Brian Levitt

Not a great situation.

Hopefully it's being fixed.

We're in the process of that being fixed right now.

And then the widest dispersion within Infotech

So you can kind of mentally understand that that similarity, just like the concentration of winners within one sector, even to the exclusion of other companies in that sector.

This is not like when energy rallies and they all go up.

This is like, I don't know.

800 publicly traded tech stocks at this point, and 300 of them are up huge.

That's the scenario.

So that doesn't have to fix itself with a crash.

No, it does not.

But it doesn't hurt the stock market.

Well, take LA, take Malibu, Calabasas, whatever, like whatever Tony area within LA.

Yeah, they know, of course, the gas price is stupid, but not one of them is changing their lifestyle based on it.

And those are the consumers that show up in the S&P 500's earnings.

The bottom 20%, a lot of their spending, frankly, is government-subsidized spending anyway.

And the earnings impact of that, it's de minimis.

I'm not saying that's good or it's bad.

That's just the reality of it.

It's just the reality of it.