00:00We didn't even really sell off that much throughout this whole thing.
00:03I think before yesterday, we're down 4%.
00:06We're less than 3% away from all-time highs.
00:10Does that kind of cap just how much any sort of relief rally might take place after today?
00:14Well, I think it actually does.
00:15I think it's a great observation, Danny.
00:18You know, when you look at last year, last year was an 18.9% pullback from, as I recall,
00:24it was a date in February to April 8th, as I recall, some huge drop.
00:30And this year, it was much less over something that would seem much more intense than tariffs being put in
00:36and, you know, always the negotiation process that could happen with something like that, as it did.
00:42But we'd have to say that we think a lot of the things that are driving the market
00:46is that the private investor is intermediate to longer-term goals,
00:51and as a result of both indirect and direct investments that they hold,
00:55the indirect being with institutions that they control,
00:57whether they're going to add to it or take it away,
01:00the power that that has is intermediate to long-term investing.
01:05Their goal is beyond, in essence.
01:08And in that, they recognize that something like this is relatively short-term,
01:14as painful as it is when you go through it.
01:16But the longer-term are things, the innovation in technology,
01:20the likely improvement, as we've seen over the years in terms of earnings
01:24as a result of the advancements in technology long before AI became the catchword of the day.
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