Michael Batnick
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Appearances Over Time
Podcast Appearances
There's a lot of inputs that go into a restaurant.
There's labor.
There's inflation.
There's inputs.
There's a consumer.
There's purposes.
There's location.
There's valuations.
It's such an idiosyncratic story that to look at the restaurants and conclude something about this consumer, I just think it's bad.
It's just not a great idea.
Same thing with the dollar stores.
It could mean anything.
So I think that sometimes it's just better to look at the data.
So for example, look at this chart from Goldman Sachs.
We're looking at alternative measures of nominal consumer spending growth.
It's right here.
You've got retail control.
You've got Costco.
Just look at this.
Spending data is a much more effective input.