Welcome in folks. Hope everybody's having a tremendous day out there as always. Got some very exciting videos to react to in this one here today. Okay, first off we're going to react to some robo taxi related stuff. Driverless cars. Whimo got this clip I want to react to in this one as well in regards to Whimo. Then we'll react to this one. Kramer says he's putting his chips on Elon Musk in regards to the robo taxi. So looking forward to reacting to all these. It's very exciting time in the space because we just got new data out of Whimo on how many driverless rides are doing per week now at this point in time. And obviously Tesla's getting closer and closer to robo taxis. So it's just a very exciting time. And then this news came out a few hours ago. The National Highway Transportation Safety Administration relaxes rules on autonomous vehicles and crash reporting. So obviously that's seen as a very bullish thing for the industry. And so this is a very exciting time overall. And so I want to go ahead and react to those, talk about those, share my opinion and perspectives. From there we're going to react to this one. Stephanie Link buys more meta. We'll talk about meta from there. We're going to react to this one. dying to get bullish but it's hard says Adam Peter Paka. Looking forward to reacting that one. And then Brian Bellski his on his bullish optimism for the market. So appreciate everybody joining me as always. Thank you so much for being here. One thing, one thing only I need from you guys. Smash that like button on this video. Hope you guys uh enjoy this one. Hope you appreciate it. I appreciate you joining me. I got to take off and uh go on a little weekend trip here. So, but I still feel like I got to record something for you guys here on the reaction channel. And also it's been a tremendous year so far. We're now sitting at I posted this on X here today. We're now sitting on $493,000 of profits taken in the public account. Absolutely incredible. And uh you know I put here I said that you know back when I was working at Quick Trip managing Quickrip that would have taken me like 10 years to make that much money. And that's how much we cleared just in the public account. Not even adding up my private portfolio just in the public account so far this year. So, but there's a lot of years in the making, right? You know, 16 plus years I've been putting in the work toward investing and uh you know, obviously it pays pretty nice dividends as you put more and more effort in, right? If you're looking to take your investing game up to a much higher level than where you're at, pin comment down there today. That will be to apply to join my private stock group, private wealth group, get access to all my best course curriculums, access to my private Discord chat, all that good stuff. Thousandx.com that will be pinned comment down there and click on that. We'll see if we can get you access maybe next week. Okay. All righty. Let's react. Some of the bigger concerns around tariffs and search. You can see the shares are up only 1% now. We did get some fresh numbers from Whimo though now serving more than 250,000 paid rides a week. A 50k hike from February. Dear Jabosa has more in tech check. Dear John. So Kelly Whimo is not a business that typically gets a ton of attention on earnings calls, but Senator Pai said something else really revealing this quarter that is catching attention and could even change the competitive calculus with Tesla. there are future optionality around personal ownership as well. So we are widely exploring um uh and but at the same time uh clearly staying focused and making progress both in terms of safety the driver experience and and uh progress on the business model and operationally uh scaling it up. Personal ownership has long been a key part of the Tesla robo taxi bullcase for investors. Consumers eventually they own the self-driving car, giving Tesla unmatched scale potential and long-term margin upside. That's the bullcase scenario. Whimo's version though of personal ownership. It comes later comes after Whimo proves the technology and safety in controlled fleets which it is already commercializing. But Google has never ruled out licensing its technology and it's already planning to put the Whimo driver into other lowerc cost vehicles. So Pai's comments it hints at the idea that individuals could license it too and that is an exciting idea Kelly that could change again that proposition have implications for valuation. There's a lot of other stuff involved too including you know to use lighters or not. But something very interesting that came out of the earnings call off and I keep there there's so much you know potential in regards to Whimo on so many different uh you know ways they can go in regards to this and expanding over the next few years. Uh but the moral of the story is in regards to Whimo it is expanding rapidly. It's not going to stop expanding anytime soon. And if anything they're going to be scaling up more and more. Like I think you know the the 250,000 a week numbers like looks huge compared to where they were a year ago or something like that, right? But keep in mind like if we look out a year or two from now, this is going to seem like small stuff. Like it in a snap of fingers from now, they'll be doing 250,000 rides a day. And then we'll be talking about 250,000 rides in in, you know, an hour. And so that's where we're going in regards to this. And so they'll continue to scale out rapidly. They have first mover advantage here. um they're the ones that are actually in the marketplace today that people can go in many big cities and actually go and rides with no driver inside today, right? And so they got first mover advantage. It's massive for them. And um you know, it's going to be a battle though. There's no doubt like you know Tesla's going to eventually get in this market and they're going to be a major competitor, right? Amazon's going to get in this and no, you know, everybody's kind of like doesn't even think about Amazon this market. Amazon's coming. Um you know, I see their vehicles all the time here in Las Vegas. They're lagging certainly like it's clear Tesla and and Amazon are behind Google. That does not mean they'll lose necessarily long term, but he's very very clear like one has actual vehicles in the market today driving people around with no driver and others hope to eventually do that. D whether it was capex or cloud or search or uh you name it, YouTube, a lot of questions got answered last night. They did, but a lot of them actually still persist as well. the AI search to threat you mentioned a few of them Carl there's also there's capex there's um lawsuits that's pretty much already priced into the valuation but who is not and this quarter it got increasing investor attention this from center pai was especially worth paying attention to there are future optionality around personal ownership as well so we are widely exploring um uh and oh so that's going to cover a lot of what we just I didn't realize those clips were kind of very very similar. Listen, I explained this on the main channel last night. I'm not sure if you guys got to see my main channel video I put out on financial education last night. If you didn't get, you know, watch that this weekend, okay? But you got to understand Whimo and what Google's doing there is going to definitely be different than the way Tesla's going about it in terms of making money. And and this is very important I explain this to everybody. Google is an advertising business, right? So Google's end all beall is not necessarily making money per ride. I'm sure they're going to make money per ride over time, right? But that's not really the goal for them. The goal is going to be they are a data company and they're a marketing company, right? The the goal over time is so in the card they can feed you advertisements. So over time through the app they can give you different offers from different restaurants or bars or retail stores or whatever, right? And they have so much more data. they know where you're going. Oh, you know, they know you got to ride over to this place and that place. It's such valuable data. And so Google over time is going to be a heck of a competitor in this market and not enough people are taking them very very serious. And you need to take them serious because one, they got first mover advantage, right? Two, you got to take them serious because their end all beall is not making money per ride. Their end all beall is getting all that data and then being able to market uh to folks and advertise, right? Like that's where the real money's at for Google in the end and all that data knowing where you're going and all these things. Like that's where the real money's at. So, you know, people got to take Whimo very very serious in this market. All right, next one up here. Kramer on robo taxis. And you know, not enough people took Android serious. You know, when Google bought Android, you know, people thought like Apple was going to win. Apple didn't win. Android won. Like look at the market share of Android versus iOS. It's not even in the same ballpark essentially. That does not mean Apple was a failure. It's just, you know, they had a different way of going about it. You know, Google said, "We don't need to make money from Android necessarily because we're going to make so much money from advertising." That's the same exact thing now with robo taxis. It's not going to be about, you know, oh, we're going to make so much money directly from robo taxis. It's all that data and information and marketing to folks. That's where the real money's going to. Now, I am going to write a piece this weekend for club members about Amia Copa because at the last minute I did something that was about as stupid as you can ever do. I read the US government briefs against the monopoulos that was Google and I said I don't David I actually feared I feared the government and I should have been fearing Alphabet's lawyers cuz they really just real deals. Yeah, but you don't want to dismiss the potential risk of No, I did because I sold the stock. I should have totally dismissed it. Well, the the real fear has continued to be Chat GPT, what that will represent in terms of people using it for queries that ultimately can be monetized in some way even though Chat GPT has not gone down that road per se and what that is taking away from from Alphabet. That said, in the call they indicate their AI overview. What do they have a billion and a half users or something along those lines now? Are they paying to get them? That's what the government will tell you, right? But they are monetizing them as well at roughly the same at the same rate. I cannot believe the lead generation really works. It's the last it's the end. Like they use the example said, "Okay, what's the best golf ball?" All right, so you do that. I don't know. I still using Slazzinger from the days of James Bond and Goldfinger. But what's incredible to me is it says it's still the number one way to get sales and and the tiein to Gemini's grade. Now this guy Philip Schindler who is much cooler by the way than Sean Connory even in his his best days. He is Do you know Schindler? I I know I don't know. Oh my god. He does YouTube and his stuff about he did the NFL deal. YouTube is just it I mean there's like I want to compare YouTube say to a I don't know compared to like a a cable company. YouTube is a powerhouse. We've talked about that many times. It's the powerhouse. Mafet Nathansson saying could be worth half a trillion if it traded public. be a bit above that of Netflix. The ever surging Netflix by the way 16 times. How many times did he did in the Nathan and all 16 crazy and it's just positively insane. Is it a reduced multiple in part because of some of the fears that we've discussed? Yeah. How about the space between Whimo and the whatever number two you want to pick. So before we go further here uh and get into kind of Tesla versus Whimo and all that stuff uh let me be very clear about Google McDougall stock here. Is it a buy? Yes. Easy buy. Easy money. Like easy money. You know, if anybody's got a three, fivey year horizon, easy money. I mean, you know, between what they have going on with obviously the Google search, uh Gemini, I think it's going to expand rapidly over this next couple years, I've been very impressed with Gemini. And so, I think there's no doubt in my mind they'll they'll market that right and they'll get that that figured out as far as getting massive amounts of users. So, you know, don't be surprised if Chat GBT um starts having a lot more trouble growing users probably, I would say probably in the next 3 to four months um and their rate of growth starts to slow substantially. And what you're going to see, in my opinion, is Gemini absolutely take off like a rocket ship over this next 12 to 24 months in terms of, you know, amount of folks using Gemini. So, um you know, then you got YouTube, you got Android, you got Google Cloud, which is now becoming insanely profitable. Watch my main channel video if you want more data in regards to that. I show you the numbers. Shocking shocking what's going on there. So yeah, Google easy peasy lemon squeezy money. Well, I'm still I'm putting my chips on Musk on You are on Yeah, because I don't think Way scales the way that people think. Their trips are up 5x. Yeah. 250,000 a week. No, 250,000 on real streets. We go and read what what what must said about what he's going to do everywhere. I mean these guys are just this is in the wrong technology. I don't know Jim you know I was interesting because Sundar was asked a question about Whimo and he actually said that's the first time I can remember even being asked a question about Whimo on the call. Then he went on to sort of indicate some interesting thoughts about the evolution of the business. Take a listen. We're also uh building up a network of partners for example for maintaining fleets of vehicles and doing all the operations related to that uh with the recently announced partnership with move in Phoenix and Miami uh obviously partnerships with OEMs uh the you know the there are future optionality around personal ownership as well. So in regards to LAR I think this is an important point because you know it's been always talked about like oh Tesla doesn't use LAR so it's going to give them cost advantage. LAR is very expensive, those sorts of things, right? Do keep in mind in regards to lidar when you, you know, depreciate that over the period of how long that car lasts, it's actually a very very small amount of money. I mean, extraordinarily small amount of money, like as in it's almost meaningless. So, when you are first buying it, it seems like, oh, it's a big amount extra, but as you go throughout time, you realize with how many rides it gives, it's like nothing. And additionally, you got to understand in regards to lawsuits, right? Like LAR is just going to give you much better. Like there's no debate actually like if you have seen the technology Tesla has versus LiDAR, like there's no question like no question that LAR is better, right? It's going to give you more protection, you know, and at the end of the day, if if somebody gets hit by one of these cars or something like that, it's going to be huge lawsuits. Um, you know, Tesla's gonna have to have some crazy insurance on that or just be doing some crazy payouts because somebody got ran over and somebody's dog got ran over and somebody's kid got hit and all this stuff. Um, it's going to be situations, right? And so LAR helps prevent some of that. So, you know, it's not as costly as people think. Did you hear that? Yeah. Future optionality around personal ownership as well. I thought that was interesting. Yeah, it is. That's different from the model. It's different from the model. It's much more akin to what what Musk is thinking about with Tesla. Well, let's remember that Mus just says it's too expensive. He doesn't like the actual technology. I never go against Mus when it comes to technology. This call was an amazing call. Okay. Uh it was so painful for someone who had sold it because the government because you know they'll just say, "Listen, we've got all these relationships and the government wants to contend the relationships are illegal." Uh and it's like it's the US government versus the US Google. I mean, they're like one country is got a great balance sheet. It's really powerful. It's got a leader. It completely works. And then there's another country that's completely dysfunctional that has a Congress and a US. I want to bet on the United States. All right. Well, also 100 basis point be on the margin. At least in terms of what analysts were looking for. That's that's a lot. They haven't even started monetizing the NFL yet. I mean, they're so good. So, you wish you hadn't lost your nerve at 145. Oh, I read that stupid brief about how the the one they lost were like we're monopolists. I should have just bought on that. I should have said, "Wow, bet on a monopoly any day of the week. These guys are like, you know, they're like boardwalk and park place. These guys, they're that kind of monopoly." So, Kramer says, "Bet on Tesla, bet on Elon Musk, and we'll see how it all plays out, right?" Like, it's going to be a long game here, though. You know, let's keep in mind, um, you know, Whimo's in front as of right now, clearly, because they actually have vehicles in the market giving people rides. But with that being said, doesn't mean Tesla can't catch up. Doesn't mean Amazon can't be a big player in this market. It's going to be a long, you know, we're talking this is going to be like a 10, 20 year battle in regards to robo taxi market. And but the here's the one thing I'll caution everybody at. This market's not nearly as grand and big as people think. Everybody thinks like this is like the biggest opportunity ever. It's not. It's not. It's a good market. It's going to be, you know, there's money to be made here, but let's be very clear. This is not the smartphone industry. This is not selling AI chips. This is going to be good money to be made here. You know, the ability to add a hundred billion or a few hundred billion dollars to a market cap for the winners is there, but this is not like people make this out like it's a multi- trillion dollar opportunity or something like that. It's just not. It's not. Um, and as somebody that's been a Tesla shareholder for a hundred years, right, and as somebody that's now a Google shareholder, it's not as big of an opportunity as everybody's making out to be. And a lot of times that happens when you get a new space and new excitement. And a lot of retail investors that aren't super experienced in the market, they think like it's just like the biggest thing ever. And I'm here to tell you it's not. It's like a good market opportunity. Uh Google's going to have an opportunity to make a lot of money here, but it's not. It's not as cracked up as as people make it out to be uh in regards to that, right? Cuz keep in mind, a lot of people still prefer to own cars and um that's going to be the way that's going to be for a long long time to go in the future. Stephanie Link buys more metal having a bad week. the staples down about a percent week to date. Is this an inflection point when it comes to tech more broadly? Well, I mean, it's been a nice rally from the lows uh in the overall market in the S&P 500 and NASDAQ and tech in general. Certainly, you're up uh upper single digits in in tech just from the lows. So, it's encouraging. I think we got oversold. These the um technology as a whole is a great free cash flow story. There are a lot of wonderful moes as well. Um, I look at Alphabet and I actually thought that for the most part it was pretty much in line. So like search up 9.8% good but in line. YouTube up 10.3% good but in line and cloud up 28%. I think we were bracing for cloud to actually see a deceleration um or actually a big miss. We didn't. Uh I think the big highlight as Kevin just mentioned is operating profits. I mean, operating margins were up over 120 basis points uh relative to expectations. And so, I think that we were bracing for negativity. We got a pretty good report against low expectations. Uh but the big key in my mind, Frank, is that advertising did not roll over. And that to me is a big highlight and one of the reasons why I actually have been adding to Meta. All right. So, you added to Meta was this is what I've been saying this whole time. crash correction, whatever you want to call it, it's been going on. Um, you know, especially in regards to Meta, people are like, "Oh, you know, uh, things are shaky, so people might not advertise." I'm like, "Dude, if you have a business, like so many businesses rely on advertising on Facebook and Instagram." You don't have a choice to not. If you don't advertise on there, you don't have customers, you don't have business. So, it's either you don't have business or you advertise on Facebook and Instagram and you have customers. What are you going to choose? Like, you can't just pack up shop and be like, "Oh, we're going out of business. We're just not going to advert." No, it's not the way this works. And so, it's been ridiculous the whole time. Uh, you know, everybody thinks like, "No one's going to advertise." I'm like, "You are forced to advertise and if the market gets harder, you're even forced to advertise more." That's were the ad uh results were those a major catalyst in your mind or was it this report overall? Yeah. No, I mean search is 56% of total revenues at Alphabet and it accounts for 75% of of advertising. That is positive for Meta because that last quarter advertising was almost 96% of total revenues. So if advertising just hangs in there, Meta should al should do pretty well. I think they're going to grow 20% in total revenues this year, 40% operating margins and the stock is trading at almost uh 13 times EBIDA. The historical average is at 17 times. So I think you're getting quality on sale. I may be wrong. They are reporting next week. Frank, I will buy more if the stock is down because I think these metrics are very powerful and again it's a big huge moat. 3.3 billion users. So I like it and uh I've been adding to it for for a while and added to it this morning. Yeah. Yeah. And another silly thing in regards to Meta is uh people were recently talking about like oh uh you know these Chinese companies like Teimu and all these companies aren't going to advertise on Meta anymore $7 billion because of uh you know Trump's getting rid of Dude, come on. Come on. Stop it, man. Yes, they're going to keep advertising. They're going to keep doing business. They'll find ways around the system. Uh deals will get done. Like it's just ridiculous, man. People just think like everybody close up shop like well Trump said this or Xi said this and so the shop's closed like business is over like no that's not how CEOs work that's not how uh entrepreneurs work like what are we talking for sure um you know we came in the year with this view it sounds almost stupid to say this out loud but in early January when we did our year outlook we wrote we thought the market would be down because things like tariffs and policy weren't in the price that sounds crazy that that was completely a contrarian view in early January. Um, now I would I'm dying to get bullish at after having that call, but I think it's really hard partly for what Sarah just went through, which is one I don't really understand the lag between the tariff and when it hits its earnings and I'm now suspecting that it isn't that immediate and the lag could be it's more the Q2 numbers with the Q3 guidance and I don't think the all clear and two we haven't seen a lot of companies guiding down and the stock doesn't go down. You know, maybe somebody said to me, "Well, Adam, you've been waiting for that and Tesla did that." I'm like, "No, no, no. Tesla was Musk going back to work." That wasn't people rewarding the bad, you know, saying the bad numbers were in the price. So, you need at least a combination of those two things to get me a little bit more thinking more of this is behind us than in front of us. So, this rally doesn't make me more excited about risk-taking necessarily. I think it's going to be up and down here until we get more clarity on some of the things Sarah was saying about the bottom of company news. Um, what about pull forward? You know, I mean, it's pretty crystal clear to me, and I've been talking about this for the last two weeks. It's pretty crystal clear the market's bottomed unless you get another black swan event. You get another black swan event, something crazy happens, you know, like massive something, then then we could talk about, okay, market goes to some new lower low. But outside of another black swan, we already had a black swan event. That was the tariff madness. You know, Trump going to these ridiculous, insane rates that no one thought was possible, right? No one had those numbers baked in. And so that was a black swan event. No one saw that coming. Boom. Market got leveled. Leveled, right? NASDAQ went down, you know, peaked the trough. It was down like what, 24% or so. That's in a very quick amount of time. It wasn't like that was over a year. No, that was over like a couple months span. Like over two or three month span. 24% gone like that from the NASDAQ. Almost lost a quarter of its value. That's, you know, pretty extreme. So, you know, market's already bottomed in, you know, and we're we're on a rally mode now until unless we get a black swan event, right? Or unless earnings tank or something like that. But so far, earnings look pretty dang good. What about how are you figuring on that? A lot of people are sort of at least asking that question. Again, back to what we can expect in the second half. No, I I I agree with that. I don't know. We certainly read a lot of anecdotal stories about it. I suspect that, you know, the skew is more toward that than not. And and that's what I've done so far is I took my 2026 earnings and I made my my 2027 earnings. I sort of said, let's just assume one year of earnings growth is gone. And so uh then I said, okay, well maybe that's roughly what was in the price. I mean a lot of stocks were down 5 to 30%. So maybe that and so I in a weird way I kind of thought the market reaction might have been kind of fair so far and now we need to evaluate. I I I mean you just asked a question on the previous um segment. The answer is of course of course she doesn't know what what the what the 200 countries are and what the like none of us know and I think uncertainty when we've been trained on Wall Street is uncertainty I should pay a lower multiple for that and so it's hard to see why I'm going to get a V-shaped fundamental recovery with higher multiples. So when I get a big snapback week I'm not thinking I love it now at higher prices than I used to which sometimes happens to all of us. I'm thinking I probably got but uncertainty can also get overdone and I I wonder um if has uncertainty ever led to recession. You know there's a difference between a growth scare and and then an actual growth slowdown. I think in this case it is a growth slowdown. Um I don't know how much of it is yet and that's where I think the challenge is but you can't just say oh it's an irrational growth scare that everyone has and it's like an uncertain um I think if you have a business with pricing power if you have a business that you know you can be okay and we've seen certain you know Lily's got a product it goes up Google puts up a decent print because they're not they're not trying to exp like there's things that can do it but there's a lot of economically sensitive businesses we're going to hear from next week and the week after if you think about how earning season typically unfolds where we may get guidance that isn't quite as peachy as we've seen from you know the original guys in the banks and then some of the higher quality tech companies have reported so far. Yeah, I think two of the most important companies to pay attention to this earning season will be Apple. Like what are their numbers? What are they talking about for guidance? How's their business looking? And what do they have to say about the whole China situation? Because so many of their products are made in China, right? The other one I think is going to be really really important to listen to is Amazon because Amazon because of AWS, how's B2B doing? Um, additionally, how BC is doing with their e-commerce side of the business and then any exposure, you know, from a lot of their sellers that sell in China and who's taking the hit on that. Um, good thing for Amazon. It should be a lot of the sellers taking a hit rather than Amazon, but we'll see. And so, and then they obviously have a big advertising business at Amazon as well. So that's going to be an, you know, Apple and Amazon, the two A's in my opinion of the big dogs, those are going to be the two most interesting. All right, next one up here, Brian Boltzky on his bullish joins us now. He recently cut his S&P target now 6100 from 6700. So it's still optimistic. Brian, where do you see the best ideas? Still optimistic. What a shock, Sarah. Uh thank you so much for having us. You know, uh it's been humbling to be bear uh to be bullish. uh and I think uh a lot of the bears are quite prideful and I would say this that pride usually generates disgrace and humility generates wisdom and the way I say that is because investing is a process and a discipline and one of the things that we've incorporated uh we got in the business in 1990 but we got into the sell side in 1993 and one of my very first mentors a guy by the name of Bob Dicki uh turned me out of this book called the art of contrary thinking uh and you want to think differently if you have the analysis to back it up. Don't think differently just to be different or to be difficult. You want to think differently if the analysis backs it up. So if you take a look at sentiment measures uh such as what we think sentiment measures are things like forwardyear earnings estimates which have dropped dramatically and oh by the way the the outyear number which would be 2026 for the 500 companies in the S&P 500 the type of decline we've seen matches what we saw during co that's number one. Number two, in terms of bearish sentiment indicators at all-time lows again. Number three, in terms of the last 12 month PE ratio relative to the VIX, right back down to to uh CO type levels. So, a very important one that everybody pays attention to is we've had eight, it's either eight or nine straight disastrous AI investor sentiment numbers. so bearish like I've never se when you can go back through the all the way back to the 1980s you've never seen it as bearish from AI investor sentiment for an 8 to n week span as you've seen the last 8 to nine weeks ever great financial crisis tech bubble 2020 2022 go back to the '9s go back to the 80s you know insane and so fascinating times and at the end of the day what do we know about when things get that bearish you got to be buying additionally what did we also have a couple weeks ago was that 2 3 weeks ago now at this point in time and I've been posting about this on X several times right VIX went 50 plus tell me a time period where you know a year or two later it didn't pay handsomely to have been buying when the VIX was 50 plus doesn't exist it always pays handsomely it always pays handsomely and so you know you see the VIX pop like that you better be buying everyone is going one direction Sarah and you have the analysis is to back it up. Um, you want to be bullish. So, what's the analysis to back it up? You've heard me on your show for a long time talking about America is the best country in in the world. We have the best best country companies, I'm sorry, in the world. We've had outperformance of Europe, which I was last week talking to clients. They're taking a big victory lap over there, but they're really worried. Yep. Okay. I'm sorry to cut you off. First of all, your m your microphone, you might need to fix your microphone a little bit. Um, but as as I I get the whole sentiment and positioning and you want to go the other way toward all the negativity, but do you have the clarity that you need to really form a fundamentally bullish case? We do. Um, we do because I I think what's happening with respect to companies dropping their guidance. They're beating the quarter, but they're dropping the guidance. I think that what's happened in corporate America is we have this secular we have this secular side of things where clients have quite their guidance they're being what's going on in the background in the quarter but they're dropping the guidance I think that what's happened in corporate America is we have this secular we have this somebody's whispered in the background can you hear it some I thought they said something like what's the point, Brian Beltski. I I don't know. Like they're whispering something in the background there. I can't tell what they're saying though. Secular side of things where uh clients have quite frankly, I'm sorry, companies quite frankly have set up to underpromise and overd deliver. And we also think too that what's happening in terms of the tariffs are exogenous events. All of this could go away in a week or two. And we do think that companies, by the way, you saw what Boeing came out and talked about how their higher costs can be absorbed for the next year or so. I think you're going to start hearing more and more about that, Sarah. So, I think we have we as an investment community, economists and strategists have become way too bearish and have already decided we're going into recession that earnings are going to be dropping a lot. So, I think our our targets are set up to underpromise and overd deliver and we're following the 500 companies of the S&P 500. Yeah, you know, predicting recession is really difficult. Everybody, I think, learned that uh back in uh 2022, right? Everybody's predicting recession going into 2023 and then you know obviously we know how that played out. So you know and it could be a situation where maybe we have a riper rally spring summer people get to the point where they are convinced no recession's coming right and then maybe in the fall time or winter time you actually get some rec to predict it is so difficult. It's so difficult. The economists try to predict these things again and again again are wrong and are wrong and these big financial institutions will take up their recession odds and then it doesn't happen and they're like a like and then when you finally get it it's when people weren't expecting it. So it's just fascinating how all that works out. Okay. And so you got to keep your eye on the price stay invested stay investing and uh that's what I do. Okay. Appreciate you guys as always. Thanks so much for being here. Additionally, if you're looking to apply to join our private stock group, private wealth group pin comment down there. Click on that. 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