People often ask me whether I worry about how frothy the market is. I tell them, "Stocks have already crashed." Inside the market, there is a crash. That doesn't mean they can't crash more. But tons of well-known stocks are down 50, 70, or 90% from their highs. It is hard to see at the overall market level because, at the same time, some big companies have become giants, offsetting losses in the index. I'm not just talking about the SaaS massacre - stocks of many companies that are generally regarded as excellent businesses have been smashed, and almost nobody notices. I've never seen anything like it: the index is so strong, but so many quality constituents are so weak. From ATHs: Nike: -84% McDonalds: -31% CarMax: -63% PayPal: -83% Pepsi: -34% Disney: -50% Dick's: -46% Wendy's: -75% Charter: -72% T. Rowe Price: -52% Campbell's: -71% Constellation Software: -46% Kraft Heinz: -70% Fiserv: -80% Home Depot: -35% Hershey's: -40% Alibaba: -65% Otis: -35% Lululemon: -80% Rollins: -51% Wingstop: -77% Boeing: -55% Lyft: -78% The Trade Desk: -91% Most of those are trading near multi-year lows. These were, and generally remain, large, "good" companies. Now go look at smaller, lower-quality companies, and you will see some crazy sh!t. There is carnage out there.