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We have been hearing investors talk for quite a long time now about wanting to see this broadening trend in the market to sort of confirm that it can keep going higher. That is, we're in in this case now, resume the rally that we had seen. So this chart looks at the S&P equal weight index versus the S&P 500. In other words, when we see the S&P 500 go higher, while the S&P equal weight does not, that implies the S&P 500 is just moving because of the largest cap companies, the large cap tech companies. So basically, when this line moves down, it means things are narrowing, when it moves up, it means they're broadening again. We have seen a little bit of broadening thus far in 2025, but it really just looks like a blip on this chart. And there have been other sort of small attempts at broadening here that have not been sustainable. Investors do seem to think it could happen this time, but maybe the macro environment would need to calm down to some extent. And some investors also think, well, maybe tech would continue to reassert itself down the line. We talked to Sebastian Page about these dynamics. He's a CIO at T-Ro Price, and he seemed to think that maybe things are as concentrated as they're going to get.

We might have reached for quite a while peak market concentration. You see European markets do well right now. You see, you know, value stocks do quite well and we're long value stocks in our asset allocation portfolios. So, for a value trap to become something else than a value trap, right? By the way, I still think the US tech will dominate over time in the long run. But when you want to invest in a value bet, you have to have some momentum behind it, which we have right now.

So basically, he's saying that this little bit of broadening here could see a little bit more momentum from here. We've talked to other investors who say really the tariff headlines need to quiet down a little bit. We'll see. Josh.

All right, thank you, Julie.