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Emmanuel, you know, um, depending on who's ultimately in the White House, whether it's Trump or whether it's Harris, how do you try to think through as a financial analyst, how if at all that possibly impacts your coverage universe?

Yeah, I think they could there's a potential for a lot of uh impact from it. So, in the case of uh, a Harris victory, um, I think this would remain positive for the EV winners. So especially, uh, you know, Tesla certainly because the tax incentives on EVs would remain in place, $7,500, you know, tax credit, as well as credit for manufacturing batteries, and Tesla is by far, you know, biggest beneficiary from this. And then some of the suppliers we cover that supply, you know, the EV side of the business, such as Aptiv, for example, would benefit from that, um, as well. In the case of uh, a Trump victory, I think this is where there's a potential risk for much more disruption because I don't think he will dismantle IRA anymore. He's spoken about it before, but now him and, you know, Elon Musk are, you know, better friends, I would say, and I think he said that he would probably not do it. So at least that risk is gone, but you could see some potential tariffs on imports, uh, of vehicles from outside of the US, much higher tariffs that would potentially protect the traditional automakers better from this. So maybe be a positive for like the GM and Ford of this world. But then at the same time, if he revives some tariffs on imports from Mexico, this has the potential to be really disruptive for the automotive supply chain. A lot of suppliers are just making their parts in Mexico, bringing them into the US. And last time Trump tried to do something like this, this was a real big concern. So I would say Harris, you know, victory probably good for the EV names. Um, I think a Trump victory probably good for the traditional automakers, but potentially really disruptive for the rest of the, of the supply chain.

And then Emmanuel, just quickly here, um, I was intrigued by your note that your top picks are not automakers themselves. They are within this sort of component and technology universe. Autoliv, Aptiv, and TE Connectivity. Just briefly, why do you like those the best in, in the coverage?

We worry that the automakers are past their, the peak of their earnings. They've benefited from optimal, you know, cyclical condition. Vehicle prices have never been that high, and these things will moderate, and they need to keep having to make massive investments in electric vehicles, and their capital returns, as a result, are suffering from that. Uh, conversely, the suppliers have sort of like, you know, reduced a little bit in the size of these investment. They can really still benefit from secular trends, and so we think their earnings will continue to grow and potentially reaccelerate together with electric vehicles over the next few years. But we're being very, very selective, only the suppliers that can really deliver that earnings growth or these free cash flow return to shareholders.

Emmanuel, great to have you on the show. Thanks for joining us.

Thank you.