Anthony Scilipoti

And the other ones have been relatively fast, even in the financial crisis.

That one actually, the peak was in 07.

In September 07, that was the peak, and the bottom was March 09.

That's a lot of pain.

That's 18 months of pain.

If you look at what I think could make this one be a longer one, if something were to occur, is it comes from earnings slowing down.

And earnings growth slowing down, that would be something that would take longer to repair, especially when a lot of the earnings are interconnected, as I talked about, because the companies are dealing with each other.

You know, we've seen there's meaningful changes that are going on here, right?

Like Lululemon is trading at a low, much lower price today than it was last year.

Let's talk about stock buybacks.

It's the same as stock options, in a sense, and the disparity between reality, economic reality, and what's going on in the accounting.

So when you buy back stock, the company is making a investment in a security, which it partially has control over what it does,

but it doesn't have full control over what happens to that investment value.

Whereas if it takes its cash and buys an operating asset that expands its current production, and if it's already generating a meaningful return, then that return should continue and expand.

So to me, it's a point that says, I have no other investments in my business

that would generate a return higher than my cost of capital.

And so I'm going out and buying my stock.

And I think that is very risky.

How should investors look at that or account for that?

I'm not so concerned about the accounting for stock buybacks.