The Exciting Game of AI in the Stock Market

We believe that what's happened with the technology stocks from a historical perspective for an intermediate range standpoint is a bear market rally. RCA was the giant glam tech stock of 1929, and in 29 through 30 it went down about 85%. And so we believe the excitement around AI is what, in sports, you call a Hail Mary. It's the last play of the game. And they go, AI. Well, a great irony. Our big stars in our own portfolio is we own the largest home builders. They've been spectacular performers, which defies all logic, right, that the Fed's tight and credit more in a year.