Michael Nadeau

You know, we had a very, like, I'm not even sure if there was, if we had a recession, it was a very mild recession.

So, you know, this didn't like cause like a 2009, you know, style recession.

But we took the froth out.

And I think a lot of that was IPOs that had happened.

And like, sort of, we talk about, you know, token unlocks in crypto, right?

In a bear market, you don't want to be in an asset that's sort of unlocking.

And there were tons of that happening.

So this is something to pay attention to with like Mag7, for example.

Yeah.

A lot of the Mag7 is not able to do buybacks right now because they're using their free cash flow to invest in CapEx.

So that is a shift.

If you have some big IPOs coming, we're going to see similar kind of unlock type period at a time when there's less buybacks happening in the market.

So I think that's something to pay attention to.

That sort of lines up a little bit with .com.

So I think, you know, pay attention to the structure out there, pay attention to the leaders and sort of, you know, the equal weight S&P 500 has not gotten back to all time highs.

If we don't see more participation from the rest of the market, I think that also lines up with what we saw in dot com.

So, yeah, it's a lot of factors, but definitely something to keep an eye on.

We are more focused on the crypto markets and how that is sort of.

interplaying with what we're seeing in TradFi.

Crypto has had a pretty big rally here.