This is the gain from this morning's introduction, you can Sign up Receive in your inbox every morning:

I know you feel great by the weekend.

The warm summer weather begins to continue.

There is a new trade deal in the UK, although most of our British friends will retain a 10% tariff.

Various numbers from the Trump administration are on the media tour to talk about China's potential trade deal.

Despite similarity to the UK deal, tariffs may remain in effect. Trump's interest rate on social media is 80% lower than 145%.

Your portfolio looks much better than the week after Liberation Day. You also hope that good resonance can continue - right?

Against this backdrop, I want to highlight two things that reminded me at the Milken meeting last week.

Let them sanely check the bullishness you feel right now, which is a little too much for me because of the uncertain environment and the fact that American companies bring in this revenue season.

The first billionaire hedge fund manager Bill Ackman to become famous at Pershing Square.

When I asked him about tariffs affecting the businesses he owned, Ackman provided this (video), such as Nike and chipotle (cmg: "So, we care about the value of the business. The value of the business is the value of the business is the present value of the future cash flow. The current reality is certainly caused in the short term.

I think you can read this from Ackman in several different ways.

Most of you may see it favorably because it means that the company's future cash flows are OK even if the tariffs remain in place. However, I think Ackman shows in the short term that investors may be overly optimistic in the short term because of how disruptive the tariffs on profit and cash flows may be.

Read more: What Trump’s tariffs mean to the economy and your wallet

Remember that our instructions indicate that tariffs will be completely removed as they may be reduced. This means more unplanned costs to compete with the business.

The next investment reminder comes from Saira Malik, chief investment officer at Nuveen, who is responsible for the giant asset manager for $1 trillion:

"I think chaos might be a word that describes it (investment context)," Malik said. "Investors want to be clear here, which will be helpful. If you know where the tariff will eventually come. So, for example, our calculations show that if the tariff is about 10% in the rest of the world, it will reach 1.5%.