David Uberti

And I think that uncertainty between fear and greed, which are two of the most powerful forces in markets, that's kind of what you're seeing at this moment.

such as this week.

And it's particularly pronounced right now because the market's so highly valued.

People have bet so much on this theme that any particular move, any retreat or retrenchment in the expectations around it could have a really big impact.

I have just been struck for the last six years of how resilient the U.S.

economy is.

We had the pandemic.

We had a once-in-a-generation inflationary shock with an energy crisis laid on top of that.

And now subsequently we've had this huge surge in financial markets and pretty significant economic growth.

And I've just been struck over and over again by how the U.S.

economy has adapted

Happy to come back and discuss the doomsday scenario for sure.

But yeah, in the meantime, yeah, we'll be following it.

Despite some fits and starts here and there, the line has basically gone up and to the right.

There's been basically a continuous rally into U.S.

stocks over the last 10 to 15 years, in part because of this tech boom that we've had out of Silicon Valley, which has really accelerated in recent years with the growth of AI.

So now we're hitting 50,000.

And what that says is that America and the American economy has basically created this giant sucking sound of investment flowing in to U.S.-based companies, particularly tech stocks.

So when investors are sort of evaluating these stock indexes as economic indicators, not just market snapshots, many of them choose to look at the Dow as a source of evidence of how the general economy is doing.

The makers and takers of goods, logistics firms, airlines, manufacturers, media properties, etc., how they are all doing vis-a-vis some of these tech names.