Downtown Josh Brown

And some of this valuation multiple is saying, look, I understand that there's a lot of fear in the market about what this might mean.

Some of that's in the stocks.

Right.

Which seems absurd to your point, like back to the point of like, yeah, there's fear in the stock.

It's only it's only eight X. Exactly.

So, again, it's sort of you have to sort of put the case of, yes, anything that goes up that much can also go down.

But when you think about measuring fear quantitatively and measuring valuation support, there's 70 percent odds or not 100 percent odds.

But when you see a pattern like that, I think you have to be a little bit more open minded that price might be understanding something that you don't.

So the odds of semiconductor outperformance over the next 12 months when your starting point is in that bottom quartile evaluation.

I mean, I think it goes back to the idiosyncratic versus systemic in terms of how you add it up.

So yes, are there individual stocks where you could sort of make this comparison?

But the problem was in the 90s, into that bubble, it was everybody, right?

So the median technology stock, their earnings peaked in 1996.

Right.

That was the disconnect, right?

I mean, could we get there?

Sure.

Yeah.

But we're a very far cry from there.

The median tech stock is profitable.