it is a very visible, recurring, grown cash flow at kkr.onali: you have a future unicorn of swords being built inside kkr. if you would bringing in $1 billion over time, you think it is built into kkr's stock, that assumption? joe: i think people are stunning to appreciate what we are trying to build but the bigger picture is when you look at our space five years from now, 10 years from now, i think many of the public peers in the sector will take different approaches to how they grow their firms. i think the approach we have, we have third-party asset management insurance and strategic holdings, it is quite differentiated and different than the way most of our peers are trying to grow their firms today. sonali: i want to spend a little time talking about not just institutional capital and how you are deploy capital. we have been talking so much about how there has been a massive push for retail when it comes to the world's private assets. everyone is doing it differently. you have a relationship with capital group. in order to make this av

i think the gentleman from kkr is absolutely right. there's a good productivity story in this country. but that productivity story only happens on the back of capital investments. and i'm very afraid about the confidence and the trust that's been eroded here. >> you sound like trudeau, steve. his quote today was it's not in my habit to agree with the wall street journal, but they point out, donald, that even though you're a very smart guy, this is a very dumb thing to do. so it was just eerily reminiscent. henry, let me just give you a chance to respond or. >> a couple of points. one thing is the way you manifest tariffs in the in the markets is through currencies. and a lot of times we're focusing on equities. the greatest volatility we've had over the past six months has been the currency. >> markets shot higher. >> yeah materially higher. and so i would not discount that. that's the way what steve said we'll play out. the second point is if you look at the publicly available data the ism manufacturing came out first. let's say it's