Brad Gerstner

Because at the end of the day, there's got to be somebody either in the enterprise or a consumer willing to pay real money to pay back all of this infrastructure build out or it doesn't happen.

I think Chamath teed this up perfectly, which is, let's rewind the clock a little bit to April of this year.

I think on an intraday basis, the NASDAQ was down 20%.

year to date in April, we're now up 20%.

So 40% move higher in a few months.

Same with the S&P.

I think it was down over 10%.

Now it's up 14% on the year.

So we've had some pretty massive moves.

And I think you have to reflect on where we are

And we used to do this on market checks when I was on.

And you say, where is Altimeter?

And so early in the year, we were worried about tariffs.

Altimeter was positioned small, right?

By May, we thought they would land the plane with the best in consensus on trade.

We'd get the big, beautiful bill passed.

And we went to kind of extra large positioning.

And we've been there most of the year.

And so now we're back to kind of Chamath just nailed it.

You know, we're back to kind of medium, medium, small positioning in the market.