RUSH TRANSCRIPT The broader ░░░░░░░░ as well it s ░░░░░░░░ uncertainty and spry and ░░░░░░░░ in chief investment officer ░░░░░░░░ m j p walt ░░░░░░░░ good morning Prime thank ░░░░░░░░ so much for joining ░░░░░░░░ So it has been ░░░░░░░░ the volatile quarter when ░░░░░░░░ comes to the broader ░░░░░░░░ So I do want ░░░░░░░░ start out with a ░░░░░░░░ at terror How are ░░░░░░░░ factoring in terrorism 30 ░░░░░░░░ you navigate the current ░░░░░░░░ Base rugby world right ░░░░░░░░ obviously on surge is ░░░░░░░░ and when we look ░░░░░░░░ the potential broad range ░░░░░░░░ terrors all measures or ░░░░░░░░ wouldn t have a ░░░░░░░░ level of tariffs and ░░░░░░░░ had back in 19 ░░░░░░░░ that figure we go ░░░░░░░░ extremes You can definitely ░░░░░░░░ to see headline inflation ░░░░░░░░ growth decline growth decline ░░░░░░░░ at least fifty percent ░░░░░░░░ 20 20 five forecasts ░░░░░░░░ also have already equation ░░░░░░░░ close but one percent ░░░░░░░░ now We believe they ░░░░░░░░ still be some negotiation ░░░░░░░░ the next couple of ░░░░░░░░ but at the end ░░░░░░░░ the day the Trump ░░░░░░░░ is sending a signal ░░░░░░░░ the us is going ░░░░░░░░ decouple from a lot ░░░░░░░░ all processing around supply ░░░░░░░░ management of a way ░░░░░░░░ It is constructed and ░░░░░░░░ to move manufacturing back ░░░░░░░░ the us and I ░░░░░░░░ that that s that ░░░░░░░░ a bit or that ░░░░░░░░ politicians day What into ░░░░░░░░ tibet and the risk ░░░░░░░░ forward is gonna start ░░░░░░░░ show up in hard ░░░░░░░░ data over the next ░░░░░░░░ of months So I ░░░░░░░░ it s fair in ░░░░░░░░ short term to say ░░░░░░░░ you are economic growth ░░░░░░░░ going to slow I ░░░░░░░░ been calling for a ░░░░░░░░ consumer over the course ░░░░░░░░ a year and if ░░░░░░░░ terrorists continue to play ░░░░░░░░ as we seen from ░░░░░░░░ night then we need ░░░░░░░░ really be a little ░░░░░░░░ more cautious a little ░░░░░░░░ more focus on where ░░░░░░░░ find opportunities Other on ░░░░░░░░ global level Yeah bryan ░░░░░░░░ out what you just ░░░░░░░░ You us equities have ░░░░░░░░ with thought on these ░░░░░░░░ and focus has been ░░░░░░░░ to other areas of ░░░░░░░░ world for opportunities but ░░░░░░░░ how old policy fiscal ░░░░░░░░ monetary that global growth ░░░░░░░░ not only in the ░░░░░░░░ s but also abroad ░░░░░░░░ what does this mean ░░░░░░░░ the investment landscape Yeah ░░░░░░░░ s that s a ░░░░░░░░ question and I think ░░░░░░░░ great one because there ░░░░░░░░ a lot of puzzle ░░░░░░░░ that I ve yet ░░░░░░░░ come together and I ░░░░░░░░ when you look at ░░░░░░░░ domestic we first started ░░░░░░░░ year with expectations of ░░░░░░░░ growth of about 10 ░░░░░░░░ year over year for ░░░░░░░░ recipe which is the ░░░░░░░░ we ve Seen 20 ░░░░░░░░ that s a good ░░░░░░░░ item I still think ░░░░░░░░ earnings outlook can all ░░░░░░░░ we re going to ░░░░░░░░ new information about that ░░░░░░░░ April You still have ░░░░░░░░ opportunity for a positive ░░░░░░░░ each return to the ░░░░░░░░ because majority that contribution ░░░░░░░░ increasingly more of the ░░░░░░░░ space and you re ░░░░░░░░ seeing good headline numbers ░░░░░░░░ growth increasing for tech ░░░░░░░░ even though they did ░░░░░░░░ pressure of we do ░░░░░░░░ When you switch gears ░░░░░░░░ outside of the U ░░░░░░░░ you re seeing that ░░░░░░░░ know countries are focusing ░░░░░░░░ on themselves recognizing this ░░░░░░░░ That is coming from ░░░░░░░░ U s a step ░░░░░░░░ and so we need ░░░░░░░░ be when you think ░░░░░░░░ and hear what you ░░░░░░░░ from China or Japan ░░░░░░░░ parts of developed Europe ░░░░░░░░ re seeing that we ░░░░░░░░ on domestic dog domestication ░░░░░░░░ reinvestment in their local ░░░░░░░░ lowering interest rates So ░░░░░░░░ think you can expect ░░░░░░░░ a little bit of ░░░░░░░░ wii balance in the ░░░░░░░░ term between that growth ░░░░░░░░ value,