Julian McManus is finding opportunities in the U.S. sell-off and abroad, noting that his fund balances around 50% U.S. with 50% international. He thinks the “Trump Trade” of 4Q was a “mistake,” stretching valuations in the U.S. market. He contrasts the disruptions now to disruptions during Covid and says the question is how we navigate forwards. He thinks we’ll see more investment by foreign companies in U.S. manufacturing, but thinks we need “less stick, more carrot” to get the results we want.