Speaker unverified: uncertainty

Transcript context

…Just dial us in at any time. Part of this is interest rates. We've never had negative interest rates, and then stimulus. Those effects on all assets, which are unprecedented. We think about this a lot. We don't know the answer exactly. But this could get us into our top semiconductors, because there are a few building blocks of the information age. We are in an epic shift. We're still early days from the industrial age, the information age, and semiconductors are the new oxygen in this environment. We look at some of these companies. We think the valuations are actually quite reasonable. We choose to sort of bring the portfolio more towards the resilience. This is one of the ways we do it. We do it multiple ways. Yeah, like you used the railroad example. There are 10 out of 10 copies of the multiverse in the future going forward where railroads are important. They are probably also 10 out of 10 copies of the multiverse where semiconductors are important.…

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