Introduction

The last time Daniel was looking forward to a season, it turned out not great. People are trying to paint this market and this environment into some historical precedent. I just think our financial system is much different than it was in the 70s or 80s. You have this big debate right now: Are we in a recession or not? If two quarters of negative GDP academically, that means we're in a recession. And I don't disagree with that. But there's other areas that are struggling too.