We are not concerned about innovation shifting from the U.S. I still believe that the U.S. still has capabilities for innovation.

I am not that concerned that innovation in some large scale sense will suddenly and abruptly shift from one part of the world to another.

There are shifting expectations on whether the Fed will pause or not after its meeting next week. Signals from the Fed that it may pause in June may see a bid for Treasuries.

If they slide too far, they'll find themselves in the same situation as the Xbox did when they launched the PS2 a year before we entered. That's a hill to climb.

There's a critical need to attract the best people in the world.

I love what Nick is trying to do. We have a lot of concerns about the sustainability of his approach.