Jose Najarro

detailed consideration, because what I think it does in general, it makes the market more susceptible to being emotional and psychological and groupthink.

And in great times, it's going to, I think, as is happening now, it's going to make things much more expensive than they should be.

But the inverse, I think, will also be true, that in bad times is going to make things worse than they would have otherwise been if this wasn't a reality.

Because there's many more retail investors playing, which tend to be more emotional.

um both in terms of formal and fear um but then it also kind of exacerbates the whole mentality of trading right because again there's less friction uh and you have it on your phone and the temptation under some sort of emotional

kind of consideration or the rest, either formal or fear, the temptation to just click a button on your phone and sell or buy is much higher.

Right.

And so I do think it's probably making it more over value today, although it's equal.

I don't necessarily think it's the most important reason, but it does impact.

But I would put it more as a blank statement that it's making it more expensive because of the reasons I explained, which will also make it cheaper when narrative is not there.

I would say it is a fair statement, at least from my perspective.

But I also don't want to oversimplify it.

I think at any given time, there's many, many things going on that are affecting market prices.

And while things are on a relative basis, maybe worse in terms of volatility and the quickness with which the market reacts.

We've always had a lot of volatility throughout market history.

If you look at the crash in 1987, I believe it was October 2nd, I can't remember the date, which was like a 22% crash in one day.

Don't call me on the specifics, but it was something like that.

So we've always had some of those issues.

And I think for the reasons you kind of mentioned and your summary, it's gotten probably slightly less.

It's hard to really prove it, you know, but it does make sense to me.