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Best idea, and Rebecca Patterson said it best today off camera, off microphone. She said, Tom, it's a seven day work week, and it's been that way. I can't remember a five day work week. I honestly can't remember that far back. This weekend was extraordinary. A major shout out to Tyler Kendall, to David Gura and Lisa Matteo, among many others at Bloomberg that were in Washington and in the Hilton ballroom. A most difficult moment, to say the least. We picked
up the pieces. We did so with Rebecca Patterson of formerly with Bridgewater and with best of her trust, now brilliantly writing at the console on foreign relations. Here's something off the radar. The sovereign wealth funds. All of a sudden, if they're cash poor, what will they do? Let's listen.
I think one of the biggest underappreciated risks right now for US financial markets and especially this tech rally, is the possibility. I'm not saying it will happen, but there is a probability that's not zero, that some of the golf sovereign wealth funds, particularly I think Saudi and UAE, if this war lasts a little longer, are going to need cash. They're going to need it to shore up defenses,
to shore up damaged infrastructure. And right now the sovereign wealth fund cash is largely We're the biggest single recipient going to the US, and it's going fairly concentrated to technology yep, and through a handful of financial intermediaries. Now I'm not saying it'll stop coming, but if that flow is cut by a third even it would have a material impact on the US. So that is a risk
I'm watching carefully. Saudi Arabia has a pretty big budget deficit, so it's not like they have a ton of cash sitting around they can easily tap.
Revecca Patison just a vignette. I have attended numerous times in Abu Dhabi, their Sovereign Wealth Fund, and I can't emphasize enough that these are not theoretical fictions in thin air. These are real offices with real people with huge cash flows coming in and huge wealth working every day on
investment like any other shop. Norway, I would say Singapore and Norway are the iconic sovereign wealth funds, and things have changed with this war, particularly as Miss Patterson mentions, the Arab sovereign Wealth funds will be something close to watch. I'd mentioned Kuwait in there as well. Michelle Hossein of The Michelle Hossein Show in London, wonderful podcast for Bloomberg and all of her work over the years at the BBC.
She attended Washington for the dinner and for of course this event of the King and Queen coming to Washington here with as at war, all sorts of cross currents here. Michelle Hussein on this historic moment.
That evidence that we had on Saturday night of just how inflamed the political climate is in the United States. That's going to be in everyone's the forefront of everyone's minds. The fact that this hugely important state visit comes less than forty eight hours after that White House Correspondent's dinner.
I think, you know, from the British hope and expectation will be that the King sort of elevates that situation, that there's something about his presence that makes everyone around him rise above politics, and that will have been the hope for the UK US bond at this particular moment in time. Maybe even it's got something to offer the United States domestically as well, a reminder that there are conversations that happen like above and beyond the political pray.
So perhaps that's what he brings with him as he flies in today.
Michelle Hossain to look for her podcast, The Michelle Hussein Show, Smart direct conversation with a number of thought leaders of the world as well. We're on podcasts on Spotify, on Apple and YouTube podcasts. It's single best idea