At the same point, if this is the new normal and you believe that longer-term treasuries don't provide the protection that maybe investors were thinking they would provide, what do investors do to protect themselves?

Absolutely.

So as we sort of think about this investment environment, there are a couple of ways of thinking about portfolio construction and specifically the opportunities and challenges that exist.

I would point out that there's a lot of discussion around circularity, circularity in the financing of the AI world.

And that circularity also exists in the same sense of understanding, trying to find diversification in a portfolio.

Specifically, you have an environment where The S&P 500 has hyperscalers and tech generally that are roughly 35%.

You have semiconductors, which are roughly almost 20% of the S&P.

The... economy that we have seen has managed to power through absolutely everything given your feelings about yeah powered by all the capital expenditure we think things are going to keep going well does that mean that we go without recession until we get proof that the capital expenditure boom is maybe cracking fading or not going to be quite as big as we think it's going to be

And so I think it would be great, again, talking back at 2018, 19, and 20 in the beginning days of how you thought about approaching private markets in a way that was conducive to client success.

Yeah, so in regards to thinking about alternatives, we believe that the industry does itself, the wealth management industry does itself a disservice in the sense that It speaks to alternatives a bit like a blue plate special, and they sort of sell it as something that is shiny and has a story.

We take a completely different perspective.

Alternatives need to be purposeful.

they need to have an objective.

There needs to be a role to play in the portfolio where the core of that would more likely than not in many circumstances be traditional public holdings.

And so we ask ourselves, if you're starting with that core public, what can you do to amplify returns or diversify returns that are not easily accessible through that traditional vein? And we then really employ process in the absence of having a crystal ball to predict the future, a rigorous process that has a couple of vectors to it.

How do you think about that?

So what do you make of this? I mean, is this sort of general market dynamics? Has this got to do with the earnings or is this a bit of how the markets are actually pricing in Walsh here?

Well, thank you for having me and it's great to be with you.

I would say broadly, financial risk markets are taking Trump's pick of Warsh as the next Federal Reserve Chair, largely in stride, absent what's really going on in precious metals.

I mean, Treasury yields, as you say, ticking up on the long end.

a sign I think generally overall that investors see little risk to inflation on the Fed's independence.

The dollar, largely stable against major currencies, suggests relief that Trump I think, is picked and someone that has a steady hand rather than will be a complete political pawn.

But what you referenced in terms of gold and silver prices plunging clearly is seen as helping ease concerns about U.S. currency debasement, as debasement has been one of the critical reasons why gold has been accelerating and almost parabolic in the last few months and weeks, and effectively This kind of announcement, we think, will help investors refocus on corporate earnings and economic fundamentals.

Do you think Stuart that the markets can actually wrap their heads around a view in the market out there that's not consensus but it is gaining traction that we could not see rate cuts at all this year.