Michael Nadeau

But what's not true is that earnings estimates were ramping up the same way that they are right now.

So their earnings estimate in Q4 of 1999 was the same as it is today.

So there was actual, like the companies that were financing this were, they weren't the hyperscalers that we have today, but it was kind of similar.

It was the big telecom companies.

It was AT&T and Verizon.

And they were the ones spending the money.

Those were profitable companies.

They were ramping up.

Their earnings were looking fantastic.

And so it was a very similar setup where...

the valuations were ramping up aggressively, but so were the earnings estimates for future forward earnings.

So it's the same exact thing that we have going on today.

Yes, you had all this extra froth in Pets.com and these other things, but the actual companies were strong that were actually financing this and they were reporting really strong earnings at the same time.

So this is like, you know, this is a little different from what the narrative is.

And you can see, you know, we have some notes just on the side here.

So we're at 27.7%.

Just to give you an idea of how high that is, the 10-year average is about 10.3% in terms of earnings growth estimates.

The five-year actual is 16.4%.

So we've been in a period here where we've been above average, and that just keeps ramping up.

And, you know, again, same thing happened back in 99.