Michael Steele

You're looking downstream.

You're looking at what you can afford three months from now.

And when you see...

Tankers sitting in the in the Strait of Hormuz not moving when you see supply chains weakening, becoming more expensive for the things you need from tablecloths to to the food that you will serve people in your restaurant.

All of a sudden, you're looking at your margins and you're going, well, in the restaurant industry, the margins are already so paper thin that any type of shock has a direct impact on your ability to stay open and to keep your staff.

And so where do you think we're going to be when we get into the throes of summer?

Where do you think we're going to be in the fall?

Because all of those are lagging indicators.

This isn't real right now.

This is all stuff that's going to be coming home to roost in two, three months, in the next quarter, in the next two quarters.

That's where you're going to run into the shock.

It's not like gasoline.

And this is where people get confused.

OK, gas prices go up, you know, a dollar today.

I mean, you know, a barrel.

You're going to see that the punk tomorrow morning.

All right.

Even though that gas that you're going to that gas station has been in the ground for 30 or 60 days.

Right.

You're going to pay the higher price right now.