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Best idea and a very busy day. Not his disjoint is what we saw two days ago, which was absolutely extraordinary. There was more of a pattern to it, There was more of a cadence to the day, the headlines of the war and all. Just as we went to tape the Iranians responding to President Trump's fifteen point piece plan. Wayne Sanders joined us from Bloomberg Intelligence. Hugely experienced in
the new technology of our United States Army. Some very difficult questions with Wayne Sanders on that Robert Caplan was with us, a part owner of the Kansas City Royals. It was good to talk Royals baseball with mister Kaplan, of course, the former Dallas Fed President. An update from Robert Kaplan on the look before the war.
If we talked literally just a month ago, we would have said, we're set up for a strong year of growth in twenty twenty six. Tax and centers, regulatory reform, AI data center power boom, and I think the Fed was hopeful in the back half of the year that headline inflation would tail off a bit, so they might be able to cut rates once or twice obviously because of what's going on in the Middle East. I think they're going to need to step back, that's the right
thing to do and let this unfold. Then the market is sort of backed off.
Also Robert Kaplan of Golden Sachs, and of course the former president of the Dallas Fed. Paul's particularly been way out front on what in God's name is going on in private credit. We had any number of good voices, including Gary Gensler in the other day, the former chairman of the se C. We had a just piercing conversation today with Randy Schrimmer with Churchill Ventures and you know, to speak to him about the state of private credit and update from Randy Schwimmer.
At the large end of the market, they're being told that liquidity in private credit is very similar, it's converging with liquidity in public credit. The problem is, we Churchill and you know this are at the core middle market, which is very illiquid. The good news about being very liquid is that it is an efficient alternative to the
liquid market that is trading up and down. If you try to impose liquidity on ill liquid asset class, you're going to create expectations that are being dashed, and so retail investors are confused. They think, oh, we can get out, No we can't.
Randy Schwimmer just a brilliant conversation that combined with what you heard from mister Gensler, I think is just brilliant on this whole retalization of illiquid investments. Well, this will be a theme for us, I'm sure as we dive into the summer. The news flows is just absolutely extraordinary. On our podcast, We're Out an Apple and Spotify and YouTube podcasts, a single best idea