Mark Mahaney
Appearances
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
What if you could make that stop? With LPL Financial, we remove the things holding you back and provide the services to help push you forward. If you're a financial advisor, what if you could have more freedom but also more support? Ready to invest? What if you could have an advisor that really understood you?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
When it comes to your finances, your business, your future, at LPL Financial, we believe the only question should be, what if you could?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Well, both of them fall into what I call DHQ camp. So dislocated high quality camp or whatever. They're great DHQ opportunities. So I look for the highest quality assets in the space. And that would have to include Amazon, Meta, probably Google. I'll go a little further out on that. On the risk limb, I'd probably include Dash, Uber, Booking, Shopify, Spotify, Netflix.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
There's about 10 of these that I think are really high quality. And then the question is, when do they get dislocated? Look, we began this year with multiples that were relatively high. I thought there was only really one DHQ at the beginning of the year, that was Uber.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But given the market sell-off, you've got a chance here to buy some of the highest quality assets that kind of, they're not fire sale prices, but they're on sale. And Amazon is one of those. It's trading at one of its lowest PE multiples ever, 23, 24 times earnings. And I know that there's a lot of near-term issues and we'll talk through those.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
They face the same ones a lot of other companies face. They just have a very good execution track record. So my guess is that they'll handle them better than others. And my same pitch would go with Meta, which is the stock with the trade-off is trading at one of the, it's not as bad as it was in 2022, but it's one of the more attractive multiple shots you've had.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
in I'd say the last two years, then I think the fundamental story is very much intact. So that's why Amazon and Meta would be two of my top picks.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I think last week, the CEOs of Home Depot, Walmart, and Target went into the White House to expressed their concerns over what the tariffs would mean for their businesses. I'm actually a little surprised that Amazon wasn't in that list. They're actually bigger than all three of them in terms of retail volume, or they're similar in size to Walmart. But I think they may be modestly bigger.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But whatever. If you're a major retailer, yeah, you walk around the Walmart store, turn over anything in there. It's all made in China, pretty much. And so it's an issue for all of these major retailers. So yeah, that's kind of an issue across the board. And these companies are going to have to make a decision. Are they going to eat price? Are they going to eat market share?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
You know, you got to do something because your input prices are going up. So how are you going to handle that? Are you going to defend margins? Are you going to defend market share? And so there's an economic issue here for Amazon. And then there's the follow-on impact, which is that if you have, you know, pretty material price increases coming through the system,
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
uh, that is gonna dent consumer demand, uh, and, um, And so there's kind of a long-term economic issue or maybe even a medium or near-term economic issue for Amazon. And then other things, you know, there's very intense competition in the cloud business for Amazon and maybe some regulatory challenges too. So I throw it all together. I don't think Amazon was going to, there was no act.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I don't think Amazon was going to show tariff prices next to their regular prices. That's what they said. But I also just think Amazon's management team has been Pretty darn apolitical, I would argue, over the last 10, 20 years. And this is a place that's extremely hardworking environment.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And the executives that I've tracked over the many years, I mean, they've been almost entirely profit focused. So I've seen very little political activity really coming out of them for good or for bad. It's just, that's what I've sensed. So I doubt that there was really going to be some broad-based showing of what the tariff impact on prices was going to be. But it is real. It is a material impact.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So if there's a drawdown in advertising spend, Meta will be impacted. I just think it's going to be one of the last least impacted of the major ad platforms. I may be wrong on this, but
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
look it's largely performance marketing it's also got highly fungible inventory so the obvious comparison is with google if you're um you know people are searching for hawaiian golf package vacations uh that's a very specific uh search item and there's a very specific type of ad you can put against that if you're in your facebook news feed instagram news feed uh real stories whatever um
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
That inventory that they could add inventory they can put against you is very fungible, depending on what your personal interests are. But it's very fungible. And so I just think that they're more resilient in an ad slowdown. None of them are recession proof, but they're more resilient. And I think meta would be one of the last places to get cut.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And frankly, of our channel checks so far have shown that. Advertiser demand has kind of held up for Meta. I'd be surprised if it hadn't given what Google just reported last week. So I just think Meta sort of holds up a little bit better in this environment. Valuation is pretty reasonable.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And it looks like they're starting to finally kind of cut down the investment spend at the reality labs based on reports. If that's true, that's great. I don't think any of these companies are going to slow down their AI capex spend.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But I think if they start cutting off some of these extraneous areas where they've been spending a lot, and Reality Labs is one that hasn't really shown much return yet, I think the market would respond positively to that.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I think they've used AI to dramatically improve the user experience. You know, your newsfeed has got a lot more, it's become more personalized, more interesting. I think that's true. And it shows up in more and more time spent on Facebook, Instagram and
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Over the last two to three years, I think they also used AI to rebuild almost completely their ad tech stack post the Apple privacy changes two or three years ago. So I think they've already been deploying it. And you're right. They have one huge advantage, which they've got first party data, which nobody else, Google will have to.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But those two companies, you know, Facebook is one of the very few that has that kind of. level of data. So yeah, I think because they don't have a separate cloud business that people have wondered whether they're a real AI play. I absolutely agree with you, Scott. I think they are an AI play.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
They're a play at the AI application layer, which we don't really have many examples of, but they're sitting right in front of us. I think they're a wonderful example of AI.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Google is the cheapest stock. I've thought about two or three overhangs on a stock which explain why it's the cheapest stock. It's got a DOJ overhang. Is it going to be DOJ roadkill? It's got an AI overhang. Are they going to be Gen AI roadkill?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
You know, are we all moving towards ChatGPT or significant enough of us moving a significant enough of our queries over to ChatGPT perplexity and maybe some other entrance. So those are the two overhangs.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And then when Google prints up a quarter like they did last week, but then they disclose that their paid click growth grew 2% year over year, it kind of feeds into this thesis that, you know, this company is going to go negative in terms of unit growth soon. They talk about how AI overviews, AIO is really boosting their search queries.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But if that's true, why is your paid click growth only growing 2% year over year?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So in their quarterly filings, they disclose two metrics behind search. Paid click growth and then price per search, CPM. And so this last quarter, they did 9% to 10% search revenue growth. And what they disclosed in the queue was that they got there through 2% query growth and 7%-ish pricing growth.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And generally what investors want, growth investors want, is they want more growth to come from units than from pricing. And I know there's a lot of things that go into those metrics, and there's a lot of noise behind there. But still, that unit growth has been slowing for a couple of years, and they're concerned that it could go negative. Why would it go negative?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Because it's a very mature business. It's not saturated, but it's clearly mature. But the second thing is they may well be losing query share to investors. you know, to perplexity, but particularly to chat GPT. That's the overhand concern. I still like Google as a stock because I think this risk is more than priced in.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And I think they're doing a lot of great innovations to make the search product better. But that explains why the stock is so cheap.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Absolutely, it is. It's part of the option value in the name. I'm here in Waymo Central. I can look out my window here in San Francisco and see Waymo circling around the financial district. By the way, I can see Uber circling around too. It's just they're not marked. So it's not as obvious. But yeah, I've watched Waymo. I've written reports on Waymo. I mean,
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
just i'm a huge fan boy fan person of uh of waymo but it's still so early stage this is going to take years before it's truly mass market but they're seeing great adoption in some of their newer cities and i think that there's a chance here for um google to own the um avos the um autonomous vehicle operating system.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And there was a company 30 years ago that minted a fortune creating the operating system for computers. And now the open question, I think there's going to be a company that's going to mint a fortune creating the operating system, autonomous vehicle operating system for all vehicles. I think that's where Google's going to go with Waymo, whether they win that or not.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And my guess is that they probably will. They'll probably beat Tesla just because Tesla's just... Tesla's going to be focused on one vehicle, whereas I think what Waymo's going to do is develop this technology and then be willing to sell it to all OEMs. And so every car that gets bought and sold, my guess is starting 10 years from now,
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
There's going to be somebody's going to make money off the AV functionality in that. And right now, the leading player to do that is Waymo. So it's absolutely interesting for an investor who's thinking the next year or two. However, you got to first deal with DOJ. You got to first deal with this this AI, you know, this potential disruption before you can get paid on Waymo.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
That's the challenge you have. But, you know, I love Waymo as part of the option value. And I don't know of another tech company. I'm sure there are some that have. have a Waymo, you know, Meta doesn't have a Waymo, but the most interesting one out there, the most interesting option value I see in Techland that I look at is Waymo with Google.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Well, the biggest overhang on Uber stock, it's not really a tariff issue. I mean, it's, it's, uh, It's got economic whatever. It's a cyclical stock, but it's also got interesting counter cyclical hedges, too, and an economic slowdown. They're just going to be more people needing a side hustle. There'll be more couriers, more drivers.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So there's actually a little bit of a counter cyclical hedge to Uber's business model that I don't see in any of the other models I look at. But the real issue here is robo taxis. And, you know, there's a lot of. debate on this, and some of it I think is a little bit noisy and unnecessary. Here's your simple action question.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I mean, do you think that Uber is going to have robo-taxis as part of its network in the future, five and 10 years down the road? I think they will. in part because I think consumers are going to want them, but in part because I think they're going to be multiple AV vendors. That's a risky assumption because we only really have one now, but one that's really commercially been tested.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But I think you give me five years, I think we're going to have multiple AV vendors. And then Uber sits there as the perfect partner. There's this wonderful blog that put out by one of the Andreessen Horowitz partners two weeks ago. They're an investor in Waymo. And they showed this chart about how well Waymo has launched in Austin. Now they've launched solely exclusively on Uber's network.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And the expression that the investor used was that Uber helped Waymo turbocharge into that market because Uber can go to an AV vendor autonomous vehicle vendor and say, we'll reduce your financial risk. We'll reduce your operational risk. You'll get the profitability faster because these things are expensive. Work with us. And I think that pitch is going to become stronger and stronger.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So I think Uber is going to be a long-term winner. That's my thesis. If I'm right on that, I think there's a ton of upside in an Uber stock here. So I'm going to stay very patient and be a bull on the stock. It's up 30% or whatever. Year-to-date, it's actually the best-performing large-cap internet stock, but that's because it began this year dislocated over these robo-taxi concerns.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But I think the data points are coming in that shows that there will be robo-taxis on Uber's network in the future. And if that's true, you want to buy Uber.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
What if you could make that stop? With LPL Financial, we remove the things holding you back and provide the services to help push you forward. If you're a financial advisor, what if you could have more freedom but also more support? Ready to invest? What if you could have an advisor that really understood you?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
When it comes to your finances, your business, your future, at LPL Financial, we believe the only question should be, what if you could?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So, Ed, I like the way you set it up. I'll tell you what I'm trying to do is be greedy. I want to find a situation where I can find a stock that gives me premium earnings growth, you know, 20% to 20% to 30% earnings growth. That's hard to find. I want to find that and a multiple that can go higher, that can re-rate. I call that kind of a double-barreled approach to making money.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
You make the most money when the multiple goes up and the earnings growth is premium. Both and, yeah.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
love it and actually i think uber is there now i just my comment was referring to most of the other companies you know netflix at 35 times earnings i just don't think it re-rates much higher than that i mean maybe it goes to 37 or something like that but there's not a there's not a huge swing up in the multiple uh same thing with spotify 35 40 times earnings i like the businesses but they're gonna the stocks will go 20 higher because their earnings growth is 20 higher but i give you uber
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
where I think the earnings growth could be 20 to 30%. And I think the multiple could go up you know, multiple turns from here. Like it's trading at 15 times cashflow. This thing could go to 20, 25 times cashflow. You compound those and that's a lot of stock upside. So that's what I really love to see. And that's why I love these dislocated high quality companies.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
High quality companies give you premium earnings growth, but they all sell off at some point or another. Just be patient. And when they sell off, then you can get the earnings growth. Plus you can get a little bit of multiple re-rating and boom, that's your, you know, big upside. Hey, I made plenty of stock mistakes, but that's what I look for. And that's my approach to picking stocks.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
tell us about netflix and specifically what is going so right at netflix what is the market so excited about that to your point they don't seem to be that excited about when we look at all these other internet companies well spotify netflix both share something this year uh which is you know in a in an environment where there are rising recessionary risks like what's recession there's nothing recessionary proof but what's recession resilient
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
What's recessionary resilient? And arguably Spotify and Netflix are. Spotify, $7.99 for a month's worth of access to the biggest content entertainment collection out there on the planet. That sounds like a great deal to me. And I think it sounds like a great deal to most everybody. And the business has been pressured. It's been tested through economic cycles. So
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I just think that they're recessionary resistant. And then there's something else that's happening. Industry's gone through consolidation. 2018 and 19 were everybody was entering into the streaming wars. And then we peaked when Disney's fired its CEO for running up streaming losses too high. And ever since then, we've had nothing but consolidation.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
And everybody wants to sell, well, I'm exaggerating, but everybody wants to sell their content to Netflix now. And Netflix at the end of the day is sort of taking share in this market. And then there's something else. They're proving that they have pricing power. Like if you have a media company with pricing power, you know, you don't get too many of those. Spotify has it.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
They're going to come up with a super fan plan. They got 269 million paid subscribers around the world who pay them. I forget. It's like $13 a month or something like that. You and I both know, we all three know that we can probably name 10 of our friends who are really passionate about music and would spend 25 bucks a month for some really nicely curated
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
you know, um, early release version of Spotify. They're just passionate. They have all their playlists and their party lists, et cetera. So I just think that there's, and that's, so I, yeah, I think Spotify is the pricing power. Netflix does too. And Netflix is going to, I think Scott will appreciate this. Netflix is going to recreate the bundle. That's their strategy.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
You remember how much you paid for your cable bundle? I forget 40, 50, 70, 80 bucks a month. And Netflix has got all of that, you know, uh, high end production content But they're going to bring in more and more live events, more fights, more sports. And eventually you're going to get real big league sports on there because they're going to have the ability to outbid almost anybody for them.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So I just think they're going to recreate the bundle. So the top price on Netflix today is, I think, $24.99. I bet, you know, a dollar, big bet for me that within 10 years, that top price on Netflix for that big bundle that they've got with all this live entertainment, that's going to go to 30.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
It's going to go to 35 bucks and people will pay for it because they're going to recreate the bundle for you. So I think that's why Netflix and Spotify today, you know, have been outperforming, not just year to date, but the last, you know, 18 months, the stocks have done well. Recessionary resistance, that's the most recent thing. Expanding market share.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
industry consolidation, and then their profit ramps. They both have shown this really nice improvement in margins.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Well, Ed, what's implied in your question is a really useful and helpful warning, which is that You know, these are deep consensus longs. Netflix is. And, you know, everybody's cyclical at some point or another. Right. So I'm sure if we had a severe recession, I'm sure that Netflix would be impacted. It does seem like entertainment spending holds up relatively well.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I think it's true that, you know. Filmed entertainment spend actually rose nicely during the Great Depression. I've always heard that. Maybe I saw that on the internet somewhere, so it must be true. But anyway, Netflix has been tested. I mean, it's gone through economic cycles. This one, unlike Spotify, has been public for 25 years. So we've seen what's happened to it.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Now it's much more mature now, much bigger than it was in the past. And so the one scenario that you mentioned, which is what I would watch out for, which is, are you going to see people stick with Netflix but trade down I think that's a real I think that's a very plausible outcome. I do I do think it's deep consensus thinking. So that could be dangerous that it's recessionary resistant.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
My biggest concern on Reddit is, I think they've got this great growth, but at the end of the day, you know, the revenue comes, maybe they haven't rolled out any sort of subscription revenue yet. I think, I mean, I would want to watch that. But it's a mid-tier ad platform. And I've never really seen a mid-tier ad platform break through, whether it was Snap, Pinterest, Twitter.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
None of them have ever done it because at the end of the day, you got to go to marketers and you got to say, yeah, spend some of your money. shift some bucks away from linear or break it away from meta or Google and spend it on my platform. And the marketer's going to say, because your targeting is better or your reach is better, your frequency is better. Why?
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Other than just simple diversification. And I don't think that a mid-tier ad platform has ever really been able to effectively answer that question. And that's why, unless you're something really out of the blue like TikTok, I just haven't seen anybody really break through and generate $10 billion of ad revenue. I hope I'm surprised one day, but that would be my biggest concern with Reddit.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
But everything I've seen so far is very intriguing.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I don't know. I'm pretty cautious on Lyft just because it's the distant number two in the U.S. market. Now they're trying to expand internationally. They just acquired an asset in London, I think, like a taxi service, I forgot the name of it. Geographic expansion is a good thing, but the problem with being a distant number two is that your economics aren't in your own hands.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
In the December quarter, Lyft stock traded off aggressively on their print because they had a surprise price action that occurred late in the quarter. Uber came in and lowered prices aggressively, and it caused Lyft to miss its numbers. And well, to me, that's why you want to be careful about buying second-tier assets. And so I'm on the sidelines on the stock. I sort of view it as a
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
as maybe more of a trading asset than an investing asset for really nimble, you know, traders, you know, they want to move in and out of the stock when the valuation gap widens particularly wide and jump in and sell it when it, when it narrows. Okay. I understand that. And it's, that's a very valid way to make a living. It's not what I would suggest for, for retail investors.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
Well, there'd be a fourth one, which is recession. That wasn't in my forecast at three months ago, not that I make recession forecasts, but tariffs, yeah. I mean, the tariff wildcard became a lot wilder than I would have thought, and the market as a whole would have thought. Regulation, I don't know, we still haven't had anything that's meaningful yet to tech.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
I haven't seen any material deregulation yet. Maybe I missed it, but I'm still watching for that. We've had the tariff wildcard get played. It's going to get played for a while. And then what's the third one? Oh, M&A. Yeah, it does seem like there's more M&A that's being allowed now. Google buying Wiz, security software company. There's smaller acquisitions out there.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
So I just think that that's kind of more allowed now. But of those three wildcards at the beginning of the year, the one that came through in spades, if I'm not ruining the analogy, is tariffs. And actually, it turns out the market does have a good hand because the one thing that's really changed administration policy has been a market that said, you know, no mas, we disagree.
Prof G Markets
What to Buy When the Tech Sector is On Sale — ft. Mark Mahaney
We're going to tank the markets. The bond market seems to be the king. Or queen.