2025 will not be a blockbuster year for most companies. Why? Everyone believes that,

hey, things are going to be great, new election, things are going to boom like they did.

People forget a few things. We're used to rates being extremely low. They're not going to go

that low. The Fed is predicting that we're going to

have two cuts in 2025. So the sofa rate is going to go from roughly 4.4 to 4.5, roughly where

it's at right now, to roughly 3.9 to 4.0. During the Obama years, and for a lot of the Trump

years, we're used to interest rates at zero or close to zero, which made everything cheap.

And when people look at what's booming right now, if you exclude the S&P, if you exclude the top seven companies in the S&P 500, I think what, they make around roughly, what, 30, 40% of the market cap is something ridiculous like that?

Did you see the other graph? The last time this has happened was right before the Great Depression hit.

Yeah. And you look at most of the companies that are booming right now, it's purely a lot of AI companies.

If you look at the value of the S&P 500, a lot of companies' earnings are down,

but the multiples on some of these companies are up, which is making up for earnings not being

as great. You look at Tesla, they delivered less cars for the first time in history.

So not only having businesses not perform, if you exclude a lot of the AI companies,

what caused a lot of companies to boom during the AI or during the COVID days,

wasn't that interest rates were pretty much zero.

We had low interest rates during the Obama administration.

What really caused things to boom during the COVID time was the government

printing tons of money. And when I say printing tons of money, I'm not talking about,

hey, let's send money to this country and help them out here. I'm talking about they printed

money with programs like PPP for businesses to help stimulate them, which caused businesses

to have tons of surplus of cash.

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