Travis Hoium

allocation that you're talking about right the nasdaq is not going to be allocated energy whereas if you look at one of the things i like to look at recently is the heat map of the s p 500 if you do a year-to-date heat map of the s p 500 there are huge segments of the market a lot of the most popular stocks that we talk about all the time are down really big

And then you got these small little boxes like utilities, like, you know, oil producers, ExxonMobil that are up huge.

Is that what you're talking about?

Is that just that allocation has not kind of balanced out because of the weights of the index?

That has been a fascinating shift over the past 10 or 20 years.

One of the questions that I have about the market and the economy, one of the things you guys talked a lot about market dynamics.

We have not talked a lot about the economy.

And the reality is oil prices are soaring.

That's a huge expense for a lot of consumers.

Year to date, Brent crude is up 76%.

WTI, West Texas Intermediate is up 70%.

We're at $93 per barrel.

That is going to ultimately hit people's pocketbooks.

So

Lou, does that worry you that the, yes, I think Andy's totally right.

The great thing that we've been trained as investors and as individual investors to have a longer term view and to buy these dips.

But what's different now is that in the last 17 years, we have not gone through a traditional recession yet.

where people are losing, you know, put COVID aside.

There was a lot of weird things going on with COVID, but where those buyers of last resort that Andy said were, you know, losing jobs, were pulling money out of the market instead of putting money into the market

Are those two things, energy prices going up and the risk of a recession, could that be kind of bad news squared for the market overall because those buyers are going to start going elsewhere or just going to cash?