Brian Levitt

Materials are in there.

Industrials are in there.

So it's not just tech, but it's one story.

Like if you find a stock that's up 20% on the year, if it's not a biotech that just got approval for something, it's probably AI related.

And I think that's the, when we say like the most crowded trade, well, why is everyone crowding in there?

It's literally where the earnings growth is.

And it's where the revenue growth is.

And why wouldn't they want to own those stocks?

So that's the story to me of the first half of this year.

Do you take issue with any of that?

What do the rest of the markets need?

We're going to talk about some... You wrote about bear market narratives, and we're going to touch on that later.

So I don't want to step on that.

But what do we need to see in the second half, the resumption of what you just pointed out?

We had this broadening trade two years in a row.

Something weird happened in the spring out of nowhere.

stopped it dead in its tracks.

Right.

And we went back to a AI.

It went to slow growth.