00:00 Speaker A

For the buybacks, of course, earnings are important. And, uh, uh, you know, a feel, view, take that corporates are not going back into the bunker because that's the first thing that would get cut. Now, if you look at Q1 earnings, in Q1's, uh, uh, uh, is when buyback announcements tend to be on the high side. But by the standards of Q1's, we had basically record buybacks. So that's strong indication that corporates are not going back into the bunker. Of course, we also had, you know, a 20% pullback. So, if you were going to have, uh, some amount of discretionary buyback money and the and and your equities going on by 20%, you know, people are going to buy. So it's a combination of things. But I would argue, um, you know, companies do not look at all like they're going back into the bunker. They're dealing with it. It's a shock. Um, it's a big shock and the extent of the tariffs remaining are still large. There's no question about that. But if you think about the hit to earnings, the the prior, you know, that was a 27% average tariff rate, which would have been a 25 percentage point increment. It was taking off about 15 percentage points from earnings this year. Where we are today, we think it's more like 5%. And 5% hit to earnings is arguably, you know, it's it's it's it's it's not terrible. And it's still, you know, I mean, you could argue that it's normal variation. I mean, earnings, you know, like everything else, uh, but particularly earnings tend to be pretty volatile, so, um, even in the US where they're the least volatile.