Lou Whiteman

there's, I think, a much broader exposure to non-essential spending.

Whereas you have Walmart, right?

They have about 60% of their U.S.

sales come from grocery sales and household staples.

One other example, you think of a premium operator like Costco, you know, they make most of their profits from their membership-based model.

That's given them pretty predictable cash flows as well during past volatile periods and not

saying necessarily go out and buy Walmart and Costco, but I do think it's important to understand where the resilient businesses are and how those cyclical elements trickle down overall.

And that's the thing.

It's funny because we're all guilty of it.

We all like scoreboards, right?

So we look at what the stock is doing and say, bad quarter, bad company, good quarter, good company.

And sometimes, usually, it's not that simple.

Tyler, yeah, it looked good in a vacuum.

It looked good in a dustbin.

It looked good in a Swiffer.

It looked good.

This was a good quarter.

But everything is relative.

Valuation is returning to earth, but arguably not yet on earth.

And when you trade at a premium, you...