The Salesforce market drop is likely due to the consumer economy cooling off and enterprise belt-tightening.

“but I think it's worth bringing up here and dovetailing, which is it does seem like the consumer, which isn't enterprise, sorry, but the economy is cooling off. Consumers, I think, are running out of money. The YOLO economy is finally, I think, at its end.”

Growth multiples must normalize downwards to historical levels because the era of zero percent interest rates and excessive fiscal injection has ended.

“when we got to a post covered world rates were going to normalize go back to where they were in january 2020 that was around 2 percent and the growth multiples would have to come off of this historic red bull high that we were on during most of 2020 and 2021”