Happy birthday to the GOAT @michaelsantoli.
Here’s a Santoli-style bday market memo from @ChatGPT:

Another year older, though the longer-term trend remains constructive. Some modest deterioration in the underlying internals, perhaps, but nothing that suggests a decisive breakdown.

The candles on the cake are approaching historically elevated levels, though valuation concerns have persisted for years without derailing the advance.

At this stage, the key question isn’t whether I’ve gotten older — that’s largely priced in — but whether the wisdom gains can continue to offset the inevitable compression in energy multiples.

For now, I’m maintaining a cautiously optimistic outlook, with upside optionality, downside support from family and friends, and no immediate need for Fed intervention.

Happy birthday to me. The secular bull market remains intact.