This is like playing a multi-dimensional chess game, Federated Hermes CEO says

What's the newest brick, Stephen? >> Well, the newest brick is the Iran war. The brick before that was AI is going to destroy the world and free cash flows are declining. >> So, the AI D disruption story, by the way, is still going on, too. And >> that's still out there for us once we get through. I mean, we just before the war started somewhat preciently, we had no idea, but we did lower our target for the S&P for the year largely because of that story, right? >> And taking down our multiple on the market. ...