Downtown Josh Brown

Yeah.

Thanks for having me.

Thanks for having me back.

No idea.

Don't give spot estimates.

Fair enough.

Higher or lower is... I think that's a good bet.

Yeah, well, I think that there's a lot of data that supports what they said and then an addition to that, which is to say that it is becoming more diffuse.

it is becoming more broad in terms of the recovery.

And you can measure it a bunch of different ways.

And I think the interesting part about CapEx cycles is that you can measure them historically.

I mean, post the financial crisis, a lot of investors complained about the fact that corporate America wasn't spending, right?

And that the earnings was fake-ish in the sense that it was driven by buybacks and dividends.

And it wasn't real earnings.

So you can measure it historically.

Now we're starting to

to complain, I would say, or to be concerned about CapEx.

But CapEx is usually the better path, right?

So if you say CapEx relative to sales is on an upward trajectory, and that's, let's call that a CapEx recovery, and you could call the opposite something that's not, you would rather, as an investor, from a stock market perspective, from an earnings perspective, from a GDP perspective, and from a job perspective, rather have a CapEx recovery.

That CapEx recovery on the high end is definitely driven by CapEx seen in technology stocks, but it's getting more diffuse.