then Treasury Secretary because they didn't roll a lot of the debt into the long end to take advantage of low rates. So no one's going to come out and say, I think they want a weak dollar. I don't think that politically is acceptable, but I think it would be to their benefit to have a weak dollar. And it would be much better longer term than tariffs, just as if they could get long-end rates down. Yes, they would love to roll this enormous amount of debt coming to this year into the long end of the Treasury, but they're not going to tell you that up front. So let's go back to this question of valuations, the valuation of U.S. companies versus companies in the rest of the world, Japanese companies, companies in Europe. You're quite a bit about how there are a lot of opportunities in the U.K. We touched on this a little bit, but what explains, if you had to be specific and summarize this, what explains the over valuations in the U.S. in your view? The over valuations in the U.S. is just (46/57)
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