Michael Nadeau

And we're not trying to like call the top or anything in this episode.

We're really just kind of laying it out to then say, OK, you know, how should we be thinking about this?

And we'll get to that at the end.

But yeah, I think, you know, I think this is the right framework.

And we're clearly in, you know, we had the eruption period.

I think you could say that that was, you know, ChatGPT coming out back in late 2022.

There was obviously a lot of work that went into AI before ChatGPT was released, but that was kind of the eruption.

And I think, you know, you can make an argument that, you know, 2024, 2025 have been sort of the frenzy periods.

And it feels to me like we're really pushing into like maybe later stages of that frenzy period.

Later stage frenzy.

We're definitely in frenzy.

Yeah, this is the the Shiller-Cape ratio.

So this is giving us like more of a view of the cyclically adjusted, you know, P.E.

ratio.

So it's taking the average of the last 10 years and it's adjusting that for inflation.

So, you know, it's it's trying to strip out like we just had this period, you know, where Nasdaq went up 25 percent or so over like five weeks.

So it's trying to average that.

It's not giving too much weight to what's happening recently.

It's trying to average that out over the last 10-year period.

And so right now, when you look at that chart, we're at 42 or so.