Katie Martin

Yeah.

So in fairness, you did call this one.

Banks have been doing very well as well.

On that point about the zigzags in markets, I was talking to some fund managers last night and they were saying the whole zigzag thing is absolutely doing their head in.

So you've got a portfolio of stocks and one of them will just dump 15% in a day

for like no reason, like on some like random headline out of Iran.

And they're left thinking, what's going on?

Has something changed?

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.