Rob Armstrong

has its role to play in creating the instability, a flight to safety still points to the United States.

It's like when your crazy uncle starts acting normal, you're like, what's going on here?

Something's wrong with old Joe.

It's not just earnings expectations.

So earnings for next year, the year after that, they're high and even unreasonably high.

But I'm just looking as of last Friday, according to FactSet, the companies in the S&P 500 that have reported so far

Which is not the majority of the index, but it's a lot of it.

Their earnings are up like 15% on average.

Very good.

Revenue is beating expectations.

And you could be worried if earnings were doing one thing and revenue was doing another thing.

But revenue is okay, too.

And look, I can pitch you a story about the underlying U.S.

economy, which I happen to believe, which is it's not as good as it was a year ago, but it's still damn good.

I mean, you at home can all go look at a chart of U.S.

initial jobless claims, like how many people are filing for unemployment insurance for the first time.

That line is historically low and staying historically low.

If you look at indicators, my favorite indicator of corporate sentiment, ISM, indices of manufacturing and services, especially on the services side, it's still well in positive territory.

So stuff like this, and I could read along, it's like, it's okay.

I mean, we've just come through a period where the U.S.