Downtown Josh Brown

Oh, no, this is small.

Yeah, this goes back.

Yeah, yeah, yeah.

So, I mean, so that's one irony, right?

Which is what you know, like equities act like an inflation hedge, right?

The times when you don't want to own equities are when it's top quartile.

Inflation is top quartile and rising.

That's four and a half percent.

We can debate whether or not we're going to get to 4.5% from a core CPI perspective.

I don't think we will.

And we'll talk about that next.

But that's the area that you don't want to own equities.

Anything sort of like, you know, in this inflationary dynamic, which we're a part of, I would call it the middle quartiles.

It's not the driver, right?

Earnings growth is the driver.

And again, if earnings growth is the driver, equities can be a valid inflation hedge.

So there's an interesting pattern there.

As it relates to overall inflation, so this is, again, this is, I don't want to say controversial, but so if you look at core CPI and you take out shelter, if you say, let's call shelter a supply shock this time around, because that's exactly what happened, right?

Interest rates went up.

Everybody was locked in their mortgages.