we have been talking about consolidation since the gfc. since the gfc.his is one of those points i'm going to want to laugh about in a few years time from now, but i actually think as we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, i think -- and the multiples that we are starting to see coming down, i think this could be an interesting time for consolidation. francine: but why has it been a long time coming? is it regulation, or there was just no appetite? robyn: i think -- i think when cash is free, it softens that. i think the moment where people need to deploy at scale in liquid markets has been something that has softened. if you look at trends, the trend has been in passive, it has been in private equity. if you think about the assets that no longer sit in the public domain, that has been our themes over the last 10 years. i think when private equity does not have quite as much cash, when that raising is harder, when lending is harder, these

itself and presumably grow with the ten-year above 4%, which where it was for 50 years up until the gfc, i mean, we shouldn't necessarily need to have rates lower. the problem though is that as i think guy was pointing out here is that you -- in order to justify the valuations, you have to see stellar earnings growth or you need low rates because we are at a above average historical valuations for equities and risk assets and that's the dilemma investors are facing. you need to have one or both of those things to justify the levels in the s&p here. >> meantime, we are getting news on tesla's robo taxi. a postponement from united. phil lebeau. >> let's start first off with tesla. a half hour ago on x elon musk put out a simple short statement but one that will get people buzzing. he says the robo taxi will be unveiled august 8th. this comes after a day where earlier today reuters put out a report saying there had been meetings at tesla where employees were told they are going to scrap plans for a $25,000 low-end car and instead we are going to be focusing on robo taxis. after that report

the traditional playbook from post-gfc period, 2009 through 2021, says buy 5% dip, 66% of all 5% dipsyou had new highs on the index within a few months that hasn't worked since 2022. 2022 forward, buying 5% dips has been a losing strategy actually, usually go down to a 7, 8, 10% correction before the move is over and that's really, like you said, down to interest rates, because you saw back in the post-gfc era, rates would fall as stocks got that first bit of pressure, and people went into the bond market. there was no inflation to worry about. now what you see is yields rise into these pullbacks,and they rise after stocks have pulled back 5%. it's just like the chart you showed us. yields are actually transforming into a causative agent of these pullbacks, and so it makes them less -- there's less of a cushion there, less of a fed put, and a bond market put underneath the stock market in these pullbacks. >> i guess what about the notion that, you know, the narratives kind of overshoot in the short term, right? we obviously had this intense recession watch that went nowhere. we had a

in the 15 years since gfc have investors come to the conclusion that this is normal? kerry: there is an adjustment if they do because we will get back to the era of ultra-easy policy and low rates, there is a debate about interest in the u.s. economy. we saw the fed slightly nudged up their view of an interest rate back to 2.6%. in the past it has been as high as 4%. the idea that we could go to the zero bound or close is not something we will experience now given the outlook for inflation, it will be more choppy. we could see structural drivers leading to higher and more volatile rates of inflation in the future. for asset locations, needs to look beyond stocks and bonds for the portfolio. haidi: outside of the u.s., like in japan, where do you see opportunities and the next leg of this rally? do potential concerns over the yen at insert -- uncertainty to the equity rally? kerry: the weakness in the yen helps exporters, but it is not just an export story driving the market higher in japan. it is structural government shifts, abenomics. we are seeing a shift in the ec

after we have that post gfc famine of low rates, many investors are clamoring to make sure they are lockingn these higher yields at these elevated levels. ultimately, i think that will present some upside for s&p global and there pricing information services businesses. there is lots of other areas within the selective cyclical sectors that are more attractive to us than something as binary as up-and-down oil in the energy sector. katie: in 30 seconds, when it comes to s&p global, it's trailing the s&p 500 yesterday -- this year, down about 6% but it's outperforming over the past five years which i was surprised to see. does it come back to the fork as they deliver when you think about 2024 performance? >> ultimately, getting top line at 11% in an environment where it's higher than nominal gdp in a sector where growth is hard to come by especially within what's happening in the banking sector. ultimately, they are in a position of the not having many competitors. ultimately, this formation will continue throughout the rest of this year absent anymore sustained economic downturn sets up well

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as you can see, the building is on the left side, predominant material is gfc, a glass fiber reinforced concrete, window walls, curtain walls, glazing, insulated glazing unit and some metal panel very similar to the existing building that you see on the on the right side. and as you can see in between the buildings, there's the lower plaza and the upper existing upper plaza. and the design actually extends the plaza all the way to the corner of cesar chavez and valencia, thereby creating a really nice gateway to the entire campus and also a lot of green space for the community and neighbors to enjoy . here is another view from the south side. an aerial view from the south side showing the building on the right and the existing building on the left, and you see the upper plaza and the drop off on 27th. and san jose, you know, like at the bottom left. and you see the, the new south plaza, splitting the, the new building and the existing building and connecting to valencia. and there is a staircase there and elevators to enable people to access, again, predominantly the material used is gf