Josh Brown

Put this one up.

And we're dividing it by the, excuse me, we're dividing discretionary by staples here.

So it's a ratio chart.

So 1.4, the way to think about that is 40% move by the discretionary versus the staples.

And a lot of people would look at that and say, well, that's indicative of how strong the consumer is or how good investors feel about the strength of consumer appetites.

Do I have you so far?

You with me on that so far?

These are the things people would say?

Okay.

All right.

Now, when we take a look at the equal weight consumer discretionary, this is going to control for those two gigantic stocks, which I'll mention in a second.

That's the purple line.

So now obviously doesn't look as good.

So we're comparing this to the consumer discretionary.

The regular sector is an orange, the one that everyone talks about.

That, of course, over the last year is up 16%, but the equal weight is up only six.

And so if we're going to say that this says anything about the consumer, we're going to have to say that the equal weight is the more legitimate consumer.

Um, I, I don't agree with the premise that it's saying something about the consumer, but I would say like, if we have to, let's at least equal weight it.

And here's why this is.

The price of gasoline is in blue, up 58% over the last year.