David Dagglio.

Welcome to Seeking Alpha.

Thanks for making the time.

Rina, great. David Dagglio, welcome to Seeking Alpha.

Thanks so much for making the time.

Rina, great to be here.

So where do you feel like the fundamentals

are making the most sense when you're looking at the market these days.

Let's start with the obvious.

This AI data center build out is the most obvious capital spending boom I have seen since telecom where we know there's a need

and it's going to happen. Where things become less obvious to me is I think we're

seeing the end of US exceptionalism and I

know it's consensus that the US is exceptional but but some of that has been

exaggerated by the large fiscal spend.

And that fiscal spend is creating an inflationary impulse.

And so what we're talking to our clients about, and this is a little more controversial, is let's make sure you're protected in an environment

when 60-40 ends and or when inflation is larger than we think.

T-bills and gold in terms of protecting investors from these macro kind of volatile measures.

How are you articulating for investors how they should be protecting themselves?

I think two trades are not getting discussed enough.

The first is simply, you know, go short to get long bonds and what that means is you want to stay much shorter duration than the

average maturity curve that's out there in the world because you're getting paid you know

...