Lou Whiteman

if I think a pop is coming, I'm not positioning for five years.

So I do think there's these weird psychological dynamics that if anything, I think it's good to maybe understand or have a feel for, but

For what I'm trying to do, I'm also trying to ignore.

I'm trying to maybe use it to explain what I'm seeing and why things are moving.

But I personally don't want to make decisions based on what could happen next week.

But I do think the psychology of the market is that we do see kind of the, whether it's FOMO or whether, you know, what's going on is influencing what's going on.

I'm definitely worried.

I mean, look, we've talked about this a lot before.

We like to talk about the consumers if it's one person, but it really is just kind of all of the households out there on an individual level.

Do you feel confident enough to keep spending at your average pace?

Right.

And it's always a mix between yes and no.

If the no's hit a critical point, then that is when the consumer is having trouble.

You can see how not just, you know, I mean, oil is one thing, but just the, you know, the refined products, what we actually consume, hopefully not literally, but from whether it's oil, I mean, whether it's gas, whether it's jet fuel, whether it's, you know, what happens with plastics, on all the chip making, the helium and some of the acids that we get out of it.

If everything is getting more expensive in...

Does that shift the K-shaped economy just slightly till we end up in a downturn?

It wouldn't shock me.

You know, Travis, you're right.

We are now conditioned to kind of buy the dip.

It wasn't too long ago that, I mean, look at after the dot-com boom, the NASDAQ took, what, a decade to recover?