century when the Internet bubble

0:09:21.720 --> 0:09:24.320
<v Speaker 1>finally burst. So you start to see some signs that

0:09:24.360 --> 0:09:27.440
<v Speaker 1>the world is coming back to rationality and people are

0:09:27.480 --> 0:09:29.720
<v Speaker 1>realizing some opportunities in their smaller names.

0:09:30.320 --> 0:09:33.600
<v Speaker 2>When it comes to the investment environment, are you anticipating

0:09:33.720 --> 0:09:35.680
<v Speaker 2>that investors need to be thinking about it's going to

0:09:35.679 --> 0:09:38.040
<v Speaker 2>be a higher rate environment going forward, and so you've

0:09:38.080 --> 0:09:39.920
<v Speaker 2>got to think about that and what it means in

0:09:40.000 --> 0:09:41.080
<v Speaker 2>terms of evaluations.

0:09:41.200 --> 0:09:44.280
<v Speaker 1>Well, I think I'm more optimistic about rates. I think

0:09:44.320 --> 0:09:46.560
<v Speaker 1>they they they'll go lower, they they go lower, I

0:09:46.640 --> 0:09:49.720
<v Speaker 1>really do. I think that the new FED chairman is

0:09:49.840 --> 0:09:52.560
<v Speaker 1>clearly someone who's going to want to make the president happy.

0:09:52.880 --> 0:09:55.560
<v Speaker 1>He's going to do everything he can to ben the

0:09:55.559 --> 0:09:57.160
<v Speaker 1>will of the federal reserved.

0:09:57.320 --> 0:10:01.280
<v Speaker 2>Doesn't that make you nervous though, if it's not fundamentally.

0:10:00.679 --> 0:10:04.280
<v Speaker 1>Based long term, it makes me nervous, Okay, But I

0:10:04.320 --> 0:10:06.400
<v Speaker 1>do think of the short to intermediate term. If it

0:10:06.520 --> 0:10:09.920
<v Speaker 1>keep rates lower, it's always good. Low rates are always

0:10:10.000 --> 0:10:13.280
<v Speaker 1>positive for the markets, And of course there's some some

0:10:13.320 --> 0:10:15.520
<v Speaker 1>things will come back to haunt us because of it. Yeah,

0:10:15.559 --> 0:10:18.040
<v Speaker 1>but I think that's more longer term and the short term.

0:10:18.080 --> 0:10:20.200
<v Speaker 1>I think this will be something that will be a

0:10:20.280 --> 0:10:22.559
<v Speaker 1>help the market's day where it needs to be and

0:10:23.160 --> 0:10:26.160
<v Speaker 1>be sort of a tailwind for the markets.

0:10:26.280 --> 0:10:28.600
<v Speaker 2>It doesn't sound like when we you know, one of

0:10:28.600 --> 0:10:32.600
<v Speaker 2>the narratives it felt like we were coming into was

0:10:32.760 --> 0:10:36.840
<v Speaker 2>I mean, think about Biden before President Biden, before President

0:10:36.880 --> 0:10:39.520
<v Speaker 2>Trump won the election, like the US was the best

0:10:39.559 --> 0:10:42.840
<v Speaker 2>place to invest. When President Trump came in a year ago, again,

0:10:43.320 --> 0:10:46.280
<v Speaker 2>like the US market was the place to invest, and

0:10:46.320 --> 0:10:50.520
<v Speaker 2>then we were just thinking about the US being uninvestable

0:10:50.559 --> 0:10:52.080
<v Speaker 2>like that became a narrative, and.

0:10:52.559 --> 0:10:54.400
<v Speaker 4>To a certain extent, even though the US markets did

0:10:54.440 --> 0:10:56.600
<v Speaker 4>well last year, there was a lot of underperformance compared

0:10:56.600 --> 0:10:58.240
<v Speaker 4>to global markets for twenty twenty five.

0:10:58.600 --> 0:11:00.920
<v Speaker 2>Is that is that something you think a lot about,

0:11:01.120 --> 0:11:06.280
<v Speaker 2>or that we are seeing investors start to diversify away

0:11:06.559 --> 0:11:09.360
<v Speaker 2>from the US market or that's impossible because of how

0:11:09.400 --> 0:11:11.640
<v Speaker 2>deep and how liquid the US market is.

0:11:12.320 --> 0:11:15.439
<v Speaker 1>I think it's really really hard to divers file away

0:11:15.480 --> 0:11:18.880
<v Speaker 1>from the US markets in any meaningful way. We still

0:11:18.880 --> 0:11:23.280
<v Speaker 1>have the deepest economic system, the most successful economic system,

0:11:23.520 --> 0:11:26.040
<v Speaker 1>the best universities in the world. You know, we're the

0:11:26.120 --> 0:11:29.400
<v Speaker 1>United States of America and even though there's been all

0:11:29.440 --> 0:11:32.520
<v Speaker 1>this drama and trauma right now, Yeah, ultimately people want

0:11:32.559 --> 0:11:34.440
<v Speaker 1>to come back to the country where you can count

0:11:34.440 --> 0:11:38.520
<v Speaker 1>on our currency, you can count on our democracy and

0:11:38.600 --> 0:11:41.440
<v Speaker 1>the regulatory environment that we have, and just all the

0:11:41.480 --> 0:11:44.880
<v Speaker 1>great success we've had Wall Street to Silicon Valley.

0:11:44.960 --> 0:11:48.400
<v Speaker 3>I think that America is the best. So this is

0:11:48.480 --> 0:11:50.080
<v Speaker 3>just a blip, I think.

0:11:50.120 --> 0:11:53.680
<v Speaker 2>So it's just it's because it's interesting. I think we

0:11:53.760 --> 0:11:56.719
<v Speaker 2>try to figure out the lasting impact of the last

0:11:56.840 --> 0:11:57.400
<v Speaker 2>year or so. Well.

0:11:57.440 --> 0:11:59.120
<v Speaker 4>One thing that we're trying to figure out is the

0:11:59.160 --> 0:12:02.559
<v Speaker 4>impact that integration or a lack thereof, we'll have on

0:12:02.720 --> 0:12:03.400
<v Speaker 4>the economy.

0:12:03.400 --> 0:12:03.600
<v Speaker 2>Here.

0:12:04.200 --> 0:12:06.840
<v Speaker 4>If we think about in recent years Americans not having

0:12:06.920 --> 0:12:09.960
<v Speaker 4>enough babies, and one of the ways that has been

0:12:10.000 --> 0:12:13.000
<v Speaker 4>supplemented and we've been able to avoid turning into a

0:12:13.080 --> 0:12:15.800
<v Speaker 4>Japan for example, is because we have had people come

0:12:15.800 --> 0:12:19.959
<v Speaker 4>to the United States and increase economic activity that.

0:12:19.960 --> 0:12:22.600
<v Speaker 3>We wouldn't have had had we not had that.

0:12:22.640 --> 0:12:25.280
<v Speaker 4>And I'm wondering how we have to adjust our expectations

0:12:25.320 --> 0:12:30.280
<v Speaker 4>for a world that is increasingly I was gonna say isolationists,

0:12:30.280 --> 0:12:32.520
<v Speaker 4>but we're not necessarily saying that right now, but one

0:12:32.520 --> 0:12:35.400
<v Speaker 4>that looks inward toward itself more than looking outwards.

0:12:35.080 --> 0:12:36.080
<v Speaker 2>And you only have thirty seconds.

0:12:36.760 --> 0:12:38.440
<v Speaker 3>I'm sorry, that was that was my bag.

0:12:38.679 --> 0:12:42.520
<v Speaker 1>Well, I just think in this business, the ability to

0:12:42.520 --> 0:12:44.800
<v Speaker 1>see the future is the most important thing, and so

0:12:44.840 --> 0:12:46.720
<v Speaker 1>if you look out two to three or four years,

0:12:46.760 --> 0:12:50.280
<v Speaker 1>we will be past this crisis, this isolationism, the challenges

0:12:50.280 --> 0:12:52.439
<v Speaker 1>that we face. One way or another, you're going to

0:12:52.520 --> 0:12:54.760
<v Speaker 1>have a new president, you're going to have a new government,

0:12:55.040 --> 0:12:56.640
<v Speaker 1>and I think America will still be in a strong,

0:12:56.720 --> 0:12:57.319
<v Speaker 1>strong place.

0:12:58.200 --> 0:13:00.440
<v Speaker 2>I kind of love this, John, Thank you so much,

0:13:00.760 --> 0:13:03.640
<v Speaker 2>really appreciate it. John Rogers of course founder, chairman and

0:13:03.679 --> 0:13:04.960
<v Speaker 2>Cosey you have aerial investments