Tuesday afternoon I had a conversation with a dear friend, someone I worked with for many years in the securities business. Over the years we have socialized and gotten to know each other's family. We keep count of grandchildren in an unofficial competition for bragging rights and other milestones. We share jokes, war stories, investment ideas and more.
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Like or not, this is classic bear market action playing out.
When one of the last holdouts of the S&P 500 turns down the selloff is in full gear.
I'm not the only one who likes the tech behemoth. Bill Ackman believes Alphabet will be a leader in AI for years to come.
The market is trying to discount the impact of higher rates, but it's extremely difficult.