assalamu alaikum everyone I hope you are doing well I was actually not planning on going live today but obviously Considering the circumstances, I felt it was necessary to do so. I understand that many of you are probably nervous about what happened yesterday in the Rose Garden at the White House and the tariffs that were announced, which were, as you can see by the market's reaction, a lot more severe than initially anticipated. I won't be, I'm on the road. I won't be showing myself during this live, but you'll just have to miss me. And also you can see me on this thumbnail looking handsome as ever. So without further ado, let's get started. All right. So this is a snapshot of the bloodbath that we saw today. So everything was basically down there were some you know defensive stocks that were better than the rest but if you look certainly at the mag seven it looks like uh the aftermath of a mongolian invasion uh amazon is uh down nine percent that's let's down five percent on the day uh nvidia is down seven point eight percent creating uh quite an interesting entry point for those who think that they may have missed out on nvidia and it was too expensive for the longest time well I think now it's becoming it's making a stronger and stronger argument for itself so frankly speaking here and I'm not going to sugarcoat anything that I tell you it's not about being a permable it's about being perma right as I always say and I'm going to try and diagnose things as I see them right now and the fact of the matter is now there has been ongoing a steady process of moral decay in the united states now primarily driven by media and things that have been promoted. Selfishness has been promoted, narcissism, and basically a complete letting go of any of the moral foundation that was embedded into society. And this brought us Trump. This is, I think, Trump... So he'll do anything to serve himself. I don't really believe in the argument that he may see tariffs as good for the economy, good for the United States. I just don't see that. There is a famous sort of experiment with tariffs that the United States went through in the nineteen thirties. This small Holly Act raised tariffs on over to twenty thousand imported goods to boost government revenue. But it backfired and global trade shrunk by sixty percent. And obviously we had the Great Depression. and so this is something that most economists don't really disagree on it's kind of like with nutritionists I mean they don't really agree on much but they will agree on you know sugar being bad with economists they don't really agree on much but they do agree on tariffs being bad and so this is kind of a settled economic question now tariffs are going to cause a lesser quality products to be made or equal quality products to be made but at higher prices so it makes no economic sense whatsoever and the effort that's taken into making lesser quality products or equally quality equal quality products at higher prices this effort will be taken away from industries wherein the tariffing country had an advantage and could have made better products in and so longer term what I think is going to happen is that if these tariffs stay in place longer term is that these tariffs are going to create a layer of americans who are producing products that they know will die and their businesses will die if these tariffs are are removed and so it's going to create a layer of entrenched interests that have livelihoods that are very much dependent on these tariffs staying in place and by extension trump staying in power so it'll be very difficult once these tariffs are in place for them to be rolled back. And the longer they stay in place, the more difficult it becomes to roll back. And so to the extent that you believe Trump is intelligent enough to understand this, I believe in here lies his true motivation. I don't think it was about the economy at all. about the united states at all or about he wants to create a layer of people in society that are completely dependent on him and and that's what I think is happening uh when someone shows you who they are you believe them and I believe that trump has shown us time and time again that he is very basically a self-interested person and so I analyze his actions uh based on this understanding Now, in terms of impact on the United States, if these tariffs are to stay in place longer term and we have, you know, universal twenty five percent tariffs and all impacted countries retaliate with equal measures, this is going to cause inflation or add to inflation. Five point five percent in the United States. And then you can see these other countries and how they're impacted. two percent added in Canada, around one percent added in Mexico. So a lot of people are going to be impacted in a very bad way. Now, these are the impacts that I talked to you about these are longer term the sort of entrenched interests that are going to uh really be dependent on trump staying in power and by the way this guy has no intention whatsoever of leaving after the first after his second term is is done no intention whatsoever and like I said when someone shows you who they are you should believe them and after the first after his first term, he tried to steal the elections. There's calls where he's telling Georgia officials, hey, can you guys, and he's yelling, hey, I need you guys to find me X amount of votes. He's yelling, and the recording is out there. So this guy has already shown us who he is. And so there's no way that this guy is leaving after his second term is done. He's going to try as much as possible to stay around. And so he's working on creating an environment where that can happen and enough people that are interested in him staying in power. He's working on creating that environment from now. Now, shorter term, this is four years away where we hit that block. But shorter term, it does look like things may loosen up monetarily. We may get some liquidity in the market in the form of lower taxes we may get some uh interest rate cuts so it looks like june there's you know close to an eighty percent chance uh or uh eighty five percent chance that we get a cut in june either twenty five base points or fifty base points and if you look at the twenty five base point cut uh that the market is price again sixty seven percent chance that we get this cut in june and that was sixty percent yesterday it was fifty eight percent one week ago so things are moving in the right direction in terms of interest rate cuts and so this liquidity is what causes me to believe that the market is right about its reaction to these tariffs if they are if they are implemented as advertised However, the timeframe is what it has wrong. So the impact of the tariffs now will really be if they are longer term. And so it's probably going to take a few years for this to fully materialize and the economy to really start changing on a fundamental level. And before then, In the near term, we're talking about months and even in the next year or two, I think that the economy and the stock market is going to be just fine. and um you know one of the catalysts being the liquidity picture and what we can do is the same strategy that we've always followed and that is to find the best assets and to put our money there now it has become very clear that one of these best assets is bitcoin if you look at year to date I mean it's basically performed like an index performs not like an individual asset yeah so it's down uh you know close to twelve percent which is uh not too far off from what the s p has done and so uh or the nasdaq and so if you're talking about as an individual asset performing like an index that's not bad I mean that kind of gives it a risk off flavor not as risk off as let's say gold that has been making new all-time highs all the time but it is it's not it's certainly not behaving as a risk on asset and we've seen risk on assets really lose thirty forty fifty percent of their value uh depending on the asset and so uh know bitcoin is proving itself it's proving its chops and it's becoming I think a more reliable asset with time and we have a lot of investments in bitcoin proxies uh that should do very well with the success of bitcoin and so what we're doing what our strategy is, generally speaking, is the same strategy that we've always had, which is to invest in the best assets. And I do believe that. For now and for the next few years, the best assets will be in the United States in terms of companies and innovation and unique products with moats. The best companies, if you're looking for those, the best management, they will be in the United States. And this is not going to change in the near term. Now, longer term, beyond a few years, if the trend is to continue in the way that it is. And like I said, I want to give it to you guys straight. The United States is not going in the right direction. It is going towards tyranny, really. And I think we saw sort of a sampling of the reaction of the American people to tyranny. and it what has been disappointed so and disappointing so in the example of Mahmoud Khalil the student who was arrested for expressing his opinion on the Palestine issue and the Turkish student that was basically kidnapped in broad daylight we're seeing that the United States public has an appetite for it here. It's not completely repulsed or bothered by it. There has been some movement but not really to the extent where you can rely on it to protect the country from slipping into increasing tyranny. And there aren't enough good people in government to stop it either. I mean, I know Marco Rubio is a much smarter person than Donald Trump is. And he is someone who has... you know approved these deportations because his interests you know and he and he knows that these are you know what they are he understands them for for what they are like I said he's he's not a moron but um But his self-interest prevents him from actually standing up for the Constitution or for the country that he represents. So what I'm seeing is that the population in the United States is not really showing much fight in terms of protecting its freedoms. And certainly some of the economic policies like walling off the United States creates a layer in society that is very much attached to the current administration. And therefore, I think it's important to be aware of this and understand that this is not going to happen you know the transformation of the country is not going to happen in months it's not going to happen in the next year or two or three it will it's going to it's a longer term process but it is happening and so it's important for us to to not be blind to this and make sure that we have enough flexibility to act accordingly and so I think we're going to have a strong second half of twenty twenty five we're probably going to have a strong twenty twenty six in the market even twenty twenty seven start talking about twenty twenty eight and that's probably when you should probably you know consider definitely consider diversifying outside the United States, it's very possible that a lot of the best companies in the world will no longer be in the United States. So in summary, I think the market in the near term has got it wrong. The longer term has got it right. But we'll see. A lot can change. I hope that the United States and the American people wake up to what's happening and We've been through tougher situations in the past. We've gotten through them. So hopefully this happens again this time around. So with that being said, let's go to questions very quickly. Salam, Zuhair. Nice to see you. Salam, Code Nama. Salam, Ali. Yep, never a dull moment with Trump. Still waiting for better entries. Rakan, if you believe Trump has done all this to create a system of patronage and plans to say for a third term, shall we diversify beyond the US? How successful do you think Trump will be? I think it's important to start thinking about diversifying outside the United States. But like I said, being early is the same as being wrong in the market. I think that fleeing the United States is probably not the right course of action. I think that these things take years to fully materialize. But I do think that this is something that we should start looking seriously into. And today, the best companies in the world are in the United States. That's why our money is here. Tomorrow, that may not be the case. And then you have to have your tap dancing shoes on and make sure that you're always in the best companies in the world, wherever they may be. And I'm honestly seeing a lot of opportunity in other countries, but obviously you don't want to jeopardize your morals as well. So wherever we go, we have to be morally comfortable with the companies as with the countries that we're investing in as well. All right, guys, this is how I see things right now. If you enjoyed this live, leave a like. I'm on the road, so I may not have the same cadence with lives, but I will try and address, certainly for PIF members, the big events that happen. Yeah, inshallah, everything will be fine. And it's not really... Trump that controls the world or the markets. And it's not the people around Trump who control the world or the markets. It's Allah who controls everything. And so with that in the back of your mind, I think it's important to always be optimistic and understand that things are moving in a way that Allah subhanahu wa ta'ala has a lot of wisdom behind. And so we're going to be just fine, inshallah. And there's no reason to panic. And we're going to get through this and be better off because we went through this, inshallah. So with that being said, like I said, leave a like. And until next time, make sure to take care of yourself. Assalamualaikum and peace be upon you all.