Jon Quast

Yeah, I think that everyone's going to want to try to move away from the third party aggregators, but getting away from it in practical terms, I don't think they're going to be able to.

As Dan points out, we're definitely in normal territory.

I will say, though, that we're still in mild volatility territory when we're looking at the historical averages.

If you look at the 10-year chart, there's definitely higher clusters of volatility in late 2018, early 2020, and for much of 2022.

What's interesting to me is, you talk about fear and greed.

We are in extreme fear mode right now.

The fear and greed index hit a new low yesterday of six.

If you look at the consumer sentiment index, we're hitting 50-year lows.

Consumer expectations in November dropped 36% year-over-year.

What is so fascinating to me is, if you look at where we are, yes, there is some volatility,

Not anything near like what we've seen in the market is within 5% of its all-time high, and people are already panicking.

I think that investors are gaslighting themselves here, thinking that everything is falling apart, when really, when you look at things, it's all quite good still.

There's a great Morgan Housel quote about this.

Every five to seven years, investors forget that recessions happen every five to seven years.

I'm not saying that we're in a recession right now, but it seems like investors have amnesia that this is completely normal.

And historically speaking, it could get a lot worse than it is right now before we hit anything near what we usually see.

It's an interesting question.

I think that you do have to take it on a business-by-business basis, try to avoid the broad sweeping sector analysis.

If there's a company that you're losing faith in the long-term prospects of the business, obviously, that's a good choice for raising some cash.

But I would say that generally speaking, if you are looking for general takeaways,