Do you have any concern that even as we see a third year that tends to be positive in a presidential term, we have this so-called bubble that's driving the action in the stock market that may not be able to be sustained?

I think we're in that period where winners and losers start getting parsed out.

So let's go back to the dot-com bubble, legitimate bubble.

The dot-com bubble... was anything that literally had .com in its name.

I remember getting a cold call from a seemingly reputable firm, stockbroker, saying, I got a tip for you, you know, in the days when they weren't worried about, you know, stuff on recorded lines that would put them in jail for insider trading.

And I said, what was it? And it was like Sports Authority, if you remember that brand.

Because Sports Authority has a website called sportsauthority.com. and if you look at the analyst reports they're not ascribing any value to sportsauthority.com and this was early enough when there were companies that didn't even have a dot-com they didn't even have a digital means of interacting with their customers forget about using that as a selling platform they just didn't even have a landing page And that was the point where I remember literally like it was yesterday, sitting there looking at this mutual fund that I had of technology stocks and saying, I wonder if I should sell this because if literally this is where we are.

And getting back to those two topics, the border, Social Security, they can be solved and they don't address it.

What is driving the renewed rise in inflation?

Well, it's, it's probably a three-letter word: oil.

Um, as oil and gas prices have ticked up, uh, very dramatically, uh, it has, you know, found itself in every aspect of the supply chain, impacting consumers, as we saw the other day with, uh, the consumer price index, and now most recently as we've seen at, with wholesale prices for, in the producer price index, which rose way more dramatically than consumer prices did.

And the thing to remember is that many people view the producer price index as the leading indicator of what consumer prices will be, 'cause if producers are paying more now, they're going to pass that cost along to consumers.

Now, do you expect the Federal Reserve to raise interest rates again when they meet later this month?

Interest rates, uh, and inflation have sort of gotten themselves into a, a bit of a death spiral, where you need to raise one to try to fix the other, and then the other one raises, and where do you stop? The problem with raising interest rates to curb inflation, the goal there is to, um, destroy demand so that there's less demand that can match up with the supply.

What the administration has been doing, uh, over the last almost two years now is they've been working really hard on shoring up the supply chain, reshoring, meaning moving to the United States the supply chain, and they're doing it in a period of sort of rising prices, as we talked about.

The problem with fixing the supply chain, uh, using tax policy-