Tom Gardner

The first is just measuring the amount of cash that's flowing in and out of the market.

It's basically saying if there's a lot of cash on the sidelines, that's a good time to invest because that cash will come back in.

And if there's not that much cash on the sidelines, it's all in the market.

Like you could even have great earnings reports and companies could be doing amazing, innovative things.

But if there isn't more cash that can come into the market, you're not going to get a lot of upside.

So that tool is essentially saying that the market is somewhat overvalued now and that we might want to expect something more like

eight and a half percent or nine percent a year instead of the sort of 10 to 11 percent a year that U.S.

equity markets have delivered over very long periods of time.

So you're like, OK, good.

I'm going to be cautious.

I'm going to be moderate.

But the market view tool is using floods of data sources.

And it's not just following cash in and out of the market.

It's following cash flow projections across all U.S.

equities, multiples, historical multiples, interest rates.

unemployment, it's bringing in a lot of data points and our formula calculates and we can update that more frequently, but we update it once a month.

And that is basically saying more like 10 and a half to 11% a year.

And the reason that that tool is advancing that

I think my conclusion is that there are two reasons.

One, margins are gonna improve.