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Bloomberg in-car apps are sponsored by interactive brokers. Hello and welcome'm Joe Ers.

Hello and welcome to another episode of the Odd Lots Podcast.

I'm Tracy Allaway.

And I'm Joe Ersintall.

Joe, do you remember you wrote something, I'm guessing it was a year or two ago, but you basically

wrote about how finance was sort of ground zero for de-globalization and a trade war.

Do you remember that?

I don't remember the specific thing per se that you're talking about,

but I feel like this has been a reoccurring theme for us and a couple of things

I've written and you've written for a while now thinking about like just this idea that if the world is going to

de-globilize and arguably it is and arguably President Trump that's part of his

mission that finance might be really where you see it emerge first.

Right, because I think what tends to happen when people talk about trade tensions or a trade war is people start thinking about tangible goods,

you know, like semiconductors and chips and I don't know all sorts of commodities,

but people rarely actually stop and think that, well, all that global

trade is something that is being financed by someone and the financiers in this

case are financial institutions or large banks and so it would make a lot of sense if they also get hit by the trade tensions.

...