francine: deglobalization. so this is, what, bringing back onshoring? bruce: all it is is -- i think in covid -- i would say it has always been happening and in covid, people just learned we should have production capacity located in -- many things, located where you use them. so increasingly, for example, batteries. for cars, for example. they're being used in america and therefore, there are battery plants getting built in america. and there is an enormous need for capital to fund battery plants. there's enormous need for semiconductors. enormous need for manufacturing capacity in various locations around the world. and it's just natural that everyone doesn't want to have all of their manufacturing capacity in one country or place. let's diversify. so that is just a big theme, which means it's just a lot of capital. francine: you make it sound very easy, but actually, this has gotten you, like, more than $900 billion in assets under management. bruce: you know, it's not easy. but if you have operating people and you keep repeatable -- do repeatable th

the near term you will probably trend up you build in, what is policy, what is tariff, what is deglobalization? if there is significant deportation, labor, what's created benefits to wage pressure coming down is you brought in a lot of people all those things which adjust higher inflation what the chair said is probably right. you are running against a bigger set of hurdles before. the problem i guess is put it in your hands before you do anything the hurdle to hiking rates is pretty high. you are still -- the chair did say this i think he used the term very restrictive. there's the natural inclination is to move down. the hurdles to do it are high today. i think they sit on their hands. i think equities can still have a pretty good go i just think -- the last couple of weeks, it felt a little bubblish in terms of some of the sectors. look at all of it, including crypto it felt a little frothy. i think it's healthy that you get a recalibration and then you get back to looking -- some names have come under pressure, including today. we spent a lot of time looking at the names it's pretty health

opening stores abroad in terms of your supply chain we're looking at issues related to tariffs, deglobalization about kind of your international exposure given some of these macro trends >> we for the last several years have been near shoring and on shoring our production we're pleased to say where we sit is 85% of our production is actually in north america. we feel relatively protected there as well. also, it's not just about tariffs, it's about speed and agility. for both reasons we're pleased with where we sit. gina >> have men become a larger component of your overall sales? will that continue and you have momentum behind it >> yes, absolutely we launched men years ago. it is one of our adjacent categories it is a very fast growing category for us. we have some top selling fragrances like ocean. we just introduced another, flanker. we actually launched our first purchase with purchase which is a bit of a gym bag with a collection we're very excited about our men's business and we have women buying for men and we have men buying for men so it's amazing to see whether it's online or in store

lisa: some people argue that we are in a wave of deglobalization that reverses disinflationary forcesd-1980's, i'm wondering if that is true and if that is what we are seeing because there is quite a bit of trade. it is just going different routes. you can see overproduction from places like china will lower prices in certain places, even if they don't in the u.s. are we overestimating the inflationary impact of a dramatic level on a lot of these tariffs? nouriel: the impact on high tariffs on the united states would be inflationary but when you think about the impact on growth and the rest of the world, it will be disinflationary because if there is a shock to the demand for the exports of europe, asia and china, then there will be excess supply. growth has weakened, and that leads to disinflationary, so the impact on the u.s. is inflationary and the impact on the rest is disinflationary. lisa: you used to be called dr. doom, are you retiring that mantle? nouriel: i always say i'm not dr. doom. i'm dr. realist. by the way, some are more secular and i think they impact technology and