Tom Gardner

And so if it's gonna be closer to 8.5%, we're gonna see more volatility, we're gonna see some bigger losers, and we're gonna not get as many big winners.

And if it's closer to 11% a year, well, we're gonna be in a

an exciting market where there are some big winners, particularly in new technologies.

There'll be a lot of IPOs as well.

So I guess I'm somewhere in the middle overall.

That might sound boring or wishy-washy, but I'm still pretty firmly in the moderate camp, leaning more towards adding cautious investments alongside my moderate recs than aggressive investments alongside.

But I still want to have a good mix of all.

Well, I would start by saying that the primary reason the NASDAQ fell 75% in 2001 was valuation.

So I think we would want to look back throughout history at peak valuations for growth companies and run comparisons to see

Are we anywhere near there?

I think the second biggest difference is the quality of the companies today versus 25 years ago.

We actually haven't had a ton of IPOs.

Most of what's happening now are very large technology companies with their

Cash hoard their access to AI talent and their massive amounts of data, which consumers should have been paid for.

There should be some compensation for the individual who has had all their data raked out of their lives into these large companies.

But the advantages they have now without regulation on that front, no pushback in society yet.

is they've just been able to multiply the value of that data and widen their lead over any competition.

So when we look at the companies today, they're of a much higher quality.

We don't have drcoop.com.

You know, we have some companies that I think are a little bit ridiculous, like C3 AI.