Michael Batnick

I mean, you can say that's all because of, like, people taking the fat shot.

I think that it's... I mean, it's not like their same-store sales are doing particularly well.

Or, you know, you mentioned healthcare.

I mean, that's not...

necessarily a cyclical sector, but, or, I mean, what about what's going on with like financials, right?

I mean, so when people's like, I don't, I mean, maybe the market is like, it's, you know, is, is the market pricing in some, some slowdown?

No.

So tell me why.

Superstar firms is probably another.

That's right.

What's that?

Just like firms that have really high margins.

we have more of them in our economy.

Therefore, naturally, as a result, profit share goes up.

So I think I sent you this chart, but basically, if you pull up a chart of nominal GDP... Chart time, Daniel.

And sort of nominal...

compensation growth.

Like, I think it kind of speaks for itself, right?

Like, nominal GDP is growing about 6%, and nominal compensation, like wages and salaries mostly, is running

below 4%.