Downtown Josh Brown

They overlaid it on the price that SpaceX is going to go public, which is $135 a share.

They said, here's how you're going to know if it's 1999.

Does this thing close at a 70% premium on the first day?

I really hope not.

Then you're in a bubble.

Then you're in 1999.

If it's closer to that 29% average of 2025, then we're still in that environment.

These are public restaurants.

It's Marriott and Hilton.

Hilton is publicly.

Right, well, so this is the upwardly mobile, top 50% of the distribution.

This is that customer.

People in the bottom 50% are not very often booking hotels.

Certainly in the bottom 20%, they're not going on vacations like that.

So that is really a read on what I refer to as stock market Americans.

Yes.

Stock market Americans have not had a post-COVID travel hangover.

They just kept going like there's no tomorrow.

And everywhere you go, I mean, I just stayed at the craziest hotel I've ever been to in my life.

So I stayed at the Amangiri, 36 guest rooms on the whole property.