Mihir Desai

But it's a great relief to those of us who felt and continue to feel like none of that makes any sense to see some return of sanity.

Yeah.

And I think that kind of magical thinking has infected so much.

And FTX and crypto is one example of it, but it ran through the whole economy.

And so for me, the thing I loved about 2022 was for too long we were living in this artificial world and it feels like the beginning of the return to normalcy.

And I loved that about 2022.

Yeah, that's a great question.

To my mind, I don't think so, in the sense that I don't think the Federal Reserve is interested in bringing down asset prices.

I think they're interested in controlling inflation and the collateral damages, these crazy asset prices that we've had for the last two to three years.

And it's a return to the things that matter, like earnings and like cash flow.

So I think of this as the beginning of the return to normalcy as opposed to a temporary thing.

But we'll see.

I know there's like a heated debate about this, but my sense is it's just the beginning of the return.

Yeah, I think this is fascinating.

And I totally agree, Felix.

It's something to feel fantastic about, especially if we think that they have not been eaten away by inflation.

I'm curious what you think.

think of as the causes for this.

I could come up with maybe three.

One might be, there is news of increased unionization efforts.