Rob Armstrong

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.

economy was downright hot and it's cooling, but it looks good and stable.

So you have...

U.S.

corporations expanding earnings and revenue and you have a good and stable U.S.

economy.

Everybody wishes the job market was more dynamic.

In other words, more people were switching jobs, more people were quitting jobs, etc.

But.

Everybody who wants a job basically has one.

They may not love that job, but they've got one.

And so, you know, and the rest of the market responds to that.

Industrial stocks doing well, financial stocks are doing well, et cetera, et cetera.