Josh Brown

So the discretionary names in the S&P 400, those would be mid caps, that's in red.

They look much worse than blue.

And then of course, small cap discretionary in the S&P 600 look the worst, actually are negative versus 2021.

So the more you go down in cap size or the more you equal weight, the more the consumer discretionary theme comes back down to earth.

And it's all being distorted by those two gigantic stocks that are now almost two thirds of the index.

So doing ratio charts, doing storytelling surrounding like consumer discretion and consumer staples, it's always been nonsense.

But these days, what you're really saying is, you know, stocks versus two gigantic companies.

And that's my shtick.

Again, Tesla and Amazon are almost two-thirds of the index.

So you're not saying anything about the consumer.

You're saying something about whether or not people want to buy those stocks or not.

Amen, sister.

All right, let's skip topic three.

This was just a question I wanted to ask you.

Okay.

Are we immune to the news, Michael?

Okay, this is the way I wanted to phrase it, though.

You have Iran, whatever the fuck is going on there this week.

It's either a ceasefire or we're going to wipe them off the earth.

It's like one or the other.