Downtown Josh Brown

It wasn't – it was a full employment recession and this is a full employment recovery.

But this is just now getting back to a situation where equal weighted earnings growth.

can grow and be durable.

And from a pattern perspective, you see the symmetry between the duration of the decline and the duration of the support.

Three years.

Yeah.

Four months.

Yeah.

Yeah.

I mean, I started writing about it in the beginning of the year that we're just really getting started.

Yeah.

Well, that's why it's interesting when you talk about people saying, oh, the market's dependent on the MAG-7.

The MAG-7 underperformed for the better part of the last 18 months.

Correct.

Correct.

Maybe we'll have to come up with another acronym or something.

margins outside tech is this ai basically is the yeah so what what do you think why why are margins expanding at this rate outside of technology companies because they're the users of ai and they're expanding their margins it's too early yeah i think it's too early i mean you're definitely seeing productivity advancements in specifically in software but i don't think it's diffuse relative to the rest of corporate america and again i would go back to the if you ask me what's sort of

the driver behind that, I would go back to the pattern of unit labor costs, right?

And that's sort of the driver, at least the corollary, the tightest corollary that I've ever seen with corporate profit margins.

Do you feel like it's the calculation in terms of the non-earners?