Tom Gardner

And it hasn't been our style for 31 years.

But what is, at least in the Hidden Gems methodology of The Motley Fool, is to tilt from one direction to the other based on valuations.

And we're at rich valuations today.

We have had almost 35% returns since April.

So this is not repeatable.

over the last handful of months, but our minds start to get so excited about.

We start to get, if your stock's not up 4.5% today in the market, it's kind of disappointing.

But if you were to actually annualize 4.5% daily returns, you know, you would own Manhattan.

So what I'm gonna talk about

in this quarterly call is what type of investments to make in this environment.

So should you be buying the new IPO if SPACs return, right?

Should you be buying those?

Should you be buying the obscure crypto, right?

We talked about that in the first call.

Should you be on leverage?

Should you be buying penny stocks?

These things are all no in most situations.

And they're, to me, absolutely, they should be forbidden among Foolish members in the environment that we're in right now.

It's time to

reduce our exposure to risk.