I think we saw a fair amount of stress in November, primarily in the form of liquidity, those stressors are gone, and now investors are in the process of getting more comfortable, again.

Every generation believes its investment boom is different. In the 1600s, it was tulips. In the 1990s, dot-com startups with no revenue. Today, it’s artificial intelligence

For an entire generation, making $100,000 a year was sold as the American benchmark for “you’ve made it.” It meant security. Comfort. Freedom. A good life.