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Hi, and welcome to the Longview. I'm Dan Lefkowitz, strategist from Morningstar Indexes. Our guest this week is Mike Pyle of BlackRock.

Mike is managing director and deputy head of the portfolio management group, which encompasses BlackRock's fundamental and systematic investing teams across fixed

income, equities, and multi-asset. He has also served as BlackRock's chief investment strategist

and portfolio manager of the tactical asset allocation team. Prior to and in-between stints at Blackrock,

Mike served extensively in government. He held economic policy roles in both the

Obama and Biden administrations, participating in summits and negotiations. Mike holds degrees from

Dartmouth, Yale, and Cambridge. Mike, thanks so much for joining us in the Longview.

Pleasure to be here. Thanks for having me. Absolutely. So given your background,

I'd be remiss if I didn't start off with a little bit of policy. We've had so much on the policy front in 2025 between tariffs and

the big beautiful bill, government shutdown. Obviously, you served in Obama and Biden administrations.

We won't ask you to get political at all, but it'd just be interesting to hear how you've

been thinking about policy as a factor that impacts your investment calculus.

Sure.

So, you know, I think obviously one of the big buzzwords of 2025 has been uncertainty, particularly as applied to, you know, the policy environment.

You know, I think that is, in fact, a helpful frame.

There's a reason why that word has been used so much, but I think that, you know,

we're now six or seven months into the new administration,

into seeing how policy is being and is going to be set. And I think we're in a place

where we can, you know, say some, you know, more confident and fully knowledgeable things

about where we are and likely where we're going.

You know, so first on the tariffs, you know, I'd say a couple things.

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