Coleman Church

Yeah.

So I don't know that the growth is there.

The growth can come.

Maybe the growth can come with these tax cuts, with industry cuts, certainly with deregulation will help and all this promised foreign investment.

But there's a lag to all that, so we'll see.

It is the largest, most liquid stock market in the world.

It does attract not just domestic savings, but huge foreign investment for, you know, there's expression that says money goes, capital goes where it's treated best.

And we still do treat capital the best in this country.

Extraordinarily dynamic markets from, you know, venture cap to private equity to public markets.

And that's something we should all,

be very proud of and it helps grease the skids of global commerce and that's great.

There are some concerns, clearly concerns about the current valuation of the equity market and the structure of the flows.

So one, there's a massive concentration risk.

It was the Fangs, now it's the Mag7, the top 10 companies in S&P 500, I think have accounted for something like 42% of the gains year to date.

The big get bigger.

You had NVIDIA at one point tipped over $5 trillion market cap, which is, again, a hard number to really get your head around.

At that point, I think it was larger in market cap than every market in the world, except for US and Japan, entire market cap of any other.

uh trade in any index in the world um so you wait bigger than the entire index of any country in the world yes bigger than the cumulative total the value of all the companies traded on those indexes on a random exchange yeah except for i believe you us for sure and i think japan again i could be wrong but something in that in that saying that you get the idea of what i'm

so just it one company dwarfed all these economies that's right and that you know we we don't need to go into all sort of the price to book and price to sales and expectations of future revenue all that sort of thing uh you get into a market psychology event where stocks that go up continue to go up because people chase momentum

I read something yesterday that the explosion in options trading, the volume of options trade is now three and a half trillion a day, which is larger than the entire market cap of the Russell 2000.