Andy Cross

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.

And that might be a weighing impact on investor appetite to put more capital to work into stocks.

Now, we might have some pretty big IPOs hitting the market this year, which would be very exciting.

And I think individual investors especially would kind of gravitate towards that.

In the K-shaped economy, the wealthy are as well off now as ever before.

So we have a little bit of that.

But I do worry about the job impact having some negative consequences on the appetite for individual investors to be investing.

Yeah, they continue to put up great on, for the most part, great on the earning side, the revenue side, even making impacts on a lot of their AI benefits.

But certainly the market is just thinking about the return on all of these spending.

It's going to be trillions of dollars, trillion dollars close, give or take, you know, whatever year you're talking about.

What's a few hundred billion dollars between friends?

Yes.

And we had just re-recommended Amazon recently.

We had this conversation among the team.