Switzerland. He was going to be able to come in and possibly be someone we could negotiate with. In fact, it seems the worst case scenario has turned out in terms of our relationship with North Korea. He has surprised us tremendously in his capacities with his ballistic missile development. What is the latest on North Korea? How is that? Give us that market perspective as well. How are markets dealing with this? Sure. I think markets really are struggling to price the risks out of North Korea. Markets tend to struggle to price geopolitical risk. Before we get into North Korea, I think one of the big questions I get repeatedly is, why aren't markets pricing geopolitical risk? There's so much of it out there. My response is usually to say, well, you've got to start from how does it affect the economy and how does it affect asset prices? Because some geopolitical risks can be a demand shock as there's output loss and some might be a supply shock. There's a shortage of a given commodity. (3/45)
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