Mike Wilson

It's not going to sit there and collect dust.

So, you know, typically it could last a year, two, three, I don't know.

I mean, but it's hard for me to believe that the spending cycle is over when they just raised gobs and gobs of dollars.

Yeah, it's competing for the free cash.

And by the way, CapEx now is a percentage of free cash flow is pretty high for these businesses.

But once again, I want to go back.

This is by design.

The tax bill is basically incenting these companies to do it now.

I mean, the government, the administration is really encouraging businesses of all types

to start investing for the first time in 15 years.

We've underinvested in so many things, not just AI, but infrastructure and factories and automating production and robotics and things like that.

I mean, this bill is designed to get that engine of growth moving.

It's happening.

I think that the valuation is telling you that the growth is going to be better than we think.

My view is that earnings growth is going to be better next year than people expect.

Now, on the other side of that, I do think we're in a different environment where we have these hotter but shorter cycles.

So we're not in these 10-year economic expansions anymore.

And so it's two years on, one year off.

Two years on, one year off.

That's what we've had since COVID, right?