James Thompson

But I just don't think it's over anywhere in the world at the moment.

Even if, you know, the IEA, the International Energy Association, is basically saying, and the IMF, the International Monetary Fund...

are saying that even if oil flows were restored today, we're probably going to have three months of recession-like conditions in the global economy.

Markets don't seem to care.

They don't seem to care about anything in the US.

They are telling you that there is no hit to economic growth.

There's no possibility of rate rises.

There's no way that stagflation is coming.

There's no way that earnings get touched.

Fair enough.

Maybe they're right.

And once again, your resident bear is wrong.

But I'm just a bit, I'm a bit confused about this one.

And I think there is a bit of a dislocation.

It's a good reminder that the markets aren't the economy.

The biggest stocks in the US economy are all tech stocks.

They're not retailers and consumer facing stocks.

So maybe that helps explain it too.

But

There is one caveat to all this, Anthony, and that's earnings.