The Impact of De-Globalization on Stocks

DeWardrick, McNeil, Karen, what's your take? Because if companies have to start thinking about this, then investors must too. I think of like a Nike that has actually changed the mix of where they produce their goods. And I think China is the third now, Vietnam, we don't know India. DeWardrick: From a cyclical perspective, it almost never makes sense to invest based on politics. de-globalization likely continues along that path, which means higher inflation and likely higher rates over the long term.