David Solomon

And that's a greed thing because they want to participate in their fear of missing out.

What I should have said, OK, at that moment was all of that.

But then I should have said, but, you know, it's kind of interesting because if you look at the S&P 500, the top 10 companies, which, by the way, are mid to high 30s market cap and those other three periods, the top 10 companies were also

in the 30s.

And one of the things I have pointed out to people is these top 10 companies actually have more earnings than the companies did.

They generate a lot of cash.

So that's something to observe.

But what I should have said is the market multiple, the earnings multiple on the top 10 companies in the S&P, these are approximate numbers.

So don't hold them to me directly.

I actually looked at this this morning because I thought this would come up.

And so hold it as approximate.

The top 10 companies are trading on forward earnings in the low 30s.

In the late 90s, 2000 internet boom, those companies were trading at more like high 40s to 50.

You think about Cisco when its market cap was over $600 billion.

So these multiples, yeah, are high, but the growth's pretty good.

The earnings are real.

Those numbers are on the high end of the distribution, for sure, but not crazy.

The other 490...

are trading between kind of 17 to 20, which by the way, 20 high side, when you add it all together, it's kind of 22 times forward.

A lot of it's at 17.