? So Time Magazine I believe is owned by Marc Benioff, the founder CEO of Salesforce who is very left but in an honest way. I'm very pro-Benioff as both an entrepreneur and as a good influence on the world. I don't agree with everything he would do of course but you know that's just a basic thing you say about everybody. But he owns I believe he owns Time magazine now and it was a very unflattering picture of Trump and they really had to work on it. So they did a sort of a ground up picture so that you see him from the chin first and you can't make out much of his face. It's really unflattering. It's so unflattering that I don't for a second think it isn't intentional. You know what I mean?

I always talk about the photo editor because there's usually an editor who does the photos specifically. The photo editor obviously just doesn't like him. And it's surprising that they let that go through because it's so obviously a biased photograph. Even Trump called it out and said, "It's the worst photograph I've ever seen." It is actually literally the worst photograph I've ever seen of a public figure. It's literally the worst. It doesn't look accidental at all. It looks like they couldn't say anything bad about him because he had such a successful day. But they could put a picture there that made you go what's going on there.

Well, the stocks have pulled back as you know. Also based on the US-China trade tensions, we don't know what's going on there, but China is certainly not in the mood to be pushed around. So here's one of the things that Trump has to navigate.

I heard from somebody smart who spent a lot of time in the Middle East that one of the reasons that Trump is succeeding in the Middle East is that he's a strong man and that the Middle East really likes a strong man. You know, the Arab cultures etc. And so the stronger, more authoritarian let's say that Trump acts in the Middle East, the more people respect him and then that works to his favor. But I don't think that works in China. I think China does not want to see Trump being the strong man because that makes them look like they're being bullied and they want to save face and that just seems way more important over there.

So if Trump does the "I'm going to bully you into doing something," you can sort of see why it might work in the Middle East, but is to be determined that it can work with trade policy. But Trump is smart enough and flexible enough to know that he reads the room like nobody can read the room. So he obviously knows that he has to play nice with President Xi, but also be tough. So he's got this delicate balance where they're an enemy but a customer. They're an enemy but a supplier. If you go too hard, they'll go too hard. So we'll see what he does on that. It's going to be a tough one, but the stocks are pulled back just on uncertainty, I guess.

Beijing didn't like the fact that the US is working with some US subsidiary of a South Korean shipbuilding giant and now Beijing is saying that they won't work with that company.

Scott Bessent, Treasury Secretary, he told the Financial Times that China's in the middle of a recession depression and they want to pull everybody else down with them. Well, I don't know about the wanting to pull everybody else down with them. That just sounds more like politics. But are they? I don't know how we would ever know if China was in a recession or a depression. Would we?

I saw somebody writing that that one child thing looks like the depopulation would be a terrible problem. And apparently there are a bunch of young people who don't have jobs. But here's the thing. Apparently they don't want them because if you're one child and your parents did okay, they've got a nice job. The cost of living in China is so reasonable that you can live at home with your parents probably be a benefit to them because you can do stuff and the parents might actually like it. There's only one of you. They only got to have one kid. Maybe they want to spend time with you.

So it turns out that China was way more flexible in trying to figure out how to get past this population problem than we imagined. And one of the flexes might be that young people living at home might be fine with everybody. They might actually just prefer it. So that would allow them to have far fewer people employed and yet everybody still be happy because their parents would just feed them and they don't need anything else.

Here's something you never would have guessed. I certainly wouldn't have. According to Wall Street Journal, the New York City office market is super hot right now and it's booming more than it has in decades. Did anybody see that coming? I thought the real estate, at least the commercial real estate in New York City was just collapsing and that it might not even come back. It already came back. But this is not happening in other cities. It seems to be unique to New York City. But the big companies are snapping up property and New