Lou Whiteman

I mean, these are services that tend to be built on recurring monthly cycles.

So historically, there's kind of this level of baseline consistency.

But what we'll often see in these maybe difficult macro periods is.

is maybe instead of a user maintaining three or four active streaming subscriptions, they'll have a cyclical pattern.

Maybe they'll subscribe, say, to Netflix for a single season of a show, and then they'll cancel, especially during these periods of economic pressure.

So I think that's something that could be a risk to what I think are fundamentally great businesses like Netflix and Spotify.

You talked a bit about the retailers, right?

So Target's an interesting example.

They rely really heavily on home decor and apparel sales.

So there are...

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?