David Solomon

I actually think the 17 sounds pretty attractive if you think that all these companies are going to be able to use technology, not all of them will execute successfully, but be able to use technology to improve operating processes and create more efficiency and therefore faster earnings growth and more investment in their business.

You should see over the next five years improvement

in the earnings growth of that other 490.

I'm talking on average.

So is the market running?

Yes.

Are people crowding into a handful of stocks because they're fearing of missing out?

Yes.

That's what I meant about the greed versus fear.

But this could go for quite some time because it's narrow and on a historical context,

It doesn't look like Polaroid at 80 times earnings in the 1960s.

It doesn't look like RCA at an infinite amount of time times earnings in the 1920s.

So I'm not sure is the bottom line.

I'm not sure.

But there's no question for a narrow group of stocks, the market's really running.

And what's interesting to me is we have a lot of things going on in the macro.

with the war, with the oil shock, supply chains, inflation getting stickier, that are going to have an effect.

And, you know, the market may absorb all that differently than it's absorbing it at the moment.

At the moment, it's kind of brushing it aside.

Just between the three of us?