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Hey, hello, everyone. This is a very special finance university that's about to be recorded here.

I'm sitting here with Paul Kiker. Hey, Paul, in person, I always love in person. This is so good. Weird circumstances. We're in Atlanta. We're at a conference. And of course, today I'm looking at the market that Dow is down 2,200 and some odd points here. So we just thought, well, we're going to have to talk about this. And this is on top

of yesterday's losses. What does this mean? I think this is a 2008-style liquidity crisis. We're

going to go over the data for that, talk this through, because this is a really big event. If it is

a 2008-style liquidity crisis, you're going to have to be prepared for this because prices get set by people

who have to sell for whatever reason. And so, listen, everything gets tossed out, baby, bathwater,

the whole nine yards. So, Paul, you're in the biz. Or are you, well, I mean, you've been your

law. What do you think of today? I mean, am I overselling it here? No, I don't think so. This was a pretty massive move across the board. I mean, you've been your life. What do you think of today? I mean, am I overselling it here?

No, I don't think so. This was a pretty massive move across the board. I mean, just from top to bottom in a matter, just a matter of 60 days. Yeah, I've seen the Dow will go down 15%. S&P's down 17. Nasdaq. In how many days? In let's say 60 days. Yeah. At the top was, we talked about two months ago, February.

So, NASDAQ's down 21% in 60 days. And the magnitude of this moves really fast. You know,

instead of getting a sell-off with a little bit of support and, you know, bounce and rally,

especially what we've been trained over the past since the 2008 crisis,

is you're going to at least get a counter-train rally, even if the trend is changing.

But this was shocking.

And, of course, the tariffs are the excuse that the market started selling off for.

Well, that's what it says right here.

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