The Future of Valuation

The stock has had a tremendous run since then. The day after earnings, it was actually cheaper from a PE perspective than it was going in because of the projected earnings and the guidance that the company just blew everybody out of the water with. But what I will tell you is the ease have been exploding. We're fundamentalists. We're going to buy things that are at a reasonable price right now but we might miss some of these story stocks that might not ultimately benefit from a change in their earnings trajectory as we don't know how they're going to use AI yet.