Mike Wilson

I could be wrong, but I'm pretty confident about that outcome.

So let's talk about the risks for the bull market.

We think the bull market started in April, new economic earnings cycle.

Okay, there are two risks.

One is that the Fed drags their feet, liquidity, funding market stresses kind of pop up.

The second one is what you just talked about, is that the market starts to push back on the fact that free cash flow growth is actually decelerating for some of these businesses, and the asset light story is being called into question.

We haven't

seen it yet.

The last week was the first time we saw pretty divergent performance between some of these.

And that's a risk because if all of a sudden the market starts to become a governing factor on those stocks, I can guarantee you that the management teams are going to say, well, maybe we aren't going to spend quite as much, just like we saw in the fall of 2024 as we talked about that deceleration in CapEx.

And also we saw that with other times when these companies spend much money.

The market is a governing factor.

The management changed their view, how they're guiding on the CapEx.

Right now they're getting rewarded for more CapEx.

Well, I think it's a natural evolution.

And just to be clear, in all of these build-outs, whether it's railroads, electricity, the internet itself, we're now into the debt part.

So now they just raised a ton of capital.

Well, they're not going to sit.

They're going to spend it.

So that's another reason to be excited on one hand, because we know that money is going to get spent.