Another close here, David. Another close. Green all over the screen.Uh, David, I was just talking to Lou about this. Look ahead. We just keep kind of melting up here.David, what are your expectations. You know, unfortunately, I think the market right now is probably getting a little bit overextended. When I look at our valuations, the market overall is trading at about a 2 to 3% premium to a composite of our fair values.Yeah, we cover over 700 stocks that trade on US exchanges. So, we compare our intrinsic ...

Market Sentiment & Valuation - Market sentiment can shift rapidly, with healthcare experiencing a quick turnaround from negative to positive [1] - The market is characterized by institutions with low conviction and a return of retail FOMO (Fear Of Missing Out), evident in meme stocks and retail numbers [2] - Valuations are at a historical low percentile, a situation only seen twice before: during the pandemic and the internet boom [3] Earnings & Growth Drivers - Sustaining market growth from the current level requires earnings growth [9] - Tariffs may negatively impact consumers and producers, hindering earnings growth [9] - Automation, AI, and spending on infrastructure projects can drive earnings growth [10] Investment Opportunities & Risks - A broader, stock-specific environment is emerging, still influenced by the "Magnificent Seven" (now six) which account for 25% of earnings [4] - Opportunities exist to be both bullish and mindful of downside risks [4] - Financials and healthcare show potential for earnings growth due to AI and biotech advancements in drug development [11] - Caution is advised regarding "value traps" like small caps and energy, which have repeatedly disappointed [5][6] - The market's behavior doesn't always align with what "should" happen; focus on where the earnings are [7][8][9]

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So Craig, right now we were just talking about this uh S&P very close to a new all-time high, the NASDAQ 100 hitting a new closing high. And in this environment, you're actually raising uh your recommendation for equity exposure just just a very slight amount from 97% to 98%. But generally, when stocks are at record highs, uh valuations are elevated, people are looking to possibly move away from stocks.Why are you getting more bullish. You know, Frank, when you when we think about all the negativity that we ...

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