In 1974, there were a bunch of great movies. One of the most underrated movies of that year

starred one James Kahn. It was called The Gambler. Paul Sorvina was in that movie. Lauren

Hutton, if you recall, was in that movie. The reason I bring it up is because James Kahn played

the aforementioned gambler. His name was

Axel. And he made a series of bets and he was out in Las Vegas and he was listening to these games.

And at halftime, he was up big on all of his bets. He subsequently left thinking that he was going to be a

winner only to find out that all his

teams lost. The point is, in one of the lines from the movie, Dan Nathan, is they don't pay you

at halftime, Axel. And here we are at halftime in the market. And although a lot of the things

that we had been talking about are playing out, they don't pay you at half time. So there's a lot of

runway left in this year,

but I think first and foremost, I think it would be interesting to go back and sort of look at

some of the things that have happened over the last six months. Well, it's interesting, right? So

if you were a bear coming in this year and you look at the S&P 500 limping into the close of this

quarter down, what, 20 or so percent. We're going to close in a technical

definition of a bare market. The NASDAQ is down about 30 percent. There's no victory

lapse right now. When you think about just all of the cross currents in the economy and you think

about so many parts of the stock market that have been correcting for over a year, many since their

highs in Q1 of 2021, the broad market, the major

indices don't really reflect the sort of devastation that's going on in large parts of the

market.

So in some ways, you're going to have to wait until the fourth quarter to get paid if you're

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