00:00 Speaker A
Where is all of this positive sentiment coming from, right? Given that there are things that in normal circumstances might give investors pause including uncertainty on the tariffs and sort of the economic environment more broadly. What do you think's going on?
00:28 Speaker B
So well it began certainly after the tariff, you know, timeout, which made a lot of sense because it looked like the tariff rates were going to be just, you know, very difficult, very high rates, could could really slow things down from an economic standpoint. Maybe lead to inflation and after the time out, um a lot of that um kind of pressure has been relieved. And success breeds, you know, confidence. So the market rallied on that, feeling like, hey, the economy continue to grow, it won't be as inflationary and maybe we'll figure this out. And uh, so the market has just surged since then and that's made people feel far more comfortable about where things are. We've maintained confidence quite frankly. So many of our peers, they reduced price targets, they dramatically increased odds of recession and we just thought that was premature, the data looked pretty good throughout. So this was a confidence psychology PE cycle. The data and earnings pretty much, you know, remained intact. Multiples just went all over the map because of this confidence that you're talking about.
