Graham Stephan

Well, let me answer that with the one thing that shocked me the most, and that's about inflation, right?

We've heard, you know, we had 9.1% currently, if you believe CPI lie, 3.8, whatever it is.

They're all talking about 2%, 2%, 2%.

So the one question I asked myself after building it was, have we ever had a period of time, an extended period of time, where inflation was over 2% and it was CPI?

And the answer, surprisingly, was 1987 to 1997.

CPI inflation was over 2% that entire decade.

So we're talking about the Fed getting below 2% and it's been above 2% for four years.

But guys, we've been there before.

It was over 2% for an entire decade.

So what we're going through today is maybe not unusual or unheard of as sometimes the media makes it out to be.

There is no question that there is a correlation in certain cities, Seattle, Austin, San Francisco, San Jose, markets like that, where there's absolutely a correlation in the stock market.

And again, you could see that in transactions because I talk to agents almost every week around the country.

And when the stock market takes a big dip, which has done a couple of times in the last years, showing stop, all this other stuff, because again, it's their asset wealth there.

But I actually want to ask you a different question.

Back to the 52-year spreadsheet, because I knew I was coming here today.

We've obviously had three years, and I think we're going to have a fourth year of double-digit S&P 500 growth.

Do you guys know if that's ever happened before?

Do you guys know what happened the next 11 years?

It was flat.

I have the numbers here on the spreadsheet.