Downtown Josh Brown

Now you look at that and you can say, okay, well, it's been up a hundred percent before over the last year.

And two things.

One, it's exactly in line with the earnings growth.

And two, that's important.

And it gets more important in a second.

And two, if I bought it every time it was up 100 percent, clearly the bubbles was one instance that was negative.

But more often than not, like 55 percent of the time, it goes on to outperform again the next year.

The interesting part is let's forget semiconductors for a second.

Let's take all of the industries going back to the 60s for anything in any sector and say, well, what if I bought them when they were up 70 to 100 percent?

Any sector that's up 70 to 100%.

Any sector.

Any industry.

Industry.

So one click down.

So that'll be... It's only happened like 2% of the time, you know, historically.

But every sector kind of has some participants.

65% of the time, they go on to outperform.

Right?

Surprising, too.

Which is sort of to the point of, wait a minute, is there something the market is not...