Key Points: 

• The American business psyche has shifted from caution to conviction
• Deregulation is unlocking both economic capacity and entrepreneurial boldness
• Global capital is consolidating around U.S. growth - speed matters now

Friends,

I’m writing to you with a fresh perspective from the World Economic Forum in Davos. 

This morning I watched the full interview from our president and I wanted to share my takeaways with you. 

You can find the full interview here.

If there is one defining theme characterizing the conversations we are witnessing this week, it is the undeniable resurgence of the American Spirit.

The tone has shifted dramatically from caution to confidence. The U.S. delegation, the largest and most senior in history, has made it clear - America is open for business, and the world is taking notice.

Here are key insights from America’s business leaders:

"There has been a meaningful shift in CEO confidence... People are optimistic that we are going to run a more growth-prone agenda. We are going to unlock the private sector a little bit more, and that is the best path for us."

- David Solomon, CEO of Goldman Sachs

"We are entering a 'high-conviction growth cycle.' The 'rules of the road' are finally clear, and corporations are no longer waiting - they are ready to deploy capital."

- Brian Moynihan, CEO of Bank of America

"America is an unbelievable place. The growth is unbelievable... Pro-business growth is great. We are finally cutting back the bureaucracy that was allowed to blossom like a cancer."

- Jamie Dimon, CEO of JPMorgan Chase

"We are embarking on a new growth agenda. The market is underestimating the potential... we might achieve robust growth of nearly 5% in the fourth quarter."

- Larry Fink, CEO of BlackRock

"It is the challenging environments that showcase strength, but we are now seeing long-term secular tailwinds. The uncertainty is resolving, and it is time to be action-oriented."

- Stephen Schwarzman, CEO of Blackstone

This optimism is backed by hard numbers that are turning heads in Switzerland:

• Q4 GDP Projection: The U.S. economy is defying global stagnation. The latest GDPNow projection for Q4 2025 is an impressive 5.4%, a testament to the productivity unleashing across our sectors.
  
  
• Global Capital Inflow: We are witnessing trillions of dollars in investment flooding into the U.S. from around the globe. As foreign markets face uncertainty, the U.S. remains the definitive safe haven and growth engine, with U.S. liabilities (foreign investment) surging by over $3 trillion in recent quarters alone.

The "Wait and See" era is over. The consensus at Davos is that those who sit on the sidelines will be left behind.

• Aligning Interests: We must aggressively align our strategies with this national momentum. The capital currents are moving where innovation, growth and investment are welcomed 
  
  
• Be Action-Oriented: We cannot rely on passive growth. We need to actively position ourselves to capture the upside of this inflow. The unlocking of the American spirit is an invitation to execute with light speed.

Thanks for taking the time to read this far.