Ed

You know, if the economy's shrinking, put the cranes away, nobody's calling.

And if it's growing...

you can price any way you want.

So you're going to be like the economy plus or the economy minus.

So that's a cyclical stock.

I mean, look, fiscal stimulus, cutting rates.

We had a kind of sludgy fourth quarter that seems to be ending.

And a lot of the cyclical stocks, as opposed to tech stocks, are still not bonkers in terms of what you're being asked to pay.

So I think the economic...

background is good for them and growth investors are probably looking for somewhere to go that isn't tech.

Right.

And again, this is one of these predictions that's easier because it's already happening.

Over the last month or so, banks, materials, industrials, they've gotten a nice lift.

Again, this is a perfect example of the inflation problem.

If inflation perks up, the rate cuts come off the table.

the investors are going to run out of industrials, banks, cyclicals at top speed.

So this is a perfect example of how inflation gets loose.

All of these predictions change.

A friend of mine, Ed Al-Husseini, who is a fixed income guy at Columbia Threadneedle, is one of my best sources and a friend.

He put this in this way.