Michael Nadeau

And this tends to happen with, you know, easy capital, lots of leverage, lots of FOMO.

And the narrative just usually gets stretched too far.

And we tend to overbuild.

This is just something we've seen this in the crypto markets.

A new technology comes out.

It looks like it's going to be a breakthrough technology.

And then you have all these copycats rush in and they start building.

There's tons of capital gets thrown at that sector.

You tend to overbuild the capacity.

We saw this in the dot-com era, which we're going to get into today.

And that's the big question.

At what point does this expectation of future growth

At what point does that story start to roll over?

And we can kind of get into the data, the narratives, what we're seeing and all of the things and how this looks similar and also different from what we saw back in 1999.

Yeah, exactly.

Yeah.

And there's so many factors, you know, that play into this.

What's happening, you know, broadly in the economy, what's happening with liquidity conditions, you know, there's what's happening, you know, on the political side of things and, you know, regulation and where that's going.

So there's many, many factors.

I think that's why it's just so hard to predict, you know, how things are going to shake out.