Welcome to another episode of Goldman Sachs Exchanges, great investors. I'm Tony Pascarello,

global head of hedge fund coverage in global banking and markets. And today I'm thrilled to be

speaking with Rob Citrone. Rob is the founder of Discovery Capital Management, a hedge fund that

manages about $3 billion. Discovery focuses on macro investing with a particular focus on the

emerging markets.

And they're coming off two massive years in a row, returning to about 50% in 2023 and in 2024.

I'm excited to hear about Rob's career, his investment framework, and of course his view of the world as we see here today.

Rob, welcome to your investors.

Great to be here, Tony. It's a pleasure.

Let's start with the big picture. How are you thinking about the markets right now?

Well, I think the markets are offering a lot of opportunities, both on the long and the short side,

and we're seeing lots of big swings in people's views of things. I think we have a different

view than a consensus, which I kind of like. We're relatively constructive, and we actually think 2006 is going to be a big year for the U.S.

We think the U.S. economy is going to boom on the back of significant tax cuts.

In 26.

In 26.

Okay.

I think it's slowing now, but we don't think it's if it's a recession, it's kind of, I'd call a fake recession. It's a recession where you have negative, two negative GDP numbers, but mainly because of massive imports, people getting ahead of the tariffs.

We don't think real final demands are really going to go negative if it does a very slight,

and then we see the economy picking up in the third and the fourth quarter. We see a lot of

reshoring of companies coming. You talk to office park managers, and they're full now. I mean, they've got a lot of LOIs that they've signed.

There's a lot of companies here coming to expand.

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