 So let's move now and talk about the 2024 projections for the Nasdaq 100 and the Dow Jones. After all, growth stocks were all the rage again after underperforming in 2022. Many mega cap stocks like Microsoft made new all-time highs. So should the recession rear its head in 2024, that could spell trouble for the mega caps. Michael Kramer, founder of Mount Capital Management, agrees with that view around where things may head for the Nasdaq and the Dow Jones. Here's what he had to say. I guess the question is, where is fair value on the S&P 500? And once you can figure that out, you can kind of figure out maybe where the Nasdaq should be. Again, generally speaking, with the S&P kind of trading up at these levels here, if you're looking at 4100, it's really sort of a fair value on the S&P. That's 13.5% lower from here. I mean, you've rallied in the last two months what it took nearly a few months to do back in 2021 when the conditions were much more favorable for stocks to go higher. And that sort of implies that the Nasdaq is probably equally as overvalued, if not more overvalued than the S&P at this point. And you're more likely than not to see a similar type of decline in the Nasdaq, if not even more, because the Nasdaq typically trades with a higher beta, it trades with more volatility to it. And not only that, but you've seen a very big rotation from growth to value in 2023 after value was really kind of outperformed growth in 2022, there's been a big rotation back into growth. And you can see that that's even starting to show signs of slipping. And if you were to see value outperformed, that would be another weight on the Nasdaq. And again, I think the same rule generally apply to the Dow, although I think that if the Dow can, if you do see that rotation out of growth and into value, I think the Dow would probably be the index that could perform the best out of the three, just because again, the way the weighting of the index, the price weighted index, also given the fact that it's not as tech heavy, I mean, Apple and Microsoft are in it, but they don't have as big of weightings as they do in the Dow. You have UNH in it, you have Goldman Sachs in it, you have Caterpillar. So there's just a lot more diversity there. And I think that if you see that rotation out of growth into value in 2024, then you could probably see the Dow perform the best, which may just mean that it goes down the least. And that's sort of what I'm thinking about for next year at this point, given where fundamentals are currently.