Martín Escobari

And it's looking at the ratio of CapEx to revenue and what percent of GDP was involved in this.

And how was this CapEx funded?

CapEx to revenue is still not crazy.

New revenue streams are managing.

And the biggest difference relative to railroads and dot com is the funds are coming from really rich companies.

The magnificent six who are printing money out of their dominant positions are reinvesting a lot of this money into the capex that's powering all this innovation.

So it's very healthy.

It's not junk bond speculators or thin margin telecom companies that are levering up the wazoo with retail money to fund this wave of innovation.

It's a really profitable company.

So I think it's got more legs.

Will it be bumpy?

Yes.

But the thing about predicting the future is it's really hard.

Playing in the past is a lot easier.

I do think the IPO markets are opening up.

The corporate money market is opening up.

Emerging markets, which were dead for the last four years, are lighting up.

So barring a black swan or an orange swan event or some other geopolitical surprise, I do think the next 18 months will be constructive.

And that's a much needed shot of liquidity for our industry and a little more attention to the rest of the world.

I'm generally optimistic.