00:00I have to say, it kind of surprises me how bullish you are because I was taking a look at your notes and a lot of them were around opportunities outside of the U.S.
00:09Yeah, well, the opportunities outside of the U.S., if you think about all that's been going on, you've not seen a rally in the dollar.
00:15And so the dollar, what you've needed for years for non-U.S. markets to do well is to finally break this dollar cycle.
00:22So the point being, valuations are more attractive, the dollar finally doesn't rally with every bit of news, and central banks around the world are easing.
00:34So talk to me about where you're seeing some of those opportunities abroad.
00:37Well, I mean, if we start the year, remember a lot of what happened in the beginning of the year, the focus was on deep seek, right?
00:43People forget that now because of trade conflict and because of geopolitical conflict.
00:48But, you know, you have a lot of Chinese tech companies trading at quite reasonable valuations and Chinese policymakers working to attract capital and working to reinvigorate economic activity.
01:01I think Europe in its own right is a good story.
01:04Europe might not have the hyperscalers with regards to the A.I. trade that the U.S. has, but Europe has a lot of the businesses that make A.I. happen.
01:13And so valuations are reasonably attractive.
01:15European Central Bank has been aggressive.
01:18And again, we're not in an environment where the dollar rallies, good or bad.
01:23We're in an environment where even in some bad news globally, the dollar has remained relatively stable or slightly weaker.
