Travis Hoium

If I need to go to work, I need to go to work, whether gas is $2 a gallon or $4 a gallon.

The two historical times that I thought of comparing this moment potentially to are

is the 1973 oil crisis, also Iran involved in that one, and then also the war in Iraq started in 2003.

You had 9-11, 2001.

The period after that for the market was essentially a decade of the market going absolutely nowhere.

There was an economic impact

And then you potentially had a market impact where investors start to go, man, look, think about all the growth stocks that we have today.

Maybe we shouldn't be valuing these as highly if we've got a whole lot of uncertainty.

So now you see multiples start to come down.

Is that something that we should be thinking about, Lou?

And we don't want to be dumerism here, but these are the concepts that we need to think about.

Because if this is another 1973, if this is another 2003, it could mean that that's going to affect our investments over the next decade.

Yeah, John, we've already seen the market start to be impacted.

The S&P 500, as we're recording year to date, down about 4%.

The NASDAQ composites down about 6%.

We're definitely not in any sort of major correction territory, but the fear and greed index is now in full-on fear mode.

So should we be sort of a little bit more fearful in the way that we're thinking about expectations for the future?

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.