Keith Rabois

And that's where the bid to the equity market came from.

So you would say, well, where does it go from here?

The next chart, Nick, if you just give the second one is, look at how much money, and again, you can just look at the last five years, look at how much money is sitting in money market funds.

And what this starts to show you is you have trillions and trillions of dollars of dry powder on the sidelines that will need to find a home.

I think that Jerome Powell is in an increasingly untenuous situation.

because he will be looked at as politicizing the office of the Federal Reserve.

There is enough data that can justify cutting rates.

If you cut rates, and we've talked about this before, two things will happen.

Number one is people will take some amount of money out of the money market funds because they will want to go and seek superior returns somewhere else.

it will increase the velocity of money at the same time.

You put those two things together, that is a bid to the equity markets.

And so if we're at an all-time high today with rates at 4.5% and Powell is back against the wall to cut,

The only road from here is probably up.

And so you could see this thing get re-rated quite aggressively.

And then the question is, do you do it where you manage your risk and you're short some stuff?

Or do you just say, you know what, I'm just going to take it all up and take most of my shorts off and let the thing go?

I think that if Powell starts an aggressive cutting program, either because he has to or because he's trying to keep his job,

I mean, man, you could see the S&P at 7,000.

very quickly.

I mean, there are some members.