Ruchir Sharma

Tech outsourcing markets.

Yeah, yeah.

So I think that what we have is this AI world order in the world.

But once again, this point about narrowness, dispersion,

99, it was even worse, right, in terms of what happened in the last six months, last nine months, the dispersion, the narrowness of the markets, what was driving it was even more extreme in some cases.

So that's where you have it.

And yet, bubbles, you know, like feel best, like at the end, because the NASDAQ, like as you know, in October of 1999, till March of 2000... I was only four years old, yeah.

I was going to ask.

I can tell you the history that I lived there that it doubled in value in that time period.

Doubled in value.

So that's what happens with these things.

And it feels like we're in one of those spikes.

It feels like that.

Until interest rates go up, I just don't see this party ending.

Well, I think we have to be a bit more specific, if I can say so that.

So in fact, I remember writing this piece.

You know, so let me just break it down, because this is the question I get all the time, which is that if you look at the world today, there are about 8,000 stocks which are listed in the public equity markets, which are what I call investable.

I define investable as companies with a market cap of more than a billion dollars, a market value, and that

and somewhat reasonable trading volume.

There are about 8,000 such stocks out there.