Travis Hoium

Yeah, Tyler, how do you think about this cyclicality?

Because it does seem like, man, when prices go up like this, the last time this happened was 2021 going into 2022.

The market was not real happy at a certain point, but it took a little while to get to that point where the market went, oh my gosh, this is a problem.

But I think the expectation has been that we were going to lower those rates and maybe now we may be moving to a point where the expectation is we're going to have to raise those rates.

That seems to be where the market kind of goes, oh my gosh, we got to raise our discount rate and then valuations start to fall because those rate expectations change.

The one thing that I want to add is this is a kind of point in the market where I'm looking very closely at one valuations, but balance sheets, because whether this current point is, you know, the peak in 2021, whether it's, you know, we're going into 2008, 2009, whether it's a, you know, .com is the, or AI is the new .com bubble.

We don't know what that future looks like, but the companies that have really good balance sheets have some sort of differentiation pricing power, you know,

They're going to be able to survive whatever comes next, whether that's good or bad.

And so these fluctuations in inflation and things like that maybe aren't necessarily the same impacts for those stronger companies.

So that's just one thing I want to flag for investors is there's a lot of uncertainty out there.

I have more questions than answers, but I think Lou's K-shaped economy is exactly what Tyler was talking about.

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For Tyler Crowe, Rachel Warren, and Dan Boyd behind the glass, I'm Travis Hoyum.

Thanks for listening.

We'll see you here tomorrow.

Yeah, the gaming word is what I would normally use if you're talking to people in the gaming industry.

But that really gets confusing with games themselves.