Brian Levitt

We invest in the world that we exist in.

It's horrible to have 20% of US households living paycheck to paycheck and have like high gas prices stop them from being able to take their kids back to school shopping.

It sucks.

But it's also the reality that the S&P is unfazed by that.

If you had one indicator, like if you were to just say, this is the only indicator I'm paying attention to, as a call on when the top of that K is in trouble,

Michael and I have been talking about hotel stocks.

And some people would say like airline stocks, but maybe less pure because they have that gasoline problem, a jet fuel cost problem.

Yeah.

So hotel stocks.

Perfect, right?

Perfect one.

Right, how bad does this have to get before it spills over into the real world?

But it's a narrative change.

That's like the second deal he's ever done since taking over.

Yeah.

Greg Abel, like he did an acquisition and he did that within one week and it's a financing deal.

He's not buying.

Berkshire's not building data centers.

So it's financial.

It's a fake number.