Ed

Microsoft is still Microsoft.

Nvidia probably takes a monstrous hit that day.

Yeah, yeah.

It's just that this is a project that failed and on to the next path.

Yeah, yeah, yeah.

Exactly.

And by the way, to further congratulate the rest of the world, they ripped higher in their local currencies.

They didn't even need the weak dollar to beat the US.

A couple, I mean, earnings growth is just like comparing to Europe and Japan.

I'll restrict the discussion to Europe and Japan just for simplicity's sake.

Our economic growth is stronger and our earnings growth is stronger.

And at the beginning of last year, it's a bit like the bank's.

The lower earnings growth and the lower economic growth was very much priced in to European and Japanese indices.

Now they have a higher hurdle to jump.

And so I just feel like they had a great year next year.

I'm a kind of, politics aside, American exceptionalism believer, meaning I think there is a reason that US markets get a premium that makes perfect sense.

And we're now into the normal range for that premium, better earnings growth, better economic growth.

So cyclical stocks, we talked about banks, which I think are good.

These are just stocks that are very tightly, they respond very much to the underlying economic growth.

So like a classic example would be a construction company.