Downtown Josh Brown

So what is your view on the data center build-out?

I think Munger or Buffett, I can't remember which one said this, you would make the price, I'll set the terms.

And it sounds like you would rather be on the term setting side than the pricing side.

And your investors own equities too.

Correct.

And they're already probably all in.

You know, we were talking about the Shiller-Cape ratio, screaming about it literally in 2015.

People were getting alarmed.

So I'm not making a prediction on fall returns, but by traditional metrics, valuations have looked stretched forever.

And these tech giants have just continued to rewrite.

And margins just keep growing.

What we thought was possible.

Yeah, not great.

But Dan, sorry to cut you off, but I think one of the problems or one of the things that lulled investors recently into complacency is those bonds performed in 2022 because there was no recession and they're plain vanilla bonds.

And they don't, investors in general don't really understand that it was all interest rate risk.

And so as interest rates went up, their government bonds got destroyed.

And these risky corporate loans to middle market companies returned nine to 11%.

And so it further made those coupons much more enticing.

Yeah.

Well, your piece, we started the show with the rupture.