How would you characterize this new Trump doctrine?

If you just follow the more bombastic things that the administration does,

laying claim to Canada, Greenland, the Panama Canal, you think it's American Empire,

but inside the Oval Office, their real preoccupation is with the weakness of the American position. We've heard it again and again from members of the administration.

There's going to be pain.

To go full tariff man, to close the southern border, those things will have meaningful costs for American households.

And so by the end of the year, even more people than currently will be saying, what do we vote for?

How does that reduce the room for maneuver to execute on the strategy, right?

Does it constrain them at all?

He can course correct.

He likes to open really strongly.

That's all in the arts of the deal.

See what the other side does.

And if it doesn't really go anywhere, he's perfectly capable of declaring victory or claiming a wit and retreating.

How do you read China at this moment?

Anybody who bets against Chinese STEM is likely to lose their bet over a 10-year time horizon.

The problem is that you're also making a bet on the CCP's ability to manage Chinese

economic policy and national security. I think that the harsh reality is that despite the

mood music coming out of Beijing, they still have a problem that is deflationary, that the

property sector is very hard for them to fix, and they may say they're going to have a 5% gross target.

I just don't think they're going to do it.

The degree to which the Chinese have been misbehaving around Taiwan has increased dramatically.

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