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Joining us now from J.P. Morgan is Monica Desenzo.

Thrilled that she could be with us today with private bank, but I've got to go to your Ute.

You came out of Georgetown.

Yes.

And we talked just there about digital.

And I'm living digital every day with a team on YouTube. You covered at J.P. Morgan the digital nascent experience of the New York Times. Did you ever think the New York Times? I remember arguing with people in bars with a beverage of my choice at my hand that they would succeed at this and they could get to two million. People said, no way.

Yeah. Did you see the digital success of the Times coming? It's funny. I was relatively young

when I was doing this. And so you could argue that I would have been more forward-thinking digital. I actually never thought the print would go away. I just thought people would always still enjoy having a print subscription. I think the New York Times did a great job putting up that paywall and figuring out how to monetize the digital subscriptions. And I still subscribe to both print. It's amazing. I mean, were they out to 11 million? Yeah. no, it's, you know, it's hardly the failing New York Times, the president would say. And JPMorgan was way out front of this with your, it was a really, you were I-I and all that. Do you use- People pay for content, right? Do you use sell-side analysis, did J.P. Morgan private make? make with high net worth with family offices? Is there still a place there for what you used to do? Oh, absolutely. I mean, you know, there's a ton of value in people who are experts in their sectors that the challenge in my seat is the clients I work with can invest anywhere. So they're not beholden to one sector, what one small part of a U.S. market or a national market. So we need to look across all research and make a decision based on your goals, what's the best way to reach those goals? And it could be a media company, it could be an industrial company, it could be health care. So that's what makes it fun. But we rely on J.P. Morgan's research, which is amazing, as well as others across the street. Sure. Your clients can invest anywhere. Yeah. Are they doing it? I mean, amidst the whirl of headlines that we're dealing with, I imagine there is some Ajita among them as well, wondering if this is the time to do it. What are you telling them just about this environment and how they can maybe grow their appetite for taking some risk right now? I think Adjita is the right word, one that I grew up using in my family. You know, it's hard because I think people are still scarred by 22 when equities were volatile and fixed income was volatile. And so trying to convince people that in today's world, you actually have so many choices across asset classes that to me, as an investor

who can go anywhere, this is like an amazing environment. Like I look at equities, U.S. equities, I don't think you're going to get more than maybe high single digit returns this year. So suddenly fixed income looks more interesting. Ways to monetize volatility and commodities looks interesting. There's a lot of ways to get to that. Most of my clients want to get seven, eight percent annualized to meet their goals. There's a lot of ways to get there right now.

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