How do you respond to that when you're asked that on customer calls?

Very natural, common concern.

You know, the question of, is it due? Literally, the market doesn't just, you know, come up with corrections every three to six months.

There's no expiration dates or market rallies.

They can go on for quite a while.

Another way of thinking about it is, hey, maybe the stock market's gotten... too expensive compared to the earnings outlook.

So looking at things like valuations, like price to earnings ratios, price to book ratios, is the market getting expensive and could that lead to a correction? So the market right now, if you look at things like price to earnings ratios or price to book ratios, it is a bit more expensive than average.

So if these trends continue, what do you believe will be the impact on the U.S. dollar and how should we position our investments?

And that might be causing some investors to wonder, is there any reason to be concerned about how unstoppable this sector looks right now? Or is this just the way things are, given the situation we find ourselves in with the endless potential for AI here? What do you think?

Right, so the story does have a lot of optimism and enthusiasm behind it, but to your point, there's always some folks who are wondering, is this going too fast, too far? Is it justified in terms of the outlook? So just big picture, I don't see major reasons for concern myself for the market overall.

What I see in the backdrop is even though day-to-day consumers might be looking at things like inflation and the struggles that brings, overall there's a lot of good things happening with the economy with pretty steady employment levels, some good economic growth in the backdrop, renewed manufacturing activity this year so far.

And on top of that, we've also had really strong earnings growth.

And it's gone beyond tech stocks.

So just in the first quarter, S&P 500 earnings grew by north of 20% for that quarter, much faster than the long-term average of 9% to 10% a year.

And it wasn't just technology stocks.

How do you and your team think about diversifying portfolios or how have you been doing that recently?