Anthony Scilipoti

Again, you know, the price creates a narrative.

And so if indexing works, then why not do it?

The danger I think we're having of the index investing, passive investing, is that in essence, all that is, is momentum investing.

Because it's a, you're buying index, which is market cap weighted.

So the money that you're investing is going to the largest market cap companies.

Those companies continue to grow.

They drag the index higher.

You know, there's really two indexes.

There's the MAG7 and the sloppy 493.

And so if you look at the earnings expectations of the sloppy 493 for this year, there's virtually no growth.

But if you look at the growth of the MAG7, it continues to go higher.

And so I think that the danger is that if that reverses, I'm not saying it's going to reverse, but if that slows down,

then all of a sudden what's been dragging the index higher will drag the index lower in the same veracity because they are the largest cap.

So if Microsoft were to miss, and I'm not saying they're going to miss anything, but if their earning growth slows, all of a sudden the stock falls.

You know, the thing about those drawdowns, because each of the drawdowns, that drawdown occurred because Trump put together a tablet.

He came down from Mount Olympus.

brought down a tablet, right?

I have a picture of it that I use in my presentations and showed how much the tariff he was going to charge on all these countries.

And that created immediate fear in the market, right?

Costs of companies were going to go up.