Jordi Visser

Again, if someone is, you know, if you're trying to sell food that's unhealthy,

You're not going to be selling it to someone who's eating soybeans and stuff.

You're going to sell it to people who are less healthy.

So these bloated enterprises, yes, they're still going to pay for the money.

And that's why their earnings are going up.

But the market is really good at is looking forward and going, but who's replacing that bloated company?

Which ones are going to use Salesforce?

And they're questioning it.

They're not saying it won't happen.

They're just questioning it and Salesforce needs to adapt.

So I think as you go through Blue Owl and all of these companies, and Blue Owl is just one that's had other issues because remember we had the tricolor situation for the subprime auto lending stuff that blew up in September.

I think as I'll show in this video, remember,

Student loan delinquencies through the roof.

And again, delinquencies measured by 90 days plus paid.

Now, this is not enough to take the economy down, but in auto loans, in student loans, in commercial real estate, in what's the other one?

Credit card.

All of them.

are either at or above the levels they were in the great financial crisis.

Again, these are small components because if you look in the aggregate, it's not that big.

But in terms of just the percentage of ones that are up there, they're big.