Joe Rennison

really started to try not to react to those more superfluous things and instead focus on what's real, what's actually happened, what's actually been said and done, rather than what might happen.

Yeah.

You know, if you'd asked an economist in January what would introducing the highest tariffs in what, a century, do to the economy, I don't think they'd have said, well, I'm pretty sure the S&P 500 will be at a new record.

Right.

But we are in that position.

So we can look at what's happening to companies.

We can look at what's happening to the data.

We can look at what companies are doing in response to these increased costs.

We can see whether they're trying to absorb those costs or pass them on to consumers.

And certainly for the first half of the year, it looked like they were absorbing those costs.

Now it's looking like they're beginning to start passing those on to consumers.

That would potentially be another warning sign.

But you actually end up just having to look at what's really happening.

not the sort of gut check or emotional response to what's happening.

It has to be the reality of it and how does it affect company profitability.

We could easily see a future in which the sort of positives driving the market continue to outweigh.

And I can see a future where some of those negatives that are beginning to creep in could also outweigh.

But at least for now, a lot of the worst fears that were sort of surrounding this stuff at the beginning of the year have not been met yet.

Oh, my goodness.

All right.