A lot of it's writing on the results of the mega-caps. I mean, particularly at the broad index level, we have significant concentration at the broad index level. And you've got valuations that are continued to be priced for pretty significant growth. So I think a lot of it. But reality is these businesses continue to look pretty well positioned. And the expectation is that they will deliver on earnings. the macro backdrop in general continues to be good for risk. You're still, you know, positive on on where this market can go between now and the end of the year. I am and you know, I keep coming back to some core elements which is growth as resilient, inflation expectations are contained. Yields are down, oil prices are down, the Fed is easing. In many ways it's it's almost hard with the exception of valuations which are not timing tools. It's almost hard to think about what there is not to like with regards to the current macro mic. I mean we're just talking about trying to close above 6800.

Yeah, I mean obviously the, you know, the, the mile markers come quicker when you're moving faster and the numbers get higher. So there's no doubt that, you know, there has been a little bit of reserve. of caution out there, among like strategists, for example, the S&P's now well above the median target for the end of this year. That's why I'm focused on how this develops between now and year end as everybody forms their 20, 26 outlooks. If people's eyes start to get pretty big, the way the market is acted since April is very much the way it acted in the year. 2017. uh... when it was not even up 3% pullback the entire year just march tire obviously was people looking forward to tax cut the following year and then we had this acceleration higher this momentum top in early 2018 that's when everybody got over excited so we're kind of in that zone where people have not yet quite built up that level of enthusiasm. Maybe that's going to be an essence. The other piece that we just know in terms of the earnings, there's no doubt that the general trend of earnings of these big companies is likely to deliver. but Netflix didn't do anything particularly wrong and it's core business and the stock got smacked. So I don't think all of them are going to be up commensurate with how good the numbers are. And so we'll see if maybe that's something at the market's going to have to contend with here.

we just put up there is is that the environment we're in barring at either unforeseen error or an unforeseen something? Yeah, absolutely. Just continues to look like that. Absolutely, in the reality, if you think about 2018 what we saw in 2018 was a series of rape hikes which were not going to get and we saw more. confusion around the US trying to trade war, which we may not get. This is an environment that may even look different than that because we're going to be using and we should have better policy clarity. So, right, so when do markets roll over? Market's roll over either with a policy mistake or a meaningful deterioration and economic activity, neither of which seem like they're lurking right now. Yeah, are you in everything rally camp, but it's not just the mega cabs, you can get a real...

I'm less inclined with the so-called debasement trade. The US dollar assets have done just fine, so I'm not piling into gold and Bitcoin. What you have a nice opportunity for as we move into the end of the year in 2026 is good stimulus. Decent stimulus in the US better around the world. policy easing and hopefully a pickup in activity a bit from a little bit of the slowdown that we've seen. That should help broaden things out. You've seen small caps do decent. You've seen international do well this year. So this year has been a bit of an everything. Rally, I think for a lot of investors, the concern is valuations. And so you can diversify portfolios here, bring down the overall valuation. Doesn't mean you sell mega cap growth. get out of it entirely, but you can diversify and still participate.