Cardinal Robert Prevost Becomes First US Pope; US-UK Trade Framework

This episode explores recent developments in global economics and geopolitics, beginning with the election of Cardinal Robert Francis Prevost as the new Pope, Leo XIV, and his potential impact on the Catholic Church's direction, particularly concerning social justice and immigration. Against the backdrop of this significant religious transition, the conversation shifts to international trade, focusing on President Trump's newly announced trade framework with the UK, which aims to reduce trade barriers and expand market access for American exports. More significantly, the discussion analyzes the specifics of the agreement, such as tariff reductions on cars, steel, and aluminum, while also considering the implications for US access to the UK market, especially regarding agricultural products. As the discussion pivoted to real estate, the episode examines trends in commercial real estate valuations, noting a generational decline and highlighting opportunities in alternative sectors like data centers and senior housing. In contrast to previous cycles, the conversation emphasizes a return to fundamental property analysis and market dynamics, particularly in the context of a potentially prolonged higher interest rate environment, and concludes with a discussion on the potential economic impact of Pope Leo XIV's visit to the United States.