Joe Rennison

Or is it going to be a case of being Amazon?

which was also valued in similar ways that were also off the charts back in 1999, that company is still here and it would have made you an awful lot of money to be invested over those 25 years.

One of the concerns that comes up with this, however, is that because of the size of these companies and because of how well they've been performing more recently, they're also able to then mask a lot of the pain that sort of sits just beneath the surface of the stock market.

It's quite possible to have a large chunk of the S&P 500, for example, down on a day where some idiosyncratic news about Nvidia or Amazon that lifts those stocks 1-2% can outweigh moves in the opposite direction amongst a large chunk of the index.

So it kind of comes back to the message that the market is sending us.

On any given day that the S&P 500 rises, maybe that is a verdict on the administration's policies.

Maybe that is a verdict on the economy at large.

But maybe it's also just artificial intelligence.

And if you're only looking at that high-level number, whether the S&P 500 has risen or fallen, then you may be missing some of the underlying concern that still sits beneath the surface.

So one of the most obvious would be gold.

Gold has been rising for a while at this point, but it's really taken off in recent months.

We've gone above $4,000 on gold for the first time.

And the signal that sends is one of worry.

Why do people buy gold?

It doesn't offer any return.

It's not going to enrich you in the way that maybe a rapidly rising stock will.

You go there because you don't want to lose money.

It's less about making money.

It's more about not losing that money.

Yeah, exactly.