“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria” - John Templeton We don’t see Euphoria. Not anywhere. What do we see? Fear. Fear of AI, fear of robots, socialism, capitalism, medicare advantage, fear of shutdowns. ‘Fear is the mind killer’ - Paul Atreides of House Atreides Take a look at this headline. They should rename it to ‘It’s Tuesday’. CDS spreads blowing out is yet another sign of excess fear. Follow earnings growth. Earnings growth is going up. Stock prices follow. Trump is rolling back tariffs on food. Bullish. The government is spending. Bullish. Big tech firms are investing in AI. Bullish. I see interesting names to scoop up and will share in our Lumida Ledger newsletter and Non-Consensus Investing podcast.