Katie Martin

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.

But you just can't fight the direction.

But how much of that was down to you?

Yeah.

You can't go wrong with teenage boys and Big Macs.

But I guess another thing that's going on here is that the US is kind of sucking growth out of the rest of the world to some extent.

So, you know, Europe and Asia, as we've discussed on this pod several times before, like...

We're on the sharp end of the energy shock and you keep hearing these warnings.

So, you know, Robin Wigglesworth, who was on this pod the other day, he was writing about this the other day on Alphaville.

There's like plenty of analysts out there saying, OK, oil prices are kind of bobbing along at the moment, but there is a risk that one day we walk into the office and it's $20 higher or it's $50 higher.

Like this thing doesn't have to move in a smooth fashion.

It could just hockey stick higher and then shock.

Surely we have a problem with the U.S.