Anthony Pompliano

This is like a George Costanza do the opposite moment.

Nobody's panicking.

Yet the facts are that we are actually seeing inflation that will filter through.

We will see incredibly high inflation numbers.

And it's not just from gas at the pump.

Oil is in everything.

And I think everyone knows that.

So when you hear people say, well, the U.S.

is now a net exporter of this and that, and we produce so much natural gas.

That's true.

But we also import a lot of things, plastics and polymers and fertilizer and things that go into other components.

And all of those spot prices have gone through the roof, batteries, semiconductors, everything.

So the longer this goes on, the more we're getting closer.

And this will be the trigger point.

When you start seeing estimate revisions come down, and the reason they're not coming down yet is because last year they came down and they were wrong.

And this gets back to the handicapping thing.

The recency bias is we changed our S&P target last year for tariffs.

We're not doing that again.

We changed our estimate revisions for EPS.

They were so wrong on the earnings last year for the S&P.