Downtown Josh Brown

We have somebody in Manhattan Beach, so I try and get there once a year if I can.

It's the best part of the country.

Correct.

And not only were bonds not cheap, but…

There were voices calling them a bubble.

I think Bill Gross was calling them a bubble for a while.

There was very little opportunity.

Bonds were, you had to have them because you can't be all in on equities, but it was like a huge, it was annoying.

Obviously, with investing in life, you have to play the ball as it lies.

I believe Shooter McGavin said that to Happy.

Prior to the inflationary environment, there was a lot of people, I think I was one of them, who thought that yields, we were just in a new universe where interest rates were going to stay low.

And anytime they crept up, there was just this tidal wave of boomers with trillions of dollars that was waiting to come in and bring yields lowered by the bonds.

And that dynamic has obviously shifted dramatically.

We can't play in an alternate universe.

But was that your operating assumption, that yields were going to stay low for the foreseeable future?

So Dan, the more you zoom out,

and take a big picture view, the scarier things get at the global level.

People are always fighting.

There's always uncertainty.

And the more you zoom in, the more the picture gets a little bit less horrific.