“The big institutions on balance, especially the mutual funds, can't go to cash, so they have to just rotate, and they want to rotate into other big liquid names. And that's where you get the Amgens and the Mercks and the Lillys moving up, because they're big and liquid. … People aren't going into Costco because they love Costco. They're going in there because they're selling off their Sandisk and their Microns and their ServiceNows.”

so sometimes you get this knee-jerk reaction to the earnings and then it's like oh the big players go in there and say oh you know what the earnings really weren't that bad but then what happens afterwards it's not under serious accumulation but that's what you want to see with like a cheesecake and the other ones that got hit but then bounce back and let's go to like a slow pokey thing like a costco just talking about um that area this looks interesting but people aren't going in there because uh they love costco they're going in there because they're selling off their sand disk and their microns and their service nows and we've got to remember i know that i say this all the time but the big institutions on balance especially the mutual funds can't go to cash so they have to just rotate and they want to rotate into other big liquid names and that's where you get the amgens and the mercs and the lilies and stuff of moving up because they're big and liquid even though there might be some better smaller cap stocks in there but they can't move the needle like a big institution can't get size quickly so there's this um positive bias towards capitalization as well as liquidity and um we've been seeing that for years and…