Katie Martin

So like COVID is over and the global economy reopens and hey, corporate America does incredibly well by comparison with the previous quarter or so.

by comparison with the previous year.

Now it's just like... We're not in a recovery.

weirdly, it goes pretty much 100% of the way towards justifying the dizzy heights in US stock markets at the moment.

So we've talked about this on the pod before, but it is like double weird that you have stock markets like cranking higher, but without what we call multiples going higher.

So investors aren't paying more

for the same stuff.

They're just tracking earnings.

They're following fundamentals in corporate earnings.

So more profits, so line go up.

So this is like...

You know, it's very unusual for markets to trade on fundamentals.

Like normally they trade on like, you know, hope and expectations and hype and vibes and all this sort of thing.

Yes.

That's actually like not what's happening in the States at the moment.

So this is quite, it really is quite extraordinary.

So look, AI is a big part of it.

Let's talk about like, you know, there's tech companies that are making money hand over fist.

Fine.

I think we kind of expect that's going to be a thing, right?