Jay Hatfield

His debish comments kind of turned everything around, I think, too much.

I think it's at best 50-50 we get a cut.

But because of Williams, we'll at least get...

a dovish pause.

And all that really matters is that we keep the 10-year around 4%.

To keep the 10-year around 4%, you need the terminal rate to be about 3%.

You can track that on the terminal MIPR.

And so as long as investors think there will be cuts, they don't have to be in December.

Well, it's absolutely blown up.

The momentum, short-term traders, whether it be institutional or retail, our funds, like we hold Amazon and ICAP, they've actually been outperforming because they're more conservative.

We have a few tech stocks there, but more dividend stocks, small caps are doing well, like our SCAP fund, deferred stocks.

So we actually like these kind of markets because people who focus on cash flow and earnings and valuation tend

typically outperform and the really dumb stuff like crypto treasury companies that are no longer needed because we have ETFs get washed out.

So really healthy pullback with most of the really big damage coming to the to the investors that don't pay attention to valuation.

Absolutely.

We think that they are still the leader in the cloud service business.

But what we think is missed and why we're bullish on Amazon beyond just the normal AI trade is that they have this gigantic retail business we all know.

And they now have professional management that's working to make it work.

adequately profitable.

So that's creating tremendous earnings growth away from the AI trade.