The Fear-Based Approach to Markets

Vidia is just the poster child right for what is really in many ways a fear-based approach to markets. The two most offensive things you can do of course is go into true safety staples consumer names or try to hide in idiosyncratic growth i.e. Microsoft from a mature business that has reliable growth and if indeed there is a contraction it doesn't contract the way Ford Motor or Alcoa does but I think the the issue about overshooting to your point that the irony is that we were coming into this week and it was 100% guaranteed according to every observer that we would go higher.