Frank

whether it's no-fee accounts, tax-advantaged accounts, especially in the US, the ability to invest in a stock in three clicks on your phone.

There's zero friction now in the stock market compared to 10, 20 years ago.

It could have involved a phone call.

It could have involved any number of things which just don't exist anymore.

Do you think that makes the market as a whole more expensive, this access that wasn't there even 10 years ago?

Yeah, very much so.

And talked about this on the podcast before.

It's just how fast things happen now.

It's kind of crazy.

Do you know what I mean?

The COVID crash is a perfect example.

The stock went into a 33, 34% crash in the space of a month, maybe six weeks.

And then after that had the best 50 day period in the S&P 500 history.

immediately after and this like whipsaw effect is happening more and more you'll see it even after liberation day everything was going to hell in a handbasket and then it recovers straight away it's happening this year as well with the iran war we fell maybe 10 in the space of a month and we're already back at all-time highs again there seems to be this by the dip mentality

which maybe is underselling it because maybe it is just processing information faster and faster now and probably more on an emotional level too of immediately discounting the present and straight away looking at the future.

Is that a fair statement?

Yeah.

Okay.

This is going to be a probably impossible question to answer for you, but I'm going to throw you under the bus anyways.

What's your favorite valuation metric?