Well, I mean, maybe some of the bears have gone to hiding Scott, but because the last time we talked, I wanted to give you some quantitative stats. If you take AI, I think it's one of the best surveys. of high net worth retail investors. It's average minus 11.7 this year, negative 11.7. There've only been three other times in that surveys 35 year history. Where are the... year-to-date average has been negative. It was... 1990. 2002. and... 2022. So... Pum. All those times have actually been associated with... bear markets and so sentiment has averaged this year. what's consistent with the bear market. So it is the most hated V-shaped rally. Now there may be some people who say they're no longer bearish, but their P&L doesn't reflect that.

That's right, and we know 80% of fund managers are trailing their respective benchmark this year. It's the worst and almost 25 years. So... uh and now they're given. two things to work with. One is that seasonally, November's a good month. So it should be a positive month and as far as earnings go. and you guys had a conversation about it. I'm early today. margins have been improving. despite tariffs. And so it's showing you that companies I think using AI are able to expand profit margins. That's actually a pretty good talent because... The tear of head ones are fading. but the benefits from AI margin. Benefits are still gonna grow.

Yeah. One thing to keep in mind is that if you look at FEDFUN futures, it's still projecting a cut. in December. I think Fed Chair Powell in his statements did. Give you a window for why it's possible one is he did? acknowledge that inflation's effect from tariffs is less than the expected. and despite a lot of Fed Governors talking about. inflation widening that's not the case. When you look at the CPI report in September. It was the highest percentage of components, 50 more percent that were in the outright deflation. So it's... It's in fact inflation is falling like a rock. And the second was, he acknowledged that rates aren't accommodative. They're just less. restrictive. And so in a case where there's falling inflation and if jobs markets weakening. I think that that's a good reason for cuts to happen in a way that's good for equities.

Yeah, well I'm into something. then. The Fed won't. We'll not want to do who just be a little forward looking, but we have a government shutdown that's continuing. that is causing even things like air traffic to slow. and inflation isn't going to be gaining strength in a period like that. So if the Fed was... acknowledging inflation's weakening now. I think it's... Even weaker in December. At a time when the labor market is suffering so up. I think if those if someone thinks the ads have dropped because of what the Fed said. I just think the data would support. a very opposite picture.