It's a surprising degree of continuity. Tariffs are going to continue to be a central pillar of how President Trump deals with the world. That should mean, from an economic perspective, ongoing inflationary pressures in the goods sector, and perhaps more importantly, uncertainty.

We need to be much more specific as to exactly where we want to be bullish. The AI super-boom is leading to shortages of chips, shortages of copper. Those shortages likely are investment opportunities. Shortages need more supply. We're going to need to see higher prices.

On private credit: I think it's still a bit early to get to systemic for now. The real point here is to be appropriately nuanced and selective. We need to be very, very careful.