'Why do U.S. companies trade at higher multiples than their global peers? One reason is what I’ll call the separation of business and state — that is, business embraces rule of law and competition, and the government stays out of the way. Now, just a few months after inauguration, the rule of law and the separation of business and state, once our defining strengths, are eroding. All of a sudden, the U.S. brand is about kleptocracy and sclerotic decision-making.'

Scott Galloway