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Last week's note brought the largest mailbag I can remember. Many of you wrote to thank me. You are welcome. The job of a note is to name what is happening, and if some of you felt that someone had finally said aloud what you were already sensing, that is a fair return for a week's work. But the letters I want to write back today are the other ones. A great many of you asked whether my restrained language was hiding something far worse. Whether I knew more than I was letting on. I do not. I was being realistic. And being realistic mostly consists of saying "I don't know." There are genuine downside scenarios. Th
This article was originally published on May 25, 2026.
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