Robert Armstrong

There are a few outliers.

They might get crushed.

But would that pop the entire thing?

Would that cause a real correction, a real crash, especially when you've got those forces propping things back up?

I think no, and then it all kind of goes in sort of a semi-flat line.

Yeah, you said that was on my list here.

The biggest risk in 2026 will be inflation.

What do you make, just a quick side note, what do you make of the inflation report that we saw recently where it came down to 2.7, which shocked me, and then I learned, I mean, I guess I'm sort of answering, but... Give me your take first.

Well, I guess I don't believe it, or I didn't believe it at first, and I always hate being the guy who says, I don't believe the numbers.

But then we talked with Mark Zandi, and he basically took us through all the reasons why the data was completely flawed.

And so in reality, we're actually still at 3% based on the analysis that they did.

Within the realm of probability.

For all of the reasons that we're outlining here, I don't see it improving.

That's really why I saw the 2.7%.

I'm like, bullshit.

No way.

And I was very relieved to see the analysis which said I'm right.

That would be huge.

I am that, that if that happens, yes.

Fair enough.