Merryn Somerset Webb

So presumably it was the same in 1929.

People were prepared to put up the money for business week in a way they wouldn't have been able to otherwise.

And I think just to be clear, you know, business week still exists and money week still exists.

You know, you can survive these things.

Exactly.

Anyway, back to earnings, back to earnings.

Everything that you will have received in the last couple of days, John, and every single thing that I have received in the last couple of days is all about, all about earnings and how everything is fine and how S&P 500 earnings are going to, this is a good one.

I can't remember who this came from.

S&P 500 earnings growth about to break out on the upside of a 90 year channel.

You know, it's not just big tech.

It's not just big AI.

Across the board, across the board, we're seeing earnings surprises.

So it's all marvelous.

So from the point of view of most people looking at this, they're like, well, you know, stock prices are based on expected forward earnings.

Expected forward earnings are great.

So everything is absolutely fine.

I did see one, one kind of interesting one, which pointed out that

Given what's going on with earnings, the peg ratio, so the forward P divided by long term's earning growth is down to only just over one.

And back in the old days, we used to say if the peg ratio was one, everything was fine.

So there you go.