Andy Cross

If you look at really since COVID when so many institutional or so many individual investors, and hey, credit us, right?

Hey, win for the individual investor.

That's awesome.

Those individual investors have really, in many ways, supported the market, especially on the margin side.

And I think you are starting to see, hey, it's been a great performance the last three years, really since 2022 after that bear market.

The markets have done so well.

So many positions have done so well, including technology, led by technology.

And now I think individual investors are saying, hey, is that, hey, I may be overweight in that area.

Now I'm starting to pivot and looking at other spots of the market.

I think that shift is going on.

And that's not necessarily, that doesn't get reflected in the index, as we mentioned before.

And that's one reason why the index has underperformed this year.

You know, the one slight bright side is just the dependence

the impact of increasing energy prices and oil prices, gasoline prices, is much less now than it was 30, 40 years ago.

So that's some good sign.

But Lou is absolutely right.

It's just going to percolate through the economy.

I think, again, investors are kind of sensitive to this.

Travis, you did, I think, bring up a great point when you just think about

You know, there's just this uncertainty around jobs, I think, now that we're all feeling, whether it's AI or just macro conditions.