Jordi Visser

Crime will go down, in my opinion.

Not cyber crime, but physical crime in there.

So I think there's stages of this, and everything that we're talking about, again, if people just break it down to their investments,

You have to think about the way you're invested because I'm telling you the way the market is reacting, it's just coming to terms with something you and I have talked about repeatedly for months.

That is what market multiples are about.

When you look at Brazil and you look at Europe, their PEs are much lower.

And their PEs are much lower because they didn't benefit from software.

Now we have the US PEs that are much higher and price to sales in the S&P 500.

If people looked at a chart of it, they'd be scared to death.

I mean, we're trading at three and a half times sales.

This was before the great financial crisis, one and a half.

Like that's what's driven the multiple expansion has been the hope of the future.

So if you're questioning the future,

multiples should come down.

And I think that's what the market is doing.

And I will replay one thing.

I think Donald Trump and Scott Besson were very, very clear in February and March of last year, before Liberation Day, that they didn't care if the stock market came down, as long as

The people that haven't benefited the most did well.

Well, there's two ways for that scenario to play out.

One is to try and massively rise the bottom end of the K. And they've been trying to do that, but it's very, very challenging.