Can We Have a Sustainable Rally Without the Apples, the Amazon's, the Microsoft's?

The long-term average of the S&P 500 over historical proportions is really about 7%. I think we're discounting a lot of bad news. And if there's an industry that has pricing power, they've got it. If we have a recession, of course they can. But I don't think at this multiple with earnings power of something like 18 to $20 a share. That's a multiple. Sixteen. With a 2% yield. It's very impressive. Put those backlogs shrink.