Katie Martin

Should we be selling this stock?

Should we be buying the dip?

What should we be doing?

And then like two hours later, oh, it's recovered now.

It's nothing.

So that, I guess, goes a long way towards explaining why the vibes are not that great, but the earnings growth is doing well enough to keep markets supported.

Is that like fund managers are just sitting on their hands saying, this is a nightmare.

I don't know what's going on.

But the zigzagging thing is perfect for bank earnings.

Thank you for playing the stock market.

Let's spend a little while on a phrase I'm told that I use too often, which is fun sponges.

So there are people out there who are like, I just can't bring myself to believe that everything is as rosy as it looks.

One organization out there that's saying that is Hussman Global Advisors, I think is their full name.

They are in the business of soaking up fun and are pretty reliably kind of Debbie Downers about market direction.

But as they pointed out in a little note they did the other day, it is weird to have this level of earnings growth when you're not coming out the other side of some sort of recession or shock.

That is legitimately actually quite weird.

Yes.

And also, it sort of assumes that AI won't come and kill certain sections of the stock market.

So when you've got like a decent spread of companies that are doing well, no one's pricing in this possibility that AI could end up chewing them up.

So they're kind of reasonable-ish pushbacks, I think.