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We talked about the global poly crisis,

which is when different crises all around the world interact

with each other in a sort of loop effect.

And the takeaway for investors is not so much

to analyze the poly crisis, but to look at the winners

and losers from these various crises.

And if one does a dispassionate tour of world economies,

you can clearly see both winners and losers.

America in a way is very culpable, if you like, in terms

of contributing to global crises, uh, whether it's

through misadventure or through trade policy

or strong dollar policy or any number of other items.

But there are also major beneficiaries from the crisis.

And therefore we see a key theme for us is that this period

of exceptionalism in America, uh, we expect to continue

and America to remain a winner, whereas regions like such

as China, Europe,

and the uk, we think are struggling

to be winners from the crisis

and are tending to both contribute to it as well

as suffer from it.