Travis Hoium

Yeah, just to do some quick math on that, the market bottomed in March of 2009.

So if you started investing and you were 23 in 2009, you would be 40 now.

There is just a huge number of investors.

A lot of people that I talk to on a day-to-day basis were not investing back then, much less have stories like JDS Uniphase, for those of us who can go back all the way back to the 1990s.

Yeah, it can get worse.

Let's talk about when we come back,

where we're looking at potential opportunities, because I do think that we need to remind people that this does not mean panic sell everything, but it means that this is why we continue to add to the market by when you're lower, you want to be greedy when others are fearful.

So how should we be thinking about that as investors?

We'll get to that in a moment.

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One of the things that people often talk about when the market starts to decline or we have uncertainty like this, John, is safe havens.

We think about these as maybe the big companies where we know we're going to be buying toilet paper in the future or food in the future.

But a lot of these companies are really expensive.

We also have things like gold, Bitcoin.

Are there any real safe havens today?

I'll just add one of the things that I'm looking at is companies that have really phenomenal balance sheets and don't burn cash.

I think that's one of the challenges.

A lot of companies that get a lot of attention have a ton of cash on the balance sheet, but then you look and you go, they've really only got the runway to make it through the next two or three years.

So if things are really bad, they're going to have to go raise capital again.