Joe Rennison

And yet... The S&P at an all-time high.

Same for the Nasdaq, by the way.

The stock market has kept on going up and up and up.

Markets continue to hit all-time highs.

In case you ask me what companies have done well since tariffs, then I'll be prepared.

Thanks so much for having me.

Right.

Well, you're not alone.

Right.

There's plenty of people asking that exact same question right now.

And it makes sense from a sort of intuitive perspective when you see so much what at least some people would describe as chaos or at least unorthodox things happening in the world.

Why hasn't there been a stronger reaction in financial markets?

Surely there is an economic consequence to these things.

And so it is an important question, and it's an important question as well because it's important to understand what the signal is from the stock market.

You know, markets are still doing very well.

Should we take that as a sign that things are okay?

Maybe we're being hyperbolic and we're being worried about nothing.

And so if that is the signal markets are sending, we should listen to that.

Equally, if there's another explanation, we should understand that explanation as well.

Yeah.