Downtown Josh Brown

The interesting part about that is when you sort of rebase it for relative to the S&P 500, they've actually lagged broader tech.

And the funny part is, and I had this chart.

So if you just look at high beta tech versus tech, it's been in a downtrend since the 90s.

Like you generally don't want to own risk.

And it sort of oscillated right back to the top of the range.

So you'd say it worked in the way that it's worked other cycles.

And you would say there's nothing anomalous to see here relative to the rest of technology.

You could certainly say that because it's rallied so much, it's fairly expensive and there are better portions to own in tech that are not high volatile.

But you also wouldn't say that you would sell technology as a sector, meaning that even if risky tech underperforms, you still see the less volatile tech actually outperform to the tune of 75%.

So it doesn't look when you start to normalize things in terms of risky tech relative to tech and you sort of look at it relative to other cycles, nothing looks particularly anomalous.

And then if you layer on the fact that, you know, sort of let's just get, you know, let's think that the median earnings recovery that I was talking about is right.

That's exactly what you should see.

A junk rally in the beginning that you generally speaking don't want to chase.

Correct.

Correct.

And the more skepticism there is, the more you can climb the wall.

Yes.

I'm very good at this.

Thank you.

Yeah.