Robert Armstrong

Um, our listeners are very familiar with this because Scott makes many predictions.

In fact, he makes a prediction every single week.

Some of them are right.

Some of them are wrong.

We try to keep track, but let's get into it.

Um, and let's start with this first question, which is, are we in a bubble and will the bubble burst?

And you say, yes, we are in a bubble, but no, it won't in 2026.

Because most years we don't?

I would completely agree.

I guess the way I have been thinking about it is, I mean, if you believe that there is a bubble and you're trying to think about how to invest or how to bet on whether or not it pops,

The idea of betting on it popping in a year where we are about to see this flood of fiscal spending that is going to prop up the market, where we are seeing interest rates coming down, it's just a bad bet when you look at the reality of what else is happening.

100%, which is why my view on 2026, and we said it on a previous episode, I just think returns are going to be kind of, like, it's going to be, you have all of these downward forces, which are related to what you're saying, that valuations are

too high.

You also have all of these expectations around AI.

And I don't think that people really understand where the ROI is going to be and what the ROI is going to be.

I think it will likely disappoint people as it has done throughout history.

The one good thing that I would note is that we're not seeing huge amounts of leverage and huge amounts of debt.

Very good point.

These companies are spending...

You know, they're spending on data centers with money that they have, for the most part.