Please stay tuned for important disclosure information at the conclusion of this episode.

Hi, and welcome to the Longview. I'm Dan Lefkowitz, strategist from Morningstar Indexes. Our guest this week is Brian Selmo. Brian is a portfolio manager and research director at First Pacific Advisors. Since 2013, he has co-managed the FPA Crescent Fund with Steve Romick and Mark Landecker,

and in 2021, he became co-manager of the FPA Global Equity ETF.

Both strategies are highly regarded by Morningstar's manager research team.

Before joining FPA in 2008, Brian worked as an analyst at Third Avenue Management and at Rothschild,

and was founder and portfolio

manager of Eagle Lake Capital. Brian holds a degree from Johns Hopkins. Brian, thanks so much for

joining us in The Longview. Thanks, Dan. It's a pleasure to be here. Thanks for having me today.

Yeah, we really appreciate you making some time for the podcast and sharing your perspective.

We are recording this in late June, 2025, and markets have settled down, but we did see

some very sharp drawdowns earlier this year in stocks and tremors in the treasury market.

And, you know, a couple terms that have trended this year, volatility and uncertainty.

I'm curious what your message is for investors who've been unsettled by volatility and

uncertainty. Yeah, sure, Dan. You know, this is a question that would have come up a lot

during our first quarter conference call, which was held shortly after Liberation Day.

And, you know, our feeling is that uncertainty is sort of a constant and intrinsic part of the human experience.

And it just reflects the fact that there are a lot more things that could happen than will happen.

And that uncertainty is sort of kind of a definition of risk from our perspective.

And I think there's actually, you know,

people kind of, as you said, it trends and people say, how can you deal with all this uncertainty

that exists today? And, you know, there's so much uncertainty, what are you going to do? And

our thought would be there's always been uncertainty. And there was actually a long time ago,

...