 If it starts with what he calls the mega cap 8, which is Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, NVIDIA, and Tesla. We all know those names. The forward P-E ratio for this mega cap 8 right now is 31. For the large caps, if you look at the S&P 500, 21. For the mid caps, which is the S&P 400, it's 15. And for the small caps, which he's looking at the S&P 600, the forward P-E ratio there is just 14.