Hello, all there.

Welcome to Real Vision.

Welcome to Macro Mondays.

My name is Miguel Rusmal.

I'm joined as usual by Andreas Daniel, my co-hosts,

for another jam-packed Monday show, Andreas.

We should be getting used to this by now after almost, what is it,

15 months of this Trump presidency, but these Mondays are never boring. How about this for

a Monday, Andreas? Crazy volatility in markets over to Trump's opening remarks just before

market open. We'll try and unwrap it a little bit, but what's the day been like for you so far,

Andreas? It's afternoon here in Copenhagen, of course. Well, you kind of know that. We had lunch

with a potential upcoming business partner while Trump was tweeting from the Lou. And all of a sudden

everything turned around. I'm personally pretty satisfied with what we've seen today since I haven't implemented any index hedges.

We've been patient so far with a decent result.

We've obviously made some changes to our portfolio.

But we've been of the view that you needed to implement, say, smart alpha rotations to your portfolio instead of betting on an outright meltdown.

And that has so far been an okay view.

It is incredibly difficult to have a strong directional view here, since it's very dependent on these negotiations between Trump and Iran and whether there are any like fruitful negotiations we don't even know.

I'll hand the word to you in a second on that.

But I'll I'll say this and I think it's fairly safe to say, even though I'm a young money manager.

I don't think we've ever had a presidency with as much random arbitrary volatility creation as the one with Trump here.

And it's one thing that I'll actually say again today.

...