Emily Flippen

Yeah, these quarters of everything and the kitchen sink, let's just throw all the bad news off at once.

But the problem is that I don't feel like the bad news is all encompassed in these quarters.

I actually feel like it's more this trickle-true thing, where I'm getting a little bit of the bad news.

And if it was a case where

we're blaming AI and we're getting it all done in the third quarter.

And then fourth quarter is going to shape up to be a lot better.

I would agree, Travis, but I actually a little bit worried that we're going to see a continuation of this, not just in the third quarter results that we've for the most part already seen, but through the fourth quarter and maybe into the first quarter of next year as well.

Yeah, that's a great question.

And let me start off by saying, I acknowledge that my first thoughts when talking to you earlier, Travis, was, of course, I don't think there's going to be a rally towards the back half of the year.

But I want to also acknowledge there could be.

And that's part of the reason why my answer to your question is, I'm not actually doing anything differently.

And that's part of the reason why, regardless of what my personal feelings may be about the short-term implications for the market, the reality is that no one

Nobody knows how the market is going to perform in the short term.

If you had asked me the same question at this point last year, I would have said the market's gotten away from the fundamentals.

I think the next year is probably going to be a weak year of performance.

And if I had changed my investing strategy as a result, I would have potentially missed out on an incredible year of market gains, at least as the S&P 500 has performed.

So I don't mean to sound dismissive in my response.

In fact, it's actually the opposite.

But I'm

actually not doing anything differently.