Brad Gerstner

But clearly you hear them pounding the table that we need to get rates down.

I tend to agree.

The low end consumer who pays a lot on their credit cards, on their car loan, et cetera, is clearly hurting.

We see these layoffs, these layoffs are hurting some of these people as well.

And so when you look at the multiples of the market,

How do we look at it from an altimeter perspective?

We still believe that owning all of compute like we have for three years and this AI trade has room to run, but there obviously multiples have come up a lot.

I talked about a 40% move from the bottom this year.

And so you can just take your position size and make it a little bit smaller.

So in the world of less or more, I think Chamath's exactly right.

There's a pause as we head in over the course of the next couple months, reflected by the stuff that we're doing.

But I do think the economy is set up as we head into next year.

You nailed it.

29 days ago, I talked to you guys a little bit about the net approval rating here and how the country's feeling.

And you can see Trump's net approval rating, 9.4.

We're going to get to the election as well because it dovetails really nicely with this discussion.

It's gotten worse.

Here's the numbers from November.

It's gotten 30% worse.

Now Trump's down 13%.