so i want to bring some comments that are so social media, and they are from ricky sandler. eminence capital. he doesn't talk that often about his views on the markets and it is so relevant to what we're talking about now. he posted a little while ago, and i want to bring some of these thoughts to all of you and continue our debate. i'm quoting from his post. the market at the index level is expensive in consensus. the biggest tech umps have a blend of overlapping competition and riding capex and outside of amazon feel uninteresting to me. the macro backdrop is quite favorable with the fed on your side. that's sort of what we're talking about and let's take it at that and then i'll read you more as we continue our debate. that's where people are cutting through all of the noise and distilling it down to that thought. the macro backdrop is favorable and the economy is good and the fed is on your side. is it good enough? >> it's been good enough until now, but i think from here on, the market will be earnings led instead of valuation led. if it's valuation led, i think we're s

i thought it was interesting, the thoughtful commentary that ricky sandler put forth on social media to where he says the best place to play offense, and he thinks you should play offense, are in below mega cap companies that have interesting stories at midto large cap, and he doesn't say small. how would you argue your point against those? >> i mean, i would say that we're on the same side of that line, which is market breadth is expanding, and he sees a better risk/reward in mid to large just because i think there are some reasons. there's an argument that maybe you can find higher quality and longer histories. but i think that small caps really do perform when the market is believing we're having a soft landing. i don't think that they can make that case in their mind yet until after election day, whether or not harris or trump is president. but i think once we're through that period, i think small caps not only have underperformance as a tailwind, but it's really, and i know i'm repeating myself, but median p.e. of small cap stocks 10.7 times, it's like seven turns cheaper, we're